Doing business in Suriname Information guide 2010 by Carry Leysner

Doing Business in Suriname

Information Guide 2010

Doing Business in Suriname - IntEnt Suriname – Information guide

DOING BUSINESS IN SURINAME Preliminary study has shown that (starting) entrepreneurs often have problems to retrieve the right information or that it simply is not clear where they have to turn to, in order to get certain documents or certificates. Many agencies do have a website, but unfortunately it appears that this information is not always up-to-date. You are about to start a business in Suriname. Or you want to get more information (again) about the available opportunities and the requirements to grow further with your enterprise. The IntEnt Suriname information guide is a useful tool to get kickstarted. YOU are able, in advance, to examine what has to be done on your way towards becoming a successful entrepreneur. The guide was drawn up as carefully as possible in order to give the reader an indication of the issues that should possibly have to be taken into account and what might be relevant in doing business in Suriname. Bear in mind that on a daily basis changes (modifications) may occur, as a result of which information as set out in this guide may already be outdated, although it may mainly be considered as a reliable guideline. Within short you can also download the guide via the IntEnt Suriname website: www.intent-suriname.com, in the course of which we will try to process the relevant modifications continuously so that you as an entrepreneur are guaranteed to have the right and most recent information . The IntEnt Suriname information guide may be used for several purposes, more in particular: • Preparatory material for the market research process for non-residents who want to start an enterprise in Suriname and come to settle in this country (so-called IntEnt starters mission) • Background material for residents who want to start an enterprise and/or expand, for their market research and to complete their business plan • Reference work for trainers and business consultants both in Suriname and abroad, who are engaged in training / guiding starting entrepreneurs • Information material for institutions and/or at seminars In this guide we give you a ‘taste’ of among other things: a good business idea, coaching for the entrepreneur, the IntEnt Suriname course of action, the choice of the form of enterprise, (government)institutions that may be important, licenses and taxation. For the composition of this guide use was made of information of several ministries, agencies, organizations, businesses and institutions in the Suriname society. We from IntEnt Suriname would herewith like to thank these agencies for the information provided to us and we will continue to work on a good cooperation with all of you, in order to continue to incorporate the desired information in this guide in an adequate manner. For adjustments/suggestions, please mail to: info@intentsuriname.com Kenneth Woei-A-Tsoi Managing director IntEnt Suriname IntEnt: Internationalizing Entrepreneurship

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Doing Business in Suriname - IntEnt Suriname – Information guide

TABLE OF CONTENTS

PREFACE

page 2

AN OWN BUSINESS IN SURINAME

page 4-5

COACHING FOR YOU AS AN ENTREPRENEUR

page 7

WHAT DOES INTENT OFFER SURINAME

page 8-12

THE LEGAL FORM OF YOUR BUSINESS

page 13-14

AGENCIES

page 15

LICENSES

page 17-24

Business

licenses

Residence permits Work permits

CHAMBER OF COMMERCE AND INDUSTRY

TAXATION Wage tax

page 26-28

page 29-31

Income tax Turnover tax

CERTIFICATION

page 32-33

10. FINANCES

page 34-36

11. INSURANCES

page37

12. ACCOMMODATION

page 38-41

Personal

accommodation

Business accommodation

13. PERSONNEL

page 42-43

14. MANNERS/ETIQUETTE IN SURINAME

page 44

15. POLITICAL SURINAME

page 46

16. CHECKLISTS

page 54-117

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Doing Business in Suriname - IntEnt Suriname â&#x20AC;&#x201C; Information guide

1. AN OWN BUSINESS IN SURINAME; your idea? A good business idea is creative and innovative! Entrepreneurs, get out of the box! Take a good look around you, the country has so much more to offer! The Suriname street scene gives a good example of doing business in Suriname; carwashes are shooting up like mushrooms. Because if my neighbor can do it, so can I. Large-scale import of luxury foreign articles to sell these to the Suriname public is steadily continuing. But how about the own creativity; is the Suriname entrepreneur innovative enough? Do we provide added value to the Gross National Product of our country? Should be the case, if we are ranked as the 17th richest country in the world where natural resources are concerned. And apart from our resources, have you ever taken a look at the hundreds of empty pet bottles on the street and wondered: what products could I produce from these, what is their impact on our environment, and could I do something with them at the regional market? No? Enterprising Suriname: Keep in mind! Creativity and Innovation are the basic ingredients to compete as a business on the Suriname and the International market. Where are the opportunities for you as an entrepreneur? What are the potential growth sectors? We could suffice with the below list of possibilities for Suriname. Potential growth sectors Mining: Kaolin/ Granite/ and other types of Sand and Water Industry: Food Processing, Pharmacy/aromatic products and Bio-energy Agrarian Sector & Agro-Industry: Fruit culture / agro-processing/ ornamental plant cultivation and aquaculture / fish processing Forestry / furniture sector: Furniture / building material etc. Tourism: Ecotours /cultural tours /historical tours / business trips/ entertainment parks Services Sector: Financial Services/ Building and Construction Sector / Engineering Consultancy/ Management Consultancy/ ITC/ Call-centers/ - Health Care Source: presentation VSB January 2007 We can and must, however, go beyond this list; within each sector a lot of creation and innovation can be devised. Each specific branch has room for added value.

