The services sector is growing steadily and has been making an increasing contribution to our overall economic performance in recent years. The information and communication sector is projected to expand by 4.5 percent as businesses continue to embrace and take advantage of the latest digital technology while the construction industry is targeted to grow by 10 percent spurred by continued growth in private sector housing construction and by key projects in the public sector investment programme entering the construction phase. The continued expansion of the transportation and storage industry is a prerequisite for improved efficiency of operations of most sectors and following on last year’s exceptional performance, the sector is projected to expand by 7.8 percent in 2013. The wholesale and retail sector is projected to expand by 6.5 percent while financial services are estimated to grow by 12 percent as the sector continues to respond to increased economic activity in all sectors. With private sector construction continuing to grow, rental of dwellings will be the direct beneficiary and is projected to grow further by 4 percent. Electricity, water, education, health and social services are projected to grow by 4, 3.5 and 4.4 percent respectively while other services are projected to grow by 8 percent.
The services sector really is considered to be everything outside of Manufacturing, Tourism, Mining, Agriculture, Energy, ICT and Wood Products. This includes:
• Housing – This includes developing Housing Schemes, Gated Communities, Different means of Housing such as Pre-Fab Houses, etc.
• Construction – This Subsector is currently developing rapidly with more persons building their own houses as well as Investors Diversifying into Restaurants, Hotels, etc.
• Restaurants – the food Business is currently quite Lucrative and as such more restaurants and Fast food entities are being introduced into the Guyanese Economy.
• Consultancy – Guyana has a mass of specialists who are currently freelancing or developing their own Businesses so as to offer their services to the Private and Public Sectors.
• Courier – As the pace of doing Business in Guyana develops, there is more need for specialize services such as Courier or Messenger Services.
• Education – This Subsector is currently developing with several Local and Foreign Universities entering the local market.
• Port – Guyana can be considered the Gateway to South America (From the Caribbean Perspective) and the Gateway to the Caribbean and North American (from the South American Perspective). Hence there is a need for more Port Facilities so as to accommodate the shipping of Produce.
• Insurance – As the economy develops there is a need by Investors to protect their assets. The insured entities are therefore protected from risk for a fee with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk, the risk insured against must meet certain characteristics.
• Music & Film – This Subsector is developing slowly but surely with local talent seeking to develop and promote the industry.
• Fashion – This is currently a developing industry here in Guyana, hence Investment Opportunities exist in the Innovative realm of this Industry.
• Security – As the Business Sector develops, the need and demand for Private Security becomes greater. This is a rapidly growing subsector.
• Funeral Home – Funeral Homes is a growing field since persons are modernizing and moving away from Local Cultural Practices of Homes Storage and Burial.
• Entertainment – this Subsector ranges from Cinemas to Bowling Alleys. Guyanese are starved for clean local Entertainment.
• Machining – This Subsector includes the Fabricating, Welding, Machining and Rebuilding of machines, equipment and parts.
• Pharmaceuticals and Cosmetics – There has been an increase in persons interested in producing Medicines and Cosmetics from Natural Herbs and Vegetation found in Guyana.
• Retail – The core of Business in Guyana are Retail based; this Subsector includes Supermarkets, Electronics Stores, Gas Stations, etc.
• Shipping and Transportation – With a rapidly expanding economy there is a growing demand for shipping and transportation services. The Transportation Subsector includes Bus Services, Ferry Services, Trucking Services and other modes of Transportation.
• Medical – The Medical Subsector is constantly developing, expanding and upgrading. This includes Private Hospitals, Clinics and Medical Universities.
• Solid Waste management and Recycling – Investment Opportunities exist for the collection and disposal of solid waste and recycling. Investments in this Subsector will contribute significantly to the enhancement of the environment and the generation of alternative sources of energy.
• Environmental – This Subsector includes Firms engaged in Landscaping as well as waste management and the provision of environmental services and consultancies such as Environmental Management Systems and Permits.
Fiscal Incentives are not available for all Subsectors that fall under the Services Sector; however, incentives are available to encourage investment in the following Subsectors:
• Medical Subsector – Exemption of Duty and VAT on all equipment and material needed for building.
• Funeral Homes – Such investments received a waiver on Duty and VAT on hearses.
• Education – Medical Schools under this Subsector are offered exemption on Duty and Value Added Tax (VAT) of all Equipment and Material needed to establish and operate.
• Dock Yard and Ship Building – Exemption of Duty and Taxes are available for the operation of Dry Docking Facilities.
• Recycling – Exemption of Duty and VAT on all machinery and equipment used in this Subsector.
• Solid Waste Collectors- Waivers of Duty and Taxes on Some Vehicles and Equipment.
• Machining – Waiver of Duty and Taxes on all Machinery and Equipment.
• Recording Studios (Music)- Waivers of Duty and Taxes on Equipment and Material