The procedure for registering a business in Guyana:

The steps below gives a basic outline of what the process is when registering a business in Guyana.

1. Search for company name and reserve proposed name
Agency: Companies Registry
Searching and reserving the proposed company name can be done on the same day. 1 day with an approximate cost of G$175 (name search) G$ 800 (reservation). Fill out your registration form here……

2. Obtain declaration of compliance
Agency: Attorney at Law
The exception of the declaration of compliance must be signed by an attorney. The declaration states that, to best of the declarer’s knowledge and belief, no signatory to the company’s articles of incorporation is a person described in Section 4(2) of the Companies Act (which states that persons under 18, of unsound mind, or with undischarged bankruptcies cannot form or join in the formation of a company) and that all the requirements of the Companies Act pertaining to the matters precedent to the registration of the company and incidental thereto have been complied with. Section 4(3) states that if such a declaration is filed, it shall be conclusive of the facts stated in it. The process usually takes 2 days at a cost of G$ 15,000

3. Register company with Registrar of Companies
Agency: Registrar of Companies
The Registrar of Companies announces the issuance of the certificate of incorporation in the Official Gazette, according to Section 479 of the Companies Act (although this is not a precondition to registration).

To register with the Registrar, the company must provide the following documents:
– Declaration of compliance.
– Articles of incorporation.
– Notice and consent of directors.
– Notice and consent of secretary.
– Notice of registered office.
Since July 2008 fees and other charges to register company with Registrar of Companies are as follows:
– Flat fee for certificate of incorporation: G$ 60,000.
– Fees for filing and certifying copies of notices (listed above) and declaration of compliance: G$ 13,000. If the company chooses to file it with a practitioner, attorneys will charge approx. G$$150,000 plus VAT for handling a company incorporation in addition to the registration fee.
7 days G$ 60,000 (fixed registration fee) + G$ 13,000 (fees for filing and certifying copies of documents)
4. File for tax identification number (TIN) with the Revenue Authority
Agency: Guyana Revenue Authority
Since January 2008 the TIN has replaced the PAYE number, corporate income tax number, VAT number and customs import number. 1 day no charge

5. Register for PAYE
Agency: Guyana Revenue Authority
Once the TIN number is obtained, the company registers for VAT. The company is only required to register for VAT if turnover is expected to be more than G$ 10M. The company can opt for voluntary registration. 1 day no charge

6. *Register for VAT
Agency: Guyana Revenue Authority
Since January 1, 2007, the Value Added Tax (VAT) Act 2005 has been implemented in place of the Consumption Tax Act. Companies that have a taxable income of at least G$ 10 million a year are required to register under the VAT Act. A separate department of the Guyana Revenue Authority has been established to administer the Act. Applications should be made within 15 days of the start of operations, and a certificate should be issued within 10 days after the application. 7 days on average (simultaneous with previous procedure) no charge

7. *Register for the social security
Agency: National Insurance Scheme
Register with the social security office and obtain NIS employer number. 7 days (simultaneous with previous procedure) no charge

8. *Make a seal
Agency: Commercial manufacturer of seals
The fee to make a company seal depends on whether an embossed or rubber seal is selected. Most companies use a rubber stamp. Embossed seals are not made in Guyana and require additional delivery time. 2 days on average (simultaneous with previous procedure) G$ 2,000

* Takes place simultaneously with another procedure.

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