How You Can Start a Profitable Business in Guyana Now – iKnow Guyana

Why Invest in a Business in Guyana?

You should invest in a business in Guyana, because the country has one of the fastest-growing economies. With so many business opportunities, many investors are starting businesses at the small business bureau in Guyana. The number of local and foreign direct investments is increasing daily.

It is very profitable to engage in trade or business in Guyana in 2022 and beyond. We recommend setting up a business because of the high potential for growth and development. 

Keep reading to learn more about these untapped business ventures. 

How to Register a Business in Guyana?

In this country, an individual must be over 18 years of age to register a business. With proof of address, a valid applicant’s ID or passport, and the application form completed, you can have your business name registered. 

A business name in Guyana must not be confused with a registered company. In a Guyana company, the entity is separate from its owner. The registered company is liable for all debts incurred under the Companies Act Chapter 89:01. A business name is a legal name under which an individual operates a business as a partnership or otherwise. 

Credited to: D. C. Mayers & Associates

Getting Registered

Starting a business in Guyana is simple, and it takes approximately three working days to complete. After developing an idea of what business is good in Guyana, you will then:

• First, fill out the application form.
• Then submit the application form along with the $5000 GY processing fee and a copy of your proof of identification and address. 
• Finally, uplift the certificate after three business days. 

Download the Application Form – Business Name here.

Here are all the fees to consider concerning Guyana businesses.

• New application fee of $5000 GY
• Copy of Profile $350 GY
• Additional Copy of Certificate $2,000 GY
• Renewal business fee – $2,500 GY
• Notices of Discontinuance $2,000 GY
• Application of Trustee $2,000 GY

You may also be interested in finding out the easiest way to incorporate a company in Guyana.

What you need to know about the small business bureau in Guyana

The government of Guyana is encouraging small businesses to register and develop their businesses to benefit from the fast-growing economy. Guyana’s government promotes small-scale entrepreneurship opportunities through the Small Business Bureau Guyana (SBB). The government is also providing support for small businesses in Guyana.

If you plan to register a business, you may seek guidance and assistance from the SBB. Additionally, if you already have an existing business, you may also seek financial aid from the SSB. Your ideas for small businesses might play a pivotal role in the government of Guyana’s business strategy.

Even more remarkable is that the SBB currently offers relief grants and services to registered small businesses. This service is due to the significant economic challenges experienced due to the COVID-19 pandemic. The aim is to strengthen and sustain small businesses within the commercial registry of Guyana. 

You can visit the SBB at Lot 1, La Penitence, Georgetown.

Telephone number: 226-8120

Email – funding@sbb.gov.gy

How to get a small business loan in Guyana?

They are mainly two options for getting a small business loan in Guyana. If you don’t have the capital to start your business, one of these small business loans in Guyana options might be right for you:

• Option 1: Get a loan through the small business development loan program.
• Option 2: Get a business loan from the bank for your registered business. 

Guyana Small Business Loan Development Program

With your idea of the best small business to start in Guyana, it’s time to check out the Small Business Bureau (SBB). The SBB, under the Ministry of Tourism, Industry, and Commerce, helps small businesses access funding up to GYD 30,000,000. This program is an excellent option to get funding for starting a business.

Your business must first be registered and seeking expansion to be eligible. There are a few other requirements that you must also meet for eligibility. The Guyana Bank for Trade and Industry Limited (GBTI) and Republic Bank Guyana Limited (RBG) are currently part of this lending program. 

Contact SBB on telephone number +592 (226-8120/23/35 Monday to Friday. 

Also, contact them at email: funding@sbb.gov.gy. 

Getting a business loan from a Bank

If you have already registered your business and have your legal documents, you can acquire a business loan directly from a bank. Here is a list of banks you may choose to access a small business loan from. 

• Scotiabank in Guyana
• Republic Bank, Guyana Limited 
• Guyana Bank for Trade and Industry, Limited
• Citizens Bank of Guyana, Inc.
• GBTI Bank, Guyana

FAQs

Can I have an online business in Guyana without registering? 

Having an online business in Guyana without registering is possible as a single person. Operating as a sole proprietor in Guyana without a registered business name is legal to a point. You will have to use your name and Tax Identification Number (TIN) to pay any taxes incurred. Anything outside of this arrangement requires you to register a business name with the local registry. After the registration process, you can legally use the business name.

In Guyana, where do you go to register a business?

You will have to go to register a business name at one of the Deeds and Commercial Registry’s three locations. You have the option to register through the registry at the High Court in Lacytown, Georgetown, Berbice Office, or Essequibo Office. This process should take approximately three business days to complete.

Can a foreigner open a business in Guyana? 

Yes, it is legal for a foreigner to open a business in Guyana and do business in the regions of Guyana. Under the Companies Act of Guyana, a foreign person or company established outside of Guyana must be a registered entity in Guyana. 

Entrepreneurs should strive to register their external companies in Guyana. If that organization is not in Guyana, that external company will not operate legally. The business must be a registered business under the Companies Act, Chapter 89:01. 

What is the sole proprietorship in Guyana?

A sole proprietorship in Guyana is owned and operated by a single person. This type of business setup is the most basic business structure in the country. Therefore, this type of business is not incorporated, and the owner is likely liable for business debts incurred. There is no separation between the business organization and the owner.