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Creativity and Innovation are the basic ingredients to compete as a business on the Suriname and the International market. E.g. do not only think about cultivating the product, but go beyond that…….how can I process this product, how can I be of further service to the Suriname market. Or even better: the regional and the international market. The general facts of Suriname are: About 70% of the enterprises in Suriname are engaged in wholesale or retail. There are no figures about the extent of innovation and creation of businesses. As regards the availability of natural resources, we are (theoretically) the 17th richest country in the World. (Officially the United Nations states that there are 195 countries). Our Gross Domestic Product, however, places Suriname 163 on the world ranking (info CIA fact book). In the Doing Business report, Suriname still ranks 155 (In the Doing Business report 2010, 183 economies were ranked according to the extent of attractiveness for investors) Accordingly it is self-evident that a country as Suriname must also particularly aim at encouraging those businesses that generate products and services, so that the unilateral trade – import does not rule the roost; investments should be made attractive as well. It has been proven that: Enhancing the production of own goods and services substantially contributes to a strong gross national product (GNP) of a country. The GNP is the value of all goods and services produced in a specific period (most of the time a year) in a specific country. A low gross national product generally means that you generate insufficient services and produce insufficient goods. Characterizing consequences of a low / declining GDP are among other things, increasing unemployment, dropping purchasing power, depreciation of the currency, increasing poverty. Encouraging SME is one of the important foundations to improve the economy of a country. A globalizing world has increasingly more challenges for entrepreneurs to maintain and continue to grow their businesses. Increasingly more creativity and innovation must be applied to survive. In our world, innovation is characterized as an important engine of economic growth. Tip: in short: you as an entrepreneur now have a business idea. Test this idea on grounds of the potential opportunities, test your idea for creativity and innovation. Your chance of success will only increase as a result. Source: Sherida Mormon, Coordinator IntEnt Suriname IntEnt: Internationalizing Entrepreneurship

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Doing Business in Suriname- IntEnt Suriname- Information

IntEnt

Suriname ...your decision

(and this is my success! “And now I produce my own beauty products” IntEnt Suriname for: -training in business skills -assistance with business plans -personal coaching Would you like to know more? Call or email us for an appointment. Telephone: etc… Would you also like to start your own enterprise? Contact IntEnt Suriname and…..

let's get started!

IntEnt Internationalizing Entrepreneurship

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2. COACHING FOR YOU AS AN ENTREPRENEUR Once you believe that you have found a gap in the market, the next step is to develop and implement your ‘brilliant’ business idea.

Realize your dream!! Of course a few are able to accomplish this on their own. Nevertheless, we learn from experience that expert coaching and a good preparation are both desired and necessary. There are several agencies, the starting entrepreneur can turn to for training and coaching. In Suriname we have among others Women Business Group (WBG), Foundation Productieve WerkEenheden (SPWE), Chamber of Commerce and Industry (KKF – Dutch abbreviation), IntEnt Suriname, etc. Every agency has its own expertise. While WBG and SPWE mainly focus on training for the micro-entrepreneurs, KKF and IntEnt Suriname particularly focus on training and coaching of the SME entrepreneurs. To you it is important to examine which support (training/coaching) you consider necessary and eventually you choose the agency that is most suitable for your purpose. It is often not entirely clear what the difference is between a micro-enterprise and an SME enterprise. SMEs are meant to refer to: Medium-sized and Small Enterprises, in which minimally 5 up to maximally 50 people are employed. Micro-enterprises employ at least 1 and no more than 5 persons. As a future entrepreneur it truly is a very good idea to make a noncommittal appointment to examine to what extent you need training and/or coaching. To prepare this, you have to ask yourself what the flaws are. Where is your threshold to eventually still make the step towards entrepreneurship? What is it that you would like to know more about and what information would you like to deepen? Then you take a look at which conditions and possibilities the various coaching institutions require/offer. Eventually you are the one to decide your choice! Women Business Group (WBG) Address:Slangenhoutstraat 39 Tel:400428

