There are several options for establishing a business in Guyana including incorporating a new company, registering an established foreign company in Guyana, establishing a partnership or operating as a sole proprietorship.
Incorporating a New Company
Under the Companies Act, a company can be registered with submission of an application to the Registrar containing the following:
Articles of incorporation giving details such as the name proposed for the company; the registered office in Guyana; the share capital – rights, privileges, restrictions, conditions, payment terms; and the size of the board of directors.
Statutory declaration by an attorney-at-law on the suitability of signatories to the articles of incorporation.
Details of the persons who are to be first director(s) and secretary, and their consent to serve.
A registration fee of G$63,900 is required.
There is an obligation to file an annual return with the Registrar, along with the audited financial statements.
Registering a Foreign Company
A foreign company established under the laws of a country other than Guyana can register to carry on business in Guyana as an external company under the Companies Act. To register, the following documents should be submitted to the Registrar:
- Statement containing details such as the company name; the jurisdiction incorporated in; the date and manner of incorporation; the company’s share capital; the extent of limited liability; the undertaking in Guyana and date of commencement; the full address outside Guyana and in Guyana; and the names, addresses and occupations of the directors of the company.
- Statutory declaration by two directors of the company attesting to the information submitted to the Registrar, along with a copy of the corporate instruments of the company.
- Statutory declaration by an attorney-at-law that the Companies Act has been complied with.
- A fully executed power of attorney that shall empower some person named in the power and resident in Guyana to act as attorney of the company.
A registration fee of between G$80,000 to G$300,000 is payable depending on the share capital of the company.
A registered external company is required to lodge audited accounts with the Registrar on an annual basis. A registered company is entitled to own land in Guyana as may be authorized by licence of the President.
Registering Sole Proprietorship or a Partnership
Under the Business Names (Registration) Act, a sole proprietorship or a partnership carrying on business under a business name other than the true surname of the proprietor (or names of partners), is required to be registered. The Partnership Act governs the workings of partnerships in Guyana.
Registration of a business name requires submission of an application to the Registrar containing the following details:
- The business name, general nature of the business and the principal place of business.
- The name, nationality, usual place of residence and other business occupation of the sole proprietor or every individual who is a partner.
A registration fee of G$5,000 is payable.