Doing Business with Guyana

A comprehensive guide to doing business, exporting, investing, and manufacturing in Guyana.

Foreign Direct Investment with the International Trade Council / Company Incorporation / Company Formation

Albanian Investment Development Agency

Tel: +355 42 251 001
Email: info@aida.gov.al
Web: www.aida.gov.al

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General Directorate of Customs

Albania General Directorate of Customs - International Trade Council

 

Tel: +355 42 253 820
Email: helpdesk.dpd@dogana.gov.al
Web: www.dogana.gov.al

National Chamber of Commerce

Albanian Chamber of Commerce and Industry

Albanian Chamber of Commerce and Industry - International Trade Council

Tel: +355 45 800 932
Email: cci.tirana@cci.al
Web: www.cci.al

Ministry of Economy Information from the International Trade Council - a Peak-body - international chamber of commerce

Ministry of Finance and Economy, Albania

  • Type of Government: Parliamentary republic
  • Population: Approximately 800,000
  • GDP: Around $14 billion USD
  • Corporate Tax Rate: 25% to 40%
  • Personal Income Tax Rate: 28% to 40%
  • Major Exports: Crude oil, gold, bauxite, sugar
  • Major Imports: Machinery, foodstuffs, fuel, manufactured goods

 

Exporting to Guyana involves several key steps. Here’s a comprehensive guide:

  1. Research Market Requirements

    • Understand Guyana’s import regulations and standards for your product.
    • Check for any product-specific certifications needed.
  2. Identify Local Partners

    • Establish relationships with local distributors or agents in Guyana.
  3. Prepare Export Documentation

    • Include commercial invoices, packing lists, and certificates of origin.
    • Ensure compliance with labeling and packaging requirements.
  4. Arrange Logistics and Shipping

    • Choose a reliable shipping company experienced with exports to Guyana.
    • Ensure accurate completion of shipping documents, such as bills of lading.
  5. Customs Declaration

    • Work with a customs broker to facilitate the clearance process.
    • Pay any necessary duties and taxes.
  6. Understand Duties and Taxes

    • Familiarize yourself with Guyana’s import duties and applicable taxes.
  7. Distribution and Sales

    • Establish distribution channels within Guyana.
    • Consider partnerships with local businesses for effective market penetration.

Key Contacts

Importing goods into Guyana involves several steps. Here’s a detailed guide:

  1. Verify Import Regulations

    • Ensure your goods comply with Guyana’s import regulations.
    • Check if products require specific permits or certifications.
  2. Classify Your Goods

    • Determine the correct tariff classification using the Harmonized System (HS) codes.
  3. Obtain Necessary Licenses

    • Apply for any required import licenses or permits for specific goods.
  4. Prepare Import Documentation

    • Necessary documents include commercial invoices, packing lists, and certificates of origin.
  5. Arrange Shipping and Logistics

    • Choose a reliable logistics provider experienced with imports to Guyana.
    • Ensure proper packaging and labeling of goods.
  6. Customs Declaration

    • Submit a customs declaration to Guyanese customs authorities.
    • Pay any applicable duties and taxes.
  7. Customs Clearance

    • Work with a customs broker to facilitate clearance if needed.
    • Ensure compliance with all import requirements.
  8. Receive Goods

    • Coordinate with your logistics provider to receive and inspect goods upon arrival.

Key Contacts

Incorporating a company in Guyana involves several steps. Here’s a comprehensive guide:

  1. Choose a Company Structure

    • Decide on the type of company (e.g., Limited Liability Company, Corporation).
  2. Register a Company Name

    • Ensure the name is unique and compliant with local regulations.
    • Reserve the name through the Commercial Registry.
  3. Prepare Articles of Incorporation

    • Draft the company’s founding documents, including details of shareholders and directors.
  4. Notarize Documents

    • Have the articles of incorporation notarized.
  5. Submit to the Commercial Registry

    • File the notarized documents with the Commercial Registry.
    • Pay the registration fee.
  6. Obtain a Taxpayer Identification Number (TIN)

    • Register with the Guyana Revenue Authority to obtain a TIN.
  7. Register for Social Security

    • If you have employees, register with the National Insurance Scheme (NIS).
  8. Open a Bank Account

    • Open a corporate bank account in Guyana to facilitate business transactions.
  9. Obtain Necessary Licenses

    • Apply for any industry-specific licenses or permits.

Costs

  • Registration Fees: Vary based on the company type and services required.
  • Notary Fees: Vary depending on the notary and complexity of documents.