IntEnt Suriname Henck Arronstraat 32A Tel. 472825

Ministry of Labour, Technological Development and Environment Foundation Productieve WerkEenheden (SPWE) Heerenstraat 32 Tel. 472461 IntEnt: Internationalizing Entrepreneurship

Chamber of Commerce and Industry (KKF) Entrepreneur Support Center (ESC) Prof. W.J.A. Kernkampweg 37 Tel. 530313 - 530311 Page 7

Doing business in Suriname - IntEnt Suriname – Information

3. What does IntEnt offer Suriname? Head Office IntEnt Suriname Henck Arronstraat 32A Paramaribo – Suriname Telephone : (+597) 472825 Fax: (+597) 521193 E: info@intent-suriname.com W: www.intent-suriname.com

Head Office IntEnt (the Netherlands) Javastraat 58 2585AR, Den Haag Telephone : (+31) 703051820 E: info@ondernemenoverdegrens.nl W: www.ondernemenoverdgrens.nl

IntEnt Suriname- Nickerie Doergamall Unit 7A Hoek A.K. Doerga Shawstraat and Emmastraat, Nieuw-Nickerie Tel./Fax: (+597) 210827 E: nickerie@intent-suriname.com W: www.intent-surname.com

IntEnt Suriname supports starting entrepreneurs! IntEnt Suriname aims at everyone who wants to establish a business in Suriname. The first matter of importance is that your business must become a commercial success. IntEnt Suriname is a flexible, enterprising organization with a professional staff, supported by a network of business consultants and trainers. Our doors are open to everyone who wants to convert his/her ideas and initiatives into a good business plan and eventually a successful business. IntEnt supports people with ideas and initiatives. They transform those ideas into activities. The new businesses lead to more investments, employment and sustainable economic activities. This requires entrepreneurship. This entrepreneurship is encouraged from IntEnt Suriname. Strengthening the SMEs In general IntEnt Suriname wants to contribute to the development and innovation of the SME-sector in Suriname and in doing so, indirectly to the strengthening of the local economy. In particular we do this by: • encouraging the establishment of new businesses • rendering our services to aspirant entrepreneurs from Suriname, but also to those from abroad • acting as intermediary in matchmaking • expanding and strengthening the provision of services to all starting entrepreneurs in Suriname, and this in cooperation with several partners in the area of entrepreneurship development

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Customized Coaching In consultation with the customer/aspirant entrepreneur, IntEnt Suriname offers a program tailored to his/her individual needs. Initially our services package in Suriname consists of: : • assessment of the business idea • training aimed at orientation on the entrepreneurship • training aimed at drawing up a business plan • access to the online business center • personal coaching by a business consultant • support with the market research • support with the development of a business plan • coaching up to one and a half year after the start The own contribution for the entrepreneur depends on the composition of the customization process drawn up with the entrepreneur. How do YOU register You can register with IntEnt Suriname by means of a registration form. You can download this form via the website; it can also be sent to you via email or you can pick it up. Our website is: www.intent-suriname.com. In this registration form we ask basic information, such as contact data and the business idea. On the basis of your registration, you are called up for an interview: the so-called Intake. Thereafter a selection is made to offer a training and coaching process, tailored to your needs. If you are selected, the training process follows. The training process The training process orientation entrepreneur (OO) and business plan (OP), consists of 30 contact hours on average, spread over 3 weeks. In this period participants also get homework to do in their own time. Interim evaluations IntEnt Suriname conducts evaluations during the entire process by way of monitoring. During the first evaluation period it is determined whether the candidate is admitted to the second phase: the coaching and advice process. Of course the candidate may choose not to continue. The coaching and advice process An important characteristic of the IntEnt program is the intensive and structured coaching before, during and after the start of your enterprise. During and after the important start phase, local advisors will assist and coach you. Under the coaching of your personal coach, your business plan is drawn up. This should be submitted to the Final Assessment Committee within 3 to 6 months.

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The Final Assessment Committee (FTC – Dutch abbreviation) The Final Assessment Committee is an lntEnt-body consisting of independent experts. Your business plan is tested for feasibility. The business qualities of the client are also scrutinized. After approval of the plan by the FTC, if so desired, the entrepreneurs may also be eligible for 2 years of coaching a t a n d a f t e r the start.

