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.
Time and cost: 1 day, GYD 175 (name search), GYD 800 (reservation)
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.
Time and cost: 2 days, GYD 15,000
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: GYD 60,000.
- Fees for filing and certifying copies of notices (listed above) and declaration of compliance: GYD 13,000.
If the company chooses to file it with a practitioner, attorneys will charge approx. GYD$150,000 plus VAT for handling a company incorporation in addition to the registration fee.
Time and cost: 7 days, GYD 60,000 (fixed registration fee) + GYD 13,000 (fees for filing and certifying copies of documents)
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. In order to apply for the TIN, the following need to be submitted:
- A copy of the Certificate of Incorporation;
- A copy of two (2) Directors’ valid identification;
- A completed Company TIN Application Form.
Time and cost: 1 day, no charge
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. 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.
On February 01, 2017 the Value-Added Tax (Amendment) Regulations came into operation and the VAT rate was reduced from 16% to 14%. Additionally, the amendment provided for an increase in the VAT threshold from $10,000,000 to $15,000,000 annually. This new measure made it mandatory for businesses to register for VAT if their annual sales are equivalent to or exceeds the threshold of fifteen million dollars ($15,000,000).
Time and cost: 7 days on average (simultaneous with previous procedure), no charge
Register for the Social Security
Agency: National Insurance Scheme
Register with the social security office and obtain NIS employer number. The National Insurance Scheme extends Social Insurance Coverage on a compulsory basis, to all persons between the ages of sixteen (16) and sixty (60) years who are engaged in Insurable Employment. Coverage is also extended on a voluntary basis, to persons who cease such employment before reaching age sixty (60) years, until the attainment thereof. Employed Persons outside this age range who are in Insurable Employment are also covered, but for Industrial Benefits only. However, Self-employed Contributors are not covered for Industrial Benefits.
Both the Employer and Employee pay Contributions into the Scheme based on a ‘Payroll System’. The total Contribution for Employed Contributors is 14% of the actual Wage / Salary paid to the Employee. This is derived from a 5.6% deduction from the Employee’s pay, and the remaining 8.4% paid by the Employer on behalf of the Employee. The actual wage / salary is, at present, subjected to a ceiling of $220,000.00 per month or $50,769.00 per week for National Insurance purposes.
Self-employed Persons contribute 12.5% of their declared Income as Contributions, while Voluntary Contributors pay 9.3% of their Insurable Earnings as determined from the last two years of their employment.
In order to apply, the following must be submitted: Certificate of Business Registration, ID card.
Time and cost: 7 days (simultaneous with previous procedure), no charge
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 now currently made in Guyana and delivered in a few days. These seals can cost about $30,000.
Time and cost: 2 days on average (simultaneous with previous procedure), GYD 2,000
