Guidance

Doing business in Guyana: Guyana trade and export guide

Updated 13 May 2015

This guidance was withdrawn on

Department for International Trade withdrew this publication because it was out of date.

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This publication is available at https://www.gov.uk/government/publications/exporting-to-guyana/doing-business-in-guyana-guyana-trade-and-export-guide

Brexit

Learn about changes for UK exporters to Guyana if the UK leaves the EU without a deal.

Managing risk

Find out how UK companies can control risks when doing business in Guyana.

Export opportunities and advice

Find more export advice and explore opportunities overseas on great.gov.uk.

1. Guyana export overview

Guyana is the fastest growing economy in the Caribbean Community (CARICOM). It is expected to be among the top growing economies in the Latin America region in 2014.

Contact a Department for International Trade (DIT) Guyana export adviser for a free consultation if you are interested in exporting to Guyana.

Contact UK Export Finance (UKEF) about trade finance and insurance cover for UK companies. You can also check the current UKEF cover position for Guyana.

Benefits for UK businesses exporting to Guyana include:

  • double taxation agreement with the UK
  • competitive fiscal incentives for investors to key sectors
  • unrestricted repatriation of profits, capital and dividends
  • legislation based on UK common law
  • direct sea-freight link to the UK
  • English established as official language
  • low-cost and flexible workforce

2. Challenges doing business in Guyana

There aren’t many restrictions to trading with Guyana. However, there can be some challenges. These include:

  • scores very poorly in the corruption index
  • crime and security issues
  • low labour productivity and skills shortages

You should ensure you take the necessary steps to comply with the requirements of the UK Bribery Act.

3. Growth potential

Guyana’s growth performance is mainly due to prudent macroeconomic management and large scale investments in capital projects. In addition to this, Guyana has a buoyant construction, gold and rice industry.

3.1 Trade agreements

Guyana has an Economic Partnership Agreement with the European Union (EU).

It also has a number of free trade agreements with CARICOM markets as well as Brazil, China, Turkey, Venezuela and Argentina.

4. UK and Guyana trade

In 2013 the UK exports in goods to Guyana were worth £26.3 million.

The top 10 UK exports to Guyana are:

  • vehicles and vehicle parts
  • industrial and construction machinery
  • pharmaceutical products
  • milk and cream
  • fertilizers
  • beverages/spirits
  • retreaded or used tyres as rubber
  • tableware, kitchenware and other household items
  • books, brochures and similar printed material
  • electrical generating sets and rotary converters

5. Opportunities for UK businesses in Guyana

Department for International Trade (DIT) publish over 1,000 export opportunities per month across all sectors and over 100 markets. Sign up to receive regular export opportunities alerts.

Contact UK Export Finance (UKEF) about trade finance and insurance cover for UK companies.

5.1 Mining

Mining is a significant growth sector for Guyana. In the period January to May 2014, gold accounted for 44.8% of Guyana’s export earnings. In addition to gold, other rare stones and elements are mined in Guyana.

In addition to excavation opportunities, there are opportunities for UK companies in the provision of:

  • capital equipment
  • vehicles

5.2 Construction and infrastructure

Construction sector grew by 22.6% in 2013 and 16.8% in the first half of 2014. Spending was mostly directed to sea defence infrastructure, roads and bridges. Strong opportunities also exist in the real estate sector, where there is also a requirement for building components.

To help growth, import duties and VAT from many ‘green’ construction products have been removed.

There are opportunities for UK companies throughout the sector.

5.3 Energy

Businesses pay higher tariffs than residential customers. The private sector is keen to try technology that can reduce energy consumption in offices and factories.

Renewable energy

Renewable energy development is an active part of Guyana’s energy policy. Import taxes and duties have been removed from a range of renewable energy equipment.

A large dam with capacity of 165 megawatt is being planned for operation by 2020. A sponsor is being sought for this project. It is estimated that even with this facility, demand will exceed supply.

Opportunities exist for the solutions within the following sub-sectors:

  • solar
  • hydro
  • gas

Oil and gas

Licences have been issued for exploration both onshore and offshore. Companies will need services for drilling operations and this provides many opportunities for UK companies.

Electricity distribution

The electricity sector receives major aid funding. There are opportunities for UK companies in:

  • smart metering equipment
  • cables, conductors and ancillary equipment

6. Start-up considerations

Wherever possible, you should aim to operate in Guyana in partnership with local companies.

There are three ways to register a business in Guyana. These are:

  • under the Business Names Act
  • under the Companies Act
  • as an external company

The Common Law of Britain is the basis for the legal system of Guyana.

Contact the Department for International Trade (DIT) team in Guyana to help find tax and legal advisers before entering into agreements.

8. Tax and customs considerations

8.1 Tax

The UK has a double taxation treaty with Guyana.

Value Added Tax (VAT) is levied on some goods at the rate of 16%.

The tax rate on profits of commercial companies is 40%. For non-commercial companies it is 30%. Businesses registered under the Business Names Act, pay a 30% rate of taxes.

Wherever tax exemption don’t apply, companies will also be liable for the following classes of tax:

  • Individual income tax
  • Excise Tax
  • Corporation tax
  • Property Tax
  • Capital Gains Tax

The Guyana Revenue Authority is responsible for tax collection. Returns should be filed annually.

8.2 Customs

Permits and registration documents are required for some products to gain entry to Guyana.

The main agencies monitoring quality of imported items are the Ministry of Health (Food and Drugs Department) and the Guyana National Bureau of Standards.

9. Entry requirements

You don’t need a visa to enter Guyana. You can stay for a maximum of 90 days per visit.

9.1 Travel advice

If you’re travelling to Guyana for business, check the Foreign and Commonwealth Office (FCO) travel advice page beforehand.

10. Contacts

Contact the Department for International Trade (DIT) team in Guyana for more information and advice on opportunities for doing business in Guyana.

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