IntEnt Suriname " lk heb nu een elgen toolshop and verzorg trilllningen In the gebrulk van Modern gereedschap"

And this is my success! “I now have my own toolshop and conduct training in the use of modern tools.” Which tool do you need for which job? Which is the right way to use it, the maintenance? I knew all about that and wanted to start my own business. But...... How do I draw up a business plan, which marketing strategy do I use, How do I ensure continuity of my business? A friend told me about IntEnt Suriname. I followed their training and coaching process and I have had my own business since July 2010: SPANA NV.

Would you like to know more? Call or email us for an appointment: Tel: 472 825 or email: : info@intent-suriname.com Would you also like to start your own enterprise? Contact IntEnt Suriname and...

let's get started!

IntEnt Internationalizing Entrepreneurship

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Doing Business in Suriname - IntEnt Suriname – Information

“ THE INTENT SURINAME FAMILY” Surinamese love involvement and family. We would like to honor this tradition. So once you have started with the IntEnt-Suriname-process, you belong to the IntEnt- Surinamefamily! Due to the fact that IntEnt Suriname originated from the IntEnt organization in the Netherlands, there may still be some confusion about this. To clarify this, we use the below categorization for the entrepreneurs who belong to the IntEnt Suriname-family, more in particular: • IntEnt Suriname entrepreneurs (process completed) • Other entrepreneurs (process not [entirely] completed) IntEnt Suriname entrepreneurs are: A. Starters • Starting entrepreneurs who started the process with IntEnt Nederland to eventually establish their business in Suriname • Starting entrepreneurs from abroad who start the process in Suriname and also establish their enterprise here • Starting entrepreneurs residing in Suriname who go through the process here and establish their business here B. Re“starters”; equal to aforementioned categories, but in this case the following are concerned: • Existing entrepreneurs who already operate at micro level, but want to advance to the SME sector or want to diversify • Established SME entrepreneurs who want to expand or diversify their business by means of coaching, tailored to their needs Other Entrepreneurs are: Entrepreneurs - both starters and restarters – who did go through the IntEnt Suriname training process, have not (yet) completed the coaching process, but have already started their business with their own resources. On our website: www.intent-suriname.com, we introduce you to a few of our entrepreneurs. Also here a distinction is made between the IntEnt Suriname entrepreneurs and the group ‘Other Entrepreneurs’.

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Even more support for the IntEnt Suriname family members: IntEnt Suriname pays much attention to the mutual involvement of its family members. Once you belong to the IntEnt Suriname family, as an IntEnt Suriname (aspirant) entrepreneur you have even more advantages: • participation in informative meetings of various relevant institutions, organizations and businesses • participation in business-clinics and knowledge-based days • 6x a year you receive the IntEnt Suriname newsletter • Access to the international IntEnt business center

IntEnt 2009 One year in pictures

IntEnt: Internationalizing Entrepreneurship

THE INTENT SURINAME FAMILY

Pa12

Doing Business in Suriname - IntEnt Suriname – Information

4. THE LEGAL FORM (or BUSINESS STRUCTURE) OF YOUR BUSINESS Which legal form / form of enterprise suits your business? You already have a good business idea, but what will be the legal form of your business? Each enterprise has a legal form. The legal form lays down the legal relationships within the enterprise and between the enterprise and the outside world. Important points determined by the legal form are the following: • • • • • •

Who is in the end in control of the enterprise? In what manner can the enterprise use financing resources? Which guarantees are there for the enterprise to continue to exist for a longer period of time? To what extent are the owners of the enterprise legally liable for the debts of the enterprise? What is the fiscal position of the enterprise? To what extent needs the enterprise to publish its financial figures?

WHAT MUST YOU PAY ATTENTION TO? WHAT IS IMPORTANT FOR YOU?

YE Not being personally liable , is very important?

Will you start a business alone?

S Would you like to cut back on formation expenses?

