Rights and Guarantees
Under the Investment Act, the Government of Guyana provides various assurances to investors with respect to any investment made in Guyana, including the following:
Not to compulsorily acquire or take possession of the investment unless for a purpose in law, on a non-discriminatory basis, with prompt payment of adequate compensation and with a right of access to the court system
To allow investors to purchase or lease land in Guyana subject to existing laws
Not to intervene in the management of investor’s activities, nor impose conditions on the sale, pricing or distribution of associated products, except in the pricing of utilities
Guarantee the right of investors to determine the distribution of all profits and dividends, and to receive their share of such profits or dividends subject to settlement of corresponding tax obligations
To allow the employment of skilled and expert foreign personnel when necessary, with the approval of the relevant authority and in accordance with applicable laws
Transfers of Funds Abroad
The Investment Act also allows investors to transfer funds, subject to payment of applicable taxes, for the following purposes:
Repatriation of dividends, earnings and capital
Remittance of proceeds of sale or liquidation of an investment
Payment of interest on international loans
Payment for imports
Payment of fees for trademarks, royalties and management services
Payment of licensing fees for franchising agreements
Transfers of funds may be prevented however in circumstances of bankruptcy, insolvency, criminal proceedings, court orders or judgements or when necessary for the protection of stockholders or creditors.
Dispute Resolution
The Investment Act provides that in cases where disputes arise among investors or with the Government of Guyana, the following avenues are available if the matter is not amicably settled through consultation or mediation:
Submit the dispute to arbitration under the Arbitration Act
Refer the matter to the competent courts in Guyana
Submit the matter to the International Centre for the Settlement of Investment Disputes (ICSID) of which Guyana is a member