Doing business in Guyana
Doing business in Guyana is an increasingly attractive prospect for foreign investors following years of rapid economic growth, with numerous opportunities available and the country set to enjoy the highest growth in Latin America and the Caribbean in 2021 and 2022. The process to register a business in Guyana involves seven key steps, as outlined below.
Gold exports in Guyana
Gold is a major export commodity for Guyana.
Location and economic associations
Located in the northeast of South America, where it is bordered by Brazil, Suriname, and Venezuela, Guyana is considered a Caribbean nation and is one of only three mainland countries from the region that is a member of the Caribbean Community (Caricom) — an economic association that includes Belize, Suriname and 13 mainly English-speaking Caribbean island nations, and is headquartered in Georgetown, the capital of Guyana.
Economic Growth and Trade Agreements
Through Caricom, Guyana has free trade agreements (FTAs) in place with the likes of the Dominican Republic and Costa Rica, while the Caribbean Basin Trade Partnership Act (CBTPA) offers preferential access to the US market to businesses resident in Guyana.
Guyana has experienced rapid and exponential growth over recent years, with gross domestic product (GDP) increasing more than 600% between 2005 and 2020. It is also one of the few countries in the world to have seen its economy continue to grow significantly during the COVID-19 pandemic, with GDP growing a staggering 43.5% in 2020 when most economies from the region saw decline, according to a recent report from the World Bank. While GDP growth has been predicted to drop back to 21.2% in 2021, it is then projected to hit 49.7% in 2022, according to that same report.
Natural Resources
Much of those gains are due to a significant increase in oil production, with the government earlier this year seeking out partners to help it market its growing share of the crude oil being produced off its coast. As well as oil, the country also has significant deposits of gold, diamonds, and aluminium ore, among other mineral deposits, while it has a large shipbuilding and shipping container building industry that contributes significantly to the economy. Beyond that, Guyana is a major producer of cultivated goods such as cereals and fish.
Key destinations for Guyanese exports include Canada, Ghana, Norway, Portugal, and Trinidad and Tobago.
Steps for Company Formation
If you are interested in doing business in this rapidly-growing Caribbean nation, read on to understand the seven key steps you will need to follow in order to register a business in Guyana.
How to register a business in Guyana in 7 steps
The following guide is based on the process to form a limited liability company (LLC) — which is one of the most common entity types used by investors when they register a business in Guyana. In most cases, the process will be the same, regardless of the type of entity you register.
- Choose your company name
- Receive a declaration of compliance
- Register the company with the Guyana Registry of Companies
- Apply for a tax identification number
- Register for a value-added tax
- Register for the social security
- Complete the process to register a business in Guyana by creating a company seal
Contact Biz Latin Hub for support
Biz Latin Hub can help you with the process of registering a business in Guyana. Contact us today to find out more about how we can support you.
