SETTING UP A BUSINESS

SETTING UP A BUSINESS

If you are an entrepreneur looking to start a business or a company looking to expand your operations into Guyana, there are several administrative issues that you need to take care of. After you’ve decided on the business opportunity you’d like to pursue, here’s what you need to know to start up a business in Guyana.

Visa & Work permit

To be able to start up a business here, you must first make sure that you can work in Guyana. You will need to apply for a visa to enter (if needed) and the relevant approval for a permit to work. Find out more about visas and work permits.

Selecting a legal form for your business

Once you have ensured you can reside and work in Guyana, you need to decide which legal form your business will take. It’s important to choose a structure with the right fit, as this determines the liability for your business debts and tax obligations.

Business Registration and Incorporation

Once you’ve selected your business structure, you need to register it with the Deeds registry.

If you will be forming a company, it would then need to be incorporated with the help of a lawyer. This process takes longer than registering an unincorporated business and requires the submission of more information. Read more about the processes to register businesses (unincorporated) and companies (incorporated).

Business Taxation

Business owners and companies are required to pay a number of taxes. These include VAT, income tax, payroll tax (if there are employees) and corporation tax. Some new businesses can also make use of several benefits that can substantially reduce the amount of tax you pay in their first years. Find out more about taxes and taxation.

Before a business could start operating, they also need to be registered with the following tax authorities:

• Guyana Revenue Authority (GRA): All firms must register with the GRA to receive a Taxpayer Identification Number (TIN). This number is required to conduct business with government entities and financial institutions

• National Insurance Scheme (NIS): All firms must also register with this social security organization to receive a unique registration number to begin making monthly contributions.

These and other related matters can be complicated but there are professional services that can help you with the formation of your company. Read more about the additional support that you will need to stay compliant after your business is set up.