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Registrar
Organization name
Abbreviation
Country
Guyana
Phone
About
Guyana
Capital
Official languages
Population
Currency
ISO 4217
Georgetown
English
786,552 (as of July 2020)
Guyanese Dollar
GYD
FAQ
Frequently Asked Questions (FAQ) for Company Formation in Guyana:
1. What are the different types of companies that can be formed in Guyana?
- Private Limited Company
- Public Limited Company
- Sole Proprietorship
- Partnership
2. What is the minimum share capital requirement for company formation in Guyana?
There is no specific minimum share capital requirement for company formation in Guyana. However, the authorized share capital must be stated in the Articles of Association.
3. What are the steps involved in forming a company in Guyana?
The steps involved in forming a company in Guyana are:
- Choose a company name and have it approved by the Registrar of Companies.
- Prepare the Articles of Association and file them with the Registrar of Companies.
- Pay the required registration fee.
- Obtain a Tax Identification Number (TIN) from the Guyana Revenue Authority (GRA).
- Register for Value Added Tax (VAT) with the GRA (if applicable).
- Register with the National Insurance Scheme (NIS).
- Obtain any necessary licenses or permits from relevant government agencies.
4. What are the documents required for company formation in Guyana?
The documents required for company formation in Guyana are:
- A copy of the Articles of Association
- A copy of the Certificate of Incorporation
- A copy of the Business Registration
- A copy of the Tax Identification Number (TIN) Certificate
- A copy of the Value Added Tax (VAT) Certificate (if applicable)
- Proof of registration with the National Insurance Scheme (NIS)
- Any necessary licenses or permits from relevant government agencies.
5. What is the process of company registration in Guyana?
The process of company registration in Guyana involves:
- Submitting the Articles of Association and other required documents to the Registrar of Companies
- Paying the required registration fee
- Receiving the Certificate of Incorporation from the Registrar of Companies
- Obtaining a Tax Identification Number (TIN) from the Guyana Revenue Authority (GRA)
- Registering for Value Added Tax (VAT) with the GRA (if applicable)
- Registering with the National Insurance Scheme (NIS)
- Obtaining any necessary licenses or permits from relevant government agencies.
6. What are the compliance requirements for companies in Guyana?
The compliance requirements for companies in Guyana include:
- Filing annual returns with the Registrar of Companies
- Filing annual tax returns with the Guyana Revenue Authority
- Maintaining accurate accounting records
- Holding annual general meetings
- Complying with relevant employment laws and regulations.
7. What are the tax implications for companies in Guyana?
The tax implications for companies in Guyana include:
- Corporate Tax of 25% on profits
- Value Added Tax (VAT) of 14% on sales
- Withholding Tax of 20% on certain payments made to non-residents
- Capital Gains Tax of 20% on gains from the sale of assets
- Property Tax of 0.1% on the unimproved value of land.
8. Can foreigners own a company in Guyana?
Yes, foreigners can own a company in Guyana. However, there are certain restrictions on foreign ownership in certain sectors such as mining, forestry, and broadcasting. It is advisable to seek legal advice before investing in these sectors.
9. How long does it take to form a company in Guyana?
It typically takes between 7 to 10 working days to form a company in Guyana, assuming that all required documents are in order and the registration fee has been paid.
10. Can a foreigner be a director in a company in Guyana?
Yes, foreigners can be directors in a company in Guyana. However, at least one director must be a
Economy
Taxation
In Guyana, both corporate and personal taxation is levied by the government.
Corporate taxation:
- The corporate tax rate in Guyana is 25% for resident companies and 35% for non-resident companies.
- Corporations are required to file their tax returns within four months after the end of their fiscal year.
- Quarterly installments of corporate taxes are also required to be paid.
Personal taxation:
- Personal income tax rates in Guyana are progressive, with rates ranging from 0% to 40%.
- Individuals are required to file their tax returns by April 30th of the following year.
- Like corporations, individuals are also required to make quarterly tax payments.
The tax payment process in Guyana involves several steps:
1. Register with the Guyana Revenue Authority (GRA).
2. Obtain a taxpayer identification number (TIN) from the GRA.
3. Keep accurate records of all income earned and expenses incurred.
4. Calculate the amount of tax owed based on the relevant tax rates and deductions.
5. Make quarterly tax payments by the due dates, either online or in person at the GRA office.
6. File annual tax returns by the due date, either online or in person at the GRA office.
The tax calendar for payments in Guyana is as follows:
- Quarterly payments: March 31st, June 30th, September 30th, and December 31st.
- Annual tax returns: April 30th of the following year.
It's important to note that failure to pay taxes on time can result in penalties and interest charges. Therefore, it is important to keep track of all tax obligations and to make timely payments.
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