Download PDF - The Georgetown Chamber of Commerce & Industry

Recommendations

Info

CURRENCY EXCHANGE Exchange Control was effectively removed by the Foreign Exchange (Miscellaneous Provisions) Act, 1996 which replaced the Exchange Control Act, Cap 86:01. The Act requires a declaration to the Comptroller of Customs when bringing in or taking out of Guyana more than ten thousand US dollars or its equivalent in any other currency. CURRENCY The Guyana dollar floats freely according to market conditions. On October 31, 2009 the market rate of exchange between the Guyana dollar to the US dollar was approximately G$205 to US$1. FOREIGN OWNERSHIP AND THE PRIVATE SECTOR The Role of Foreign Investment Generally, the foreign investments in which Guyana is interested are those which, among other things: • Strengthen the infrastructure, with particular reference to services such as financial services, tourism, telecommunications, airport and airline services, shipping and port facilities, hydropower and other electricity generation, housing and hotel accommodation. • Increase exports and foreign exchange earnings. • Save expenditure of foreign exchange on imports. • Develop the country’s natural resources in an environmentally sustainable manner. • Promote the development and transfer of technology. • Promote employment growth and development through the strategic location of economic activities. Ownership of Investments There are, in general, no restrictions on the proportion of private or foreign ownership of any enterprise or asset. A foreign investor could choose to invest alone, or in partnership with other foreign/local investors and entrepreneurs under the Companies Act No. 29 of 1991. However, under section 333 of the Companies Act, 1991, an external company shall have the power to hold land as may be authorised by licence of the President of Guyana. There are also certain restrictions on the size of mining and forestry concessions which foreign investors may hold. LABOUR The law provides for the compulsory recognition by the employer of a union which has the support of the majority of the entity’s employees. Trade Unions are therefore common and in some sectors they are particularly effective. Even in the absence of a trade union, legislation provides for working hours, the payment of overtime and holidays with pay. Wages are generally fixed by free collective bargaining. Normal working hours are 8½ hours a day, 5 working days per week with 1 hour for lunch. Overtime is usually paid at time and a half with double time on Sundays and holidays. OTHER Revenue Stamps Receipts for payments of G$500 and over, require revenue stamps. These stamps may be obtained from the Post Office. An additional G$l revenue stamp is required for every additional G$1,000 or part thereof. Vehicle Licences & Fees This can be obtained from the Division of Motor Vehicles of the Internal Revenue, Guyana Revenue Authority. STATUTORY HOLIDAYS The Statutory Holidays are: New Year’s Day Republic Day Phagwah Good Friday Easter Monday Labour Day Arrival Day Independence Day Caricom Day Emancipation Day Youman Nabi Eid-ul-Azah Diwali Christmas Day Boxing Day ADVERTISING TRADE AND PROMOTIONS The main media for advertisement in Guyana are the local newspapers, radio and television stations. Major newspapers are: There are four major daily newspapers. • Guyana Chronicle (State Owned) • Stabroek News • Kaieteur News • Guyana Times Guyana Business 2010 | 42 Guyana Business 2010 | 43 January 1 February 23 Variable Variable Variable May 1 May 5 May 26 July 1 August 1 Variable Variable Variable December 25 December 26 There are two radio stations in Guyana both of which are stateowned and several television channels including one state-owned channel. Most of these do not have national coverage. • GWTV Channel 2 • STVS Channel 4 • CNS Channel 6 • WHRM Channels 7 • DTV Channel 8 (Berbice) • RCA Channel 8 (Essequibo) • HBTV Channel 9 • LRTVS Channel 10/17 • NCN 11 (State Owned) • RBS Channel 13 • MTV Channel 14/65 • NTN Channel 18/69 • VCT Channel 28 • VISIONTV Channel 46/102
PRINCIPAL LEGISLATION The main legislation of interest to the investor are as follows: Companies Act 1991 29 of 1991 Income Tax Act CAP. 81:01 Corporation Tax Act CAP. 81:03 Income Tax (In Aid of Industry) Act CAP. 81:02 Capital Gains Tax Act CAP. 81:20 Property Tax Act CAP. 81:21 Value-Added Tax Act 2005 10 of 2005 Excise Tax Act 2005 11 of 2005 Petroleum Act CAP. 92:01 Petroleum (Exploration & Production) Act 1986 3 of 1986 Mining Act 1989 20 of 1989 Labour Act CAP. 98:01 Termination of Employment and Severance Pay Act 1997 19 of 1997 Occupational Safety and Health Act 1997 32 of 1997 Prevention of Discrimination Act 1997 26 of 1997 Trade Union Recognition Act 1997 33 of 1997 Securities Industry Act 1998 21 of 1998 Bank of Guyana Act 1998 19 of 1998 Financial Institutions Act 1995 1 of 1995 Factory Hours & Holidays Act CAP. 95:02 Investment Act 1994 1 of 2004 Prevention of Money Laundering and Financing of Terrorism Act 13 of 2009 Updated and annotated copies of these and other legislation may be obtained from Ram & McRae. Guyana Business 2010 | 44
Page 1: GuyanaÊ BusinessÊ 2010Ê Ê Ê Ê
Page 5 and 6: Editorial The Georgetown Chamber of
Page 7 and 8: COUNTRY EMERGENCY NUMBERS Police: 9
Page 9 and 10: Country Facts MONEY BANKING HOURS B
Page 11 and 12: usiness review2009 May 15, 2009 - T
Page 13 and 14: usiness review2009 business review2
Page 15 and 16: usiness review2009 business review2
Page 17 and 18: RAM & McRAE Ram & McRae, now in its
Page 19 and 20: A country rich in resources such as
Page 21 and 22: The information set out in this sec
Page 23: National Insurance The National and
Page 27 and 28: Guyana Basin Oil Exploration Blocks
Page 29 and 30: Guyana Head of State Bharrat Jagdeo
Page 31 and 32: Scotiabank Head Office Guyana. Scot
Page 33 and 34: The Banking Sector in Guyana Guyana
Page 35 and 36: annual inflation rates, which avera
Page 37 and 38: Aerial view of Lethem Lethem on the
Page 39 and 40: eliable and affordable information
Page 41 and 42: Fishing for Success How Aquaculture
Page 43 and 44: pounds of pacu and 2,400 pounds of
Page 45 and 46: GMC’s Key Functions The agency as
Page 47 and 48: AMBASSADORS & HIGH COMMISSIONS REPR

Download PDF - The Georgetown Chamber of Commerce & Industry

Create successful ePaper yourself

Delete template?

Save as template?