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.
| No. | Procedure | Time to Complete | Associated Costs |
|---|---|---|---|
| 1 | Deposit paid-in minimum capital | 1 day | no charge |
| 2 | Verify uniqueness of company name | 1 day | SRD 100 |
| 3 | Obtain extract and nationality declaration from the Civil Registry of each founder | 1 day | SRD 5 (SRD 1 per founder) |
| 4 | Pay fee at the Accountancy and Finance Department of the Ministry of Justice and Police | 1 day | included in procedure 6 |
| 5 | Pay fee at the Districts Commissioner | 1 day | included in procedure 6 |
| 6 | Draft and notarize company articles of association | 3-4 days | SRD 23,673 |
| 7 | Apply for company registration at the Trade Register in the Chamber of Commerce | 1-2 days | SRD 50 to 100 |
| 8 | Obtain approval of the act by the President | 500 days | no charge |
| 9 | Publish statement of no objection in Official Gazette | 2-3 days | SRD 1500 |
| * 10 | Register copy of approved act with the Trade Register of the Chamber of Commerce and Industry | 1 day (simultaneous with previous procedure) | no charge |
| * 11 | Register company for taxes at the tax office of the Ministry of Finance | 1 to 2 days (simultaneous with previous procedure) | no charge |
| * 12 | Buy insurance for the company | 2 to 3 days (simultaneous with previous procedure) | SRD 60 per person per year |
| * 13 | Obtain trade license | 6 months (simultaneous with previous procedure) | SRD 550 |