Key Contacts

Setting up a manufacturing plant in Guyana involves several steps. Here’s a comprehensive guide:

  1. Conduct Market Research

    • Analyze demand, competition, and location advantages in Guyana.
  2. Choose a Suitable Location

    • Consider proximity to raw materials, transportation links, and workforce availability.
    • Check zoning regulations and obtain necessary permits from local authorities.
  3. Incorporate Your Company

    • Register your business with the Deeds and Commercial Registries Authority.
  4. Obtain Necessary Permits and Licenses

    • Apply for construction permits from local municipalities.
    • Secure environmental and safety permits if required.
  5. Secure Financing

    • Explore options through banks, venture capital, or investment partners.
  6. Design and Construct the Facility

    • Hire architects and contractors for design and construction.
    • Ensure compliance with local building codes and safety regulations.
  7. Install Equipment and Machinery

    • Purchase and set up machinery necessary for production.
    • Ensure safety and operational standards are met.
  8. Hire and Train Workforce

    • Recruit skilled labor and provide necessary training.
  9. Set Up Supply Chain and Distribution

    • Establish relationships with suppliers and distributors.
  10. Begin Operations

    • Start production and monitor operations for efficiency and quality control.

Key Contacts

Registering a trademark in Guyana involves several steps. Here’s a comprehensive guide:

  1. Conduct a Trademark Search

    • Ensure your trademark is unique and not already registered.
    • Use the database of the Deeds and Commercial Registry.
  2. Prepare Your Application

    • Include details such as the trademark design, classification of goods/services, and applicant information.
  3. Submit Your Application

    • File the application with the Deeds and Commercial Registry.
    • Applications can be submitted in person or via mail.
  4. Pay the Application Fee

    • Fees vary; contact the registry for the latest costs.
  5. Examination Process

    • The office reviews the application for compliance and potential conflicts.
    • Respond promptly to any objections or requests for additional information.
  6. Publication and Opposition

    • If approved, the trademark is published for opposition. There is a period for third parties to challenge the registration.
  7. Registration and Certification

    • If no oppositions arise, the trademark is registered. You will receive a certificate of registration.
  8. Maintain and Renew the Trademark

    • Trademarks are valid for 10 years and can be renewed. Submit renewal applications before expiry to maintain protection.

Costs

  • Application Fees: Contact the Deeds and Commercial Registry for specific costs.
  • Legal Fees: If using an attorney, costs will vary based on services.

Key Contacts

Resolving commercial disputes in Guyana involves several key steps. Here’s a guide on the process:

  1. Attempt Negotiation

    • Begin by negotiating directly with the other party to find an amicable solution.
  2. Mediation

    • Engage a mediator to facilitate discussions.
    • Mediation is often quicker and less formal than court proceedings.
  3. Arbitration

    • Consider arbitration for a private and binding resolution.
    • Provides a structured approach with enforceable decisions.
  4. Seek Legal Advice

    • Consult with a lawyer specializing in commercial law for guidance on your case.
  5. File a Lawsuit

    • If other methods fail, file a lawsuit in the appropriate commercial court.
    • Prepare necessary documentation and evidence.
  6. Court Proceedings

    • Attend hearings and present your case.
    • Follow the legal procedures as guided by your attorney.
  7. Judgment and Enforcement

    • If a judgment is made, ensure its enforcement through legal channels.

Costs

  • Mediation and Arbitration Fees: Vary depending on the service provider.
  • Court Filing Fees: Depend on the jurisdiction and case type; consult local courts.
  • Legal Fees: Vary based on the lawyer and complexity of the case.

Key Contacts

When considering doing business in Guyana, various social, cultural, political, and economic factors must be taken into account.

Social and Cultural Factors

  • Diverse Population: Guyana is ethnically diverse, with significant Indo-Guyanese, Afro-Guyanese, and Amerindian communities. Understanding cultural nuances is important for business success.
  • Language: English is the official language, making communication straightforward for English-speaking investors.

Political Factors

  • Stable Government: Guyana is a parliamentary republic, and the political environment is relatively stable.
  • Investment Incentives: The government offers incentives to attract foreign direct investment in various sectors.

Economic Factors

  • Growing Economy: Guyana’s economy is expanding, particularly due to recent oil discoveries which are boosting economic prospects.
  • Foreign Exchange: The Guyanese dollar (GYD) is the official currency. Be aware of exchange rate fluctuations and consider hedging strategies for financial stability.

Rule of Law

  • Legal Framework: Guyana has a legal system based on English common law. Contracts and property rights are generally respected.
  • Judiciary: The judiciary operates independently, though legal processes can sometimes be slow.

Business Environment

  • Infrastructure: While improving, infrastructure development is ongoing, with investments focused on roads, telecommunications, and energy.
  • Workforce: A young and growing workforce is available, but specialized skills may require training or recruitment from abroad.

Key Contacts

Our Members Include Leading Organizations in Guyana

Ask our Experts on Doing Business in/with Guyana

If you’re looking to do business or invest in Guyana, we can provide expert guidance, market insights, and valuable connections to help you navigate the local landscape. Contact us today to discover how we can assist in making your venture a success.