How to Start a Business in Guyana
Posted August 26th. 2019
Guyana happens to be one of the fastest developing countries in the Western Hemisphere, with a median GDP growth of 4.2% in the last ten years. Since the implementation of the economic recovery program in 1989, the South American state has seen dramatic progress in a number of industries.
If you're planning on starting a business in Guyana, but aren't sure which industry to get into, we've listed some of the most lucrative options below. We'll also take a look at what you need to start a business in Guyana and the average costs associated with those processes.
Guyana isn't known as a tourist hotspot, but with the advent of travel bloggers and social media, the sovereign state is seeing a steady rise in its tourism industry as it gains more attention. This makes hospitality a viable business venture. On a similar note, catering and food businesses are enjoying a steady income from both locals and visitors from abroad.
Being a coastal Caribbean state, there are plenty of locals who enjoy their nightlife. Despite this, Guyana doesn't have a large number of nightclubs at the moment, so perhaps a business in this sector would work in your favor. Department stores, manufacturing and construction companies also tend to do well here.
It's nearly impossible to offer an approximation of what it'll cost to start a business in Guyana, as it largely depends on the type of business you plan to open. However, we can determine a few of the associated costs that come with meeting the local regulations necessary to legally start a business in Guyana.
Keep in mind that 1 British Pound is around 250 Guyanese Dollars. Searching for a company name and reserving it will cost around 900 GYD. Obtaining a declaration of compliance will take two days and cost 15,000 GYD. From here, you'll need to register your business with the Registrar of Companies, which takes a week and costs 73,000 GYD in fees.
Filing for a tax number and registering for VAT is free and will take around eight days in total. You will then need to register with the social security office and pick up a National Insurance Scheme employer number, which comes free of charge. Finally, you'll need to pay another 2,000 GYD to make a standard rubber company seal.
Building, registering and powering your property comes with a number of requirements and complications depending on the type of business you wish to start. The World Bank Group has a comprehensive overview of the costs, requirements and details here.
Of course, the best thing you can do when building or buying a property in Guyana for your business is to compare prices and find the best possible deals on every expense. For instance, you can compare business electricity suppliers online and get a quote within minutes. Some businesses save up to 45% after switching, making it well-worth your time.
Starting a business anywhere in the world is a challenging task. But with enough persistence, creativity and determination, you can make your Guyanese dream a reality in no time.