NO YES

Preferably an NV (public limited company)

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YES

Preferably: one-man business FREELANCER

Preferably: VOF(general partnership)

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Once you know what is important for you, it would be a good thing to examine what the different legal forms imply and what is necessary/required for these purposes. In Suriname the prevailing legal forms are: • One-man business – also if you choose a Limited Partnership (CV- Dutch abbreviation) or a General Partnership (VOF- Dutch abbreviation) you will be registered as a one-man business • The Public limited company (NV- Dutch abbreviation) • The Foundation A main division can be made among the legal forms whereby the enterprise has corporate capacity and legal forms where this is not the case: • If the enterprise is a legal person, it is deemed a party to the legal agreements that doing business entails. It may hire employees, enter into a sales agreement and take out loans with the bank. Of course people (natural persons) are necessary to enter into such agreements on behalf of the legal person • If an enterprise is not a legal person, the owner-proprietor is the person in whose name the agreements are entered into • If an enterprise does not have corporate capacity and is the property of one person, then this is referred to as a one-man business • If there are several owners and there is no corporate capacity, then a firm or a partnership is concerned • Enterprises with corporate capacity are run in the form of an NV or cooperation. The forms of enterprise are:  One-man business  General partnership  Public limited company  Foundation  Limited partnership  Association  Cooperative association  Branch of a foreign enterprise Tip: It is important to know now what the various forms of enterprise imply and what you need to set up such an enterprise. In this respect we refer to our checklist

CONSULT CHECKLIST

The forms of enterprise

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5. AGENCIES THE ENTREPRENEUR HAS TO DEAL WITH During the market research and before you can commence your enterprise, you will have to call on a number of agencies to arrange the necessary licenses, among others: • Ministry of Justice and Police, Aliens Affairs department: for your residence permits • Ministry of Justice and Police, Alien Affairs department, the Judicial Intelligence Service and the Investigation Service: for your residence permits • Ministry of Defense, Immigration department; for you residence permits • Ministry of Home Affairs, Central Civil Registry (CBB – Dutch abbreviation); to register in the population register • Ministry of Home Affairs, Dispatch department • Ministry of Labor, Technology and Environment (ATM– Dutch abbreviation – in the area of entrepreneurship development); for your work permits The aforesaid ministries are particularly for entrepreneurs who come from abroad and want to start their business in Suriname. • • •

Ministry of Trade and Industry (HI– Dutch abbreviation), business licenses department: for various business licenses, offices of the district commissioners (certain licenses are applied for at the DC). Ministry of Spatial planning (RO– Dutch abbreviation), offices of the district commissioners for district-related business licenses Ministry of Finance (FIN– Dutch abbreviation), Tax department: for your fiscal and customs affairs

Before calling on all institutions, it is advisable to consult the websites, insofar as these are available. It would also be a very good idea to call on the Chamber of Commerce for an introductory visit. In most cases they can provide you with the necessary information. Tip: Make a list of all institutions and agencies, which are relevant to you in advance. Also make a list with questions. What do you want to know? Then make a time planning and include therein when and how (by telephone or personally) your first contact will be made Tip: a good preparation is really necessary. Always remain polite. It is NO USE to become irritated if you believe that you are given the wrong information. Remain calm and make use of a second opinion in a subtle manner. CONSULT CHECKLIST CONSULT CHECKLIST

B C

Contact information of Ministries and Offices of the district commissioners Contact information of CBB community offices

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Aspirant entrepreneur Debbie Arlaud t u rn s h e r h o b b y i n t o h e r j o b ....

rvz

6. LICENSES The Chamber of Commerce and Industry (KKF) now offers entrepreneurs the opportunity via the one-stop-window b y m e a n s o f o n e a p p l i c a t i o n , t o o r g a n i z e a l l t h e necessary licenses. Read more about this in the chapter about the KKF. This sounds ideal of course. Nevertheless it is important that in advance you identify exactly what the licenses imply and what will be necessary for you.

Check which licenses you will need! IntEnt: Internationalizing Entrepreneurship

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General A license (also an exemption) is an official (necessary) permission of the government to implement a specific, in principle, forbidden activity. A license is PERSONRELATED (it may not be leased), LOCATION-RELATED (the entrepreneur must first have a location before applying for a license). A license entails a ban. The history of a license is often that first everything was allowed. Then everything was forbidden, e.g. by means of a law, with the possibility to get a license if a number of conditions is met. The government is not concerned about the activity that may be implemented by virtue of the license. So this activity does not need to serve the public’s interest. The wish of a committee to organize a street party, including closing the road, comes to mind. Examples of licenses Building license, users license, license under the nuisance act, license for use as a catering establishment, logging license, environmental license, parking license, terrace permit, fishing license, firearms license etc. In addition to the agencies where the licenses are applied for, also other disciplines, will call on you to inspect during the implementation. Concession In addition to the license there is also a concession. A concession is a license of the government, which excludes others. The acquirer of the concession or concession holder, thus gets monopoly (exclusive right) to e.g. a piece of territory. A public interest is always bound to a concession. A concession is granted by a government because this government deems activity desirable on grounds of the public interest it has to promote. E.g. extracting minerals in een certain area, e.g. the gold concessions. In this Information guide we will discuss the following licenses • business licenses via the Ministry of Trade and Industry • business licenses via the office of the district commissioner • Import, export and transit licenses via the Ministry of Trade and Industry • Residence permits; for non-residents who settle in Suriname (not possible via KKF) • Work permits via the Ministry of Labor, Technological Development and Environment (ATM – not possible via KKF)

