Your Complete Guide to Company Incorporate in Guyana
Discover the promising landscape of Guyana for entrepreneurs seeking new horizons. In this article, we explore the essential steps and benefits of company incorporate in Guyana, paving the way for a successful venture in this emerging market.
First Step: Choose an Incorporation Service Provider
Before registering a company in Guyana, choosing a reliable incorporation service provider is essential. They will streamline the entire process, ensuring compliance with local laws and regulations. They also offer invaluable expertise in navigating bureaucratic procedures, guiding you through the complexities of company incorporation.
You can contact 3E Accounting for a free consultation for a company incorporate in Guyana. We are committed to helping you seamlessly establish your business presence in the country. With our dedicated team of experts and in-depth knowledge of local practices, we provide comprehensive incorporation services tailored to your specific needs.
Second Step: Choose How You Want to Register
You can start your company in two ways:
Register as a Foreign Company
Foreign companies established outside of Guyana can register as external companies to conduct business in accordance with the Companies Act.
Register a New LLC Company
You can also register a brand new LLC company. This means that the company starts its existence in Guyana itself.
Third Step: Collect the Documents
The documents depend on the type of company you’re opening. You need the following when registering as a foreign company:
- Company name
- Jurisdiction of incorporation,
- Share capital
- Limited liability extent
- Undertaking in Guyana
- Date of commencement
- Addresses of the company inside and outside Guyana
- Names, addresses, and occupations of company directors
A new company will need the following:
- Articles of Incorporation must contain specific information
- proposed company name
- registered office address in Guyana
- hare capital with details of rights, privileges, restrictions, payment terms
- and the size of the board of directors.
- An attorney-at-law’s statutory declaration regarding the suitability of signatories to the Articles of Incorporation is necessary.
- Details of the initial director(s) and secretary, along with their consent to serve, should be provided.
- Furthermore, two directors must provide a statutory declaration, attesting to the submitted information and a copy of the company’s corporate instruments.
In both cases, an attorney-at-law must make a statutory declaration and verify compliance with the Companies Act. The attorney-at-law must be a resident of Guyana.
Third Step: Choose a Company Name
Your company name should be unique and deemed appropriate by the authorities. It shouldn’t be vulgar or infringe upon any copyrights. Furthermore, your name may sometimes be rejected if it is too similar to an existing venture.
To register your business name, visit the government-owned Deeds and Commercial Registry, which handles both property and commercial law. The commercial section of this institution offers services such as Business Registration, Company Registration, Trademark, Registering an External Company, Patent applications, and Bill of Sale. You have the option to complete the process online or visit one of the three locations in Guyana’s counties (Georgetown, Essequibo, and Berbice).
Fourth Step: Pay the Necessary Fees
A foreign company must pay a registration fee ranging from G$80,000 to G$300,000, depending on the company’s share capital, to the DCRA. Once registered, external companies must submit audited accounts annually. They are also authorized to hold land in Guyana through a license granted by the President.
The registration fee is G$63,900 for a new company. Other fees include:
New application fee – $5000 GY
Renewal fee – $2,500 GY
Statement of Change – $2,000 GY
Copy of Incorporation Certificate – $2,000 GY
Notices of Discontinuance – $2,000 GY
Trustee application – $2,000 GY
Profile copy– $350 GY
Fifth Step: Get the License and Register for Tax
To operate legally in Guyana, businesses need to obtain a business license and register for taxes. The business license is obtained from the Guyana Revenue Authority (GRA), and the requirements vary based on the nature of the business. To register for This can be done online or in-person at GRA offices. Compliance with tax regulations is essential to avoid penalties and ensure smooth operations in Guyana’s business landscape.
Sixth Step: Open a Corporate Bank Account
Finally, you need to open a corporate bank account in the bank of your choice. Most banks will ask for the following documents: Articles of Incorporation, business license, TIN, identification of directors, and proof of address. Some may require additional documents depending on the company’s nature and size.
The bank reviews the application, and upon approval, the corporate account is activated. Corporate accounts offer various benefits like improved credibility, easy transactions, and efficient fund management, making it essential for smooth business operations in Guyana.
Looking for a Company Incorporate in Guyana?
3E Accounting can help. We have a team of accounting, regulatory, and legal experts who will look after all the process of company incorporate in Guyana.