Header Ads

Guide to Start a Business in Suruname

Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Suriname. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected from World Bank: Doing Business 
No.ProcedureTime to CompleteAssociated Costs
1Deposit paid-in minimum capital1 dayno charge
2Verify uniqueness of company name1 daySRD 100
3Obtain extract and nationality declaration from the Civil Registry of each founder1 daySRD 5 (SRD 1 per founder)
4Pay fee at the Accountancy and Finance Department of the Ministry of Justice and Police1 dayincluded in procedure 6
5Pay fee at the Districts Commissioner1 dayincluded in procedure 6
6Draft and notarize company articles of association3-4 daysSRD 23,673
7Apply for company registration at the Trade Register in the Chamber of Commerce1-2 daysSRD 50 to 100
8Obtain approval of the act by the President500 daysno charge
9Publish statement of no objection in Official Gazette2-3 daysSRD 1500
* 10Register copy of approved act with the Trade Register of the Chamber of Commerce and Industry1 day (simultaneous with previous procedure)no charge
* 11Register company for taxes at the tax office of the Ministry of Finance1 to 2 days (simultaneous with previous procedure)no charge
* 12Buy insurance for the company2 to 3 days (simultaneous with previous procedure)SRD 60 per person per year
* 13Obtain trade license6 months (simultaneous with previous procedure)SRD 550
* Takes place simultaneously with another procedure.
Powered by Blogger.