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BUSINESS LICENSES Businesses obliged to have a license and businesses not obliged to have a license are registered in the trade register (perusal thereof at the KKF). In the planning it is good to know whether the business to be established is subject to a licensing obligation or not. The businesses obliged to have a license must await their licenses before they can start their business, while the businesses not obliged to have a license may start immediately following registration in the trade register. Licenses are: 1. is s u e d b y t h e Ministry of Trade & Industry , the district commissioner and/or the Ministry of ATM 2. is s u e d f o r a p e r io d o f t h re e ye a rs 3. renewed every three years (apply for renewal 3 months prior to the renewal date)

BUSINESS LICENSES VIA THE MINISTRY OF TRADE AND INDUSTRY (HI) BUSINESS LICENSES DEPARTMENT Havenlaan 1/ New Haven P.O.Box 9354 Telephone : 404769/402080/403022 Telefax: (597) 404769 www.minhi.gov.sr Email: minhisur@yahoo.com Paramaribo â&#x20AC;&#x201C; Suriname You can turn to the business licenses department of the Ministry of Trade and Industry for; 1. new applications; 2. r e n e w a l s ; 3. t r a n s f e r s ; 4. modifications; 5. e x p a n s i o n and 6. assignments. CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHCKLIST

D E

Requirements to submit a license application for residents and non-residents Licenses issued by the Ministry of HI

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Licenses issued by the DC

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IMPORT, EXPORT AND TRANSIT LICENSES The Service Import, Export and Transit (IUD – Dutch abbreviation) is a department of the Ministry of Trade and Industry in charge of affairs of a commercial policy nature, particularly the granting of import, export and transit licenses. With the import and export licenses, the H03 form is used and with the transit license the G – Import form. The IUD is also in charge of issuing licenses for the export of securities pursuant to the foreign exchange regulation after approval of the foreign exchange commission. With the implementation of the trade liberalization as of September 1, 1999, everyone is free to import and export after having been registered with the Chamber of Commerce and Industry. By virtue of the Movement of Goods Act (Bulletin of Acts and Decrees- 2003 no. 58) and the Negative List Decree ( Bulletin of Acts and Decrees- 2003 no.74) which is applicable as of September 1, we distinguish four (4) categories of goods, more in particular: • Goods, the import and export of which is forbidden • Export goods • Import goods • Transit goods CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST

G Goods the import and export of which is forbidden H Required documents an exporter needs

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Required documents an importer needs

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Required documents for transit activities

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Relevant documents you may ask for

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ATTENTION

1 2

A license is granted for a period of time of 3 (three) years.

The license may not be placed at the disposal of third parties. The license may only be transferred with the permission of the Minister of Trade and Industry

In case of a manufacturer’s license, also a license under the nuisance act shall be applied for with the District Commissioner

Every license obtained shall be registered with the Chamber of Commerce and Industry

CARICOM nationals do not require an admission or permanent residence permit

The renewal shall be applied for 3 (three) months prior to the renewal date

Tip: check which licenses may be/ are relevant for your business . On the basis thereof you can include in your planning at which agencies you should retrieve information. Make a list of relevant documents that you would like to request.

RESIDENCE PERMIT The Head of the Division Aliens Affairs is engaged in handling residence, permanent residence and naturalization applications of aliens in Suriname. This department is domiciled at the Grote Combeweg 3, tel. 473641/475205 Aliens are meant to refer to:  Aliens of Suriname Origin=> persons born in Suriname, or of whom one of the parents or both are born in Suriname, or who on the basis of the Nationality Act and the Residentship are regarded as belonging to this category and the husband / wife and the minor children who actually belong to the family  Aliens employed with one of the reputable companies;  Aliens from one the other member countries of the CARICOM;  Aliens originating from all other countries in the world  Aliens originating from countries requiring a visa  Aliens originating from countries not requiring a visa.

