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Guide to starting a Business in Guyana

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 Guyana. 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
1Search for company name and reserve proposed name1 dayGYD 175 (name search) GYD 800 (reservation)
2Obtain declaration of compliance2 daysGYD 15000
3Register company with Registrar of Companies7 daysGYD 60,000 (fixed registration fee) + GYD 13,000 (fees for filing and certifying copies of documents)
4File for tax identification number (TIN) with the Revenue Authority1 dayno charge
5Register for PAYE1 dayno charge
* 6Register for VAT5-7 days (simultaneous with previous procedure)no charge
* 7Register employees for social security7 days (simultaneous with previous procedure)no charge
* 8Make a seal1-2 days (simultaneous with previous procedure)GYD 2000
* Takes place simultaneously with another procedure.
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