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YOU have examined the above list; you belong to the category alien and you wish to settle in Suriname? Then YOU need to submit a residence application. CONSULT CHECKLIST CONSULT CHECKLIST

Procedure application residence

M Permanent residence and Naturalization

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Tip: What you must not do!  Leave the country or make plans to leave before your permit has been granted  For fear that you are removed from the registration list in the country of origin, not reporting to the CBB and the local office  Laminating the residence permit before it has been provided with a stamp

Tip: the rules have currently changed with regard to residence and permanent residence applications in Suriname; comply with these rules Tip: YOU must not travel with a Tourist visa to Suriname, assuming that YOU will somehow succeed in submitting an application if you like it here as a tourist

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WORK PERMITS VOOR ALIENS Ministry of Labor, Technological Development & Environment BROCHURE WORK PERMIT ALIENS Aliens work permit department Address: Wagenwegstraat # 47 Telephone : 475241 extension 229/ 472920 Fax: 476637 E-mail: bemiddeling@sr.net Of course you have to aim at deploying as many local workers as possible. Only if there are no local workers available for the job, may you make use of an alien. In case you will use employees who have been designated as aliens (see residence permits) then this information applies. APPLICATION FORM First one should collect a work permit application form at the job place service, aliens work permit department at the Wagenwegstraat # 47. This can be done from Monday through Thursday from 07:00 to 15:00 hrs. and on Fridays from 07:00 to 14:30 hrs. APPLICATION In order to submit the work permit application, the employer or his representative (the representative must be authorized in writing by the employer and may thus be anyone except the alien) then goes to the job placement service, the aliens work permit department at the Wagenwegstraat # 47 and this from Monday through Friday from 07:00 to 12:00 hrs. FURTHER STEPS Upon submitting the work permit application, the employer will receive a certificate of submission with which he can inform about the result of his application after about 6 weeks. In addition the employer and the alien must at all times (be able to) provide information for the investigation in connection with the assessment of the application . SUBMISSION NOTICE OF OBJECTION (APPEAL) Both the employer and the alien may appeal to the Ministry of ATM at the Wagenwegstraat no. 47 against the decision of the permanent secretary of ATM on the application and this within 30 days after having been notified of such decision (or may be deemed to have been notified thereof). The Minister will only deal with an appeal instituted after the said 30 days if one was not able to institute the appeal within 30 days due to force majeure. Of course the person who institutes the appeal must also mention the force majeure in his appeal and must be able to prove this to the officials in charge of the investigation on account of the work permit application.

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RENEWAL WORK PERMIT With the application to renew a work permit the (same) procedure as described earlier is followed, provided that with the application to renew, in addition to the documents mentioned above also the most recent original work permit has to be submitted.

KEEP THIS IN MIND! If no use is made anymore of the work permit (already issued), (because e.g. the employee is not employed anymore), the employer shall notify this in writing to the head of the job placement service having its registered office at the Wagenwegstraat # 47.

SANCTION ON VIOLATION ALIEN WORK PERMIT ACT Before the employer causes an alien to perform duties, he shall have in his possession a work permit, unless the alien comes under one of the 4 (four) groups mentioned above for whose employment the employer does not need a work permit. It was already mentioned above how a work permit should be submitted. If the employer causes an alien (for whose employment he needs to have a work permit) to perform work without having a valid work permit, a fine will be imposed on him of SRD 500.- (five hundred Suriname Dollars). For more information please contact the job placement service, aliens work permit department, telephone numbers: 475241 extension 229/472920 or send an e-mail via bemiddeling@sr.net but you may also visit us.

Overview work permits granted to aliens period 2006-2008 Year

Number of licenses issued

2006

Number of applications 1240

2007

1568

1326

2008

1407

1238

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1066

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CONSULT CHECKLIST CONSULT CHECKLIST

Necessary documents with the application of a work permit O Cases in which no work permit is required

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The first frozen snack with a real Suriname taste

IntEnt

Suriname ...your decision

And this is our success! “We now have our own snack Enterprise” IntEnt Suriname for: -training in business skills -assistance with business plans -personal coaching Would you like to know more? Call or email us for an appointment. Telephone: etc… Do you also want to start your own business? Contact IntEnt Suriname and.

let's get started!

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7 THE CHAMBER OF COMMERCE AND INDUSTRY (KKF) Head office: Prof. W.J.A. Kernkampweg 37 Beursterrein Paramaribo – Suriname P.O. Box 149 Telephone : (597) 530311 /470802 Fax: (597) 474779 E-mail: chamber@sr.net Website: www.surinamedirectory.biz Branch: G.G. Maynardstraat 34 Nieuw-Nickerie Telephone : (597) 210485

The Chamber of Commerce and Industry promotes a culture of entrepreneurship and accordingly economic growth in Suriname by serving, representing and strengthening the business sector. Trade register By means of coaching or on your own, YOU have taken the necessary preparatory steps for your business and are finally ready to go. Then it is time to register as an entrepreneur. Everyone who engages in economic activities, is obliged to register with the Trade Register of the Chamber of Commerce and Industry. (Trade Register Decree of 1936 no. 149) Those registered in the trade register (HR- Dutch abbreviation) of the KKF-Suriname as at November 2009  ± 24,500 officially registered businesses  ± 18,000 active Composition in Shopkeepers Taxi and bus owners Importers Places to eat and drink Manufacturers Advice/broker/training bur. Contractors Agrarian occupations Hotels/apartments/recreation

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Suriname also has enterprising persons who are engaged in business activities, but are not registered with the KKF. They do not always realize the use thereof. Why it is important to be registered with the KKF:      

it is a legal obligation as soon as you are engaged in economic activities YOU must be registered before you can apply for a credit for your business to carry out government projects; for export and import; exempt from import duty to import machines or vehicles for your business Doing business with foreign businesses

You can also turn to the KKF for:  Assistance in entering a business in the Trade Register and the endorsement of any change thereto  Acquiring extracts and certificates from the Trade Register  Acquiring Certificates of origin (CVOs – Dutch abbreviation)  Co-signing EURO-1 certificates  Authenticating signatures  letter of reminder in connection with renewal of a license  drawing up applications and other assistance in connection with applications and/or renewal of licenses  Acquiring letters of recommendation  Gathering information about trade and industry in our country  Nominating persons who are eligible for an award  mediation in seeking contacts locally and abroad  issuing certificates to businesses in connection with anniversaries of their employees  providing practical information and assistance to entrepreneurs in all aspects of starting up successfully, and keeping their business running as well as improving their business  pointing out the general problems people are confronted with in the trade and business sector.

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The One-Stop- Window of the KKF One may turn to the One Stop Window (OSW) for among other things drawing up license applications, which saves a lot of time. Applying for new licenses or renewals is simplified and moreover, the processing is accelerated. Collecting the necessary documents is taken over by the OSW, after which the applications are submitted to the various agencies including the offices of the district commissioners and ministries. The process that is kick-started at these agencies is also monitored by this department. With the cooperation of the authorities, the OSW becomes so effective that it becomes an important instrument for the Government, in particular for the Minister van Trade and Industry and other relevant agencies. CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST ,

Requirements to register with Trade register (HR) Q Businesses obliged to have a License and those not obliged to have a license registered in the HR R Requirements for the One-Stop-Window application with the KKF

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8 TAXATION The Tax Authorities Information Department Van Sommelsdijckstraat no. 27 Paramaribo- Suriname Telephone : 425500

The Tax Authorities, Turnover Tax Inspectorate Watermolenstraat 10 boven Telephone : 424850/424880 Fax: 424882

Yu tax yu mus pai, fu mekâ&#x20AC;&#x; a kondre drai (you have to pay your taxes so that the country can prosper) Fiscal obligations vs deductibles! Depending on his business activities, an entrepreneur is confronted with various taxes such as turnover tax when providing certain types of services, or wage tax if one employs personnel. One type of tax that applies to every resident, so also every entrepreneur, is the income tax. Income tax is levied on the basis of the income. For many people that is the salary, but for the entrepreneur that is the operating profit. In order to calculate the profit in a correct manner, to prevent people from paying unnecessarily much tax, it is very important that an entrepreneur sees to it that he is well-informed about among other things the deductible operating costs. These costs determine to an important part the amount of the tax to be paid. The tax authorities especially checks whether no private costs are included as operating costs. Tip : Did you know that under certain circumstances also specific costs of a study-room at home may be deductible? Everyone has to file a tax return of his income twice a year; at the beginning of the year in question as a provisional tax return (SAS- Self Assessment) and later a final return after the closing of that year (in the subsequent year). With the final tax return the entrepreneur is obliged to enclose a breakdown of the profits, usually the financial statements consisting of a balance sheet and a profit and loss account with explanatory notes thereto. Tip: The provisional return for 2011 must be submitted no later than April 15, 2011. The final return over 2010 must be submitted no later than April 30, 2011, with the exception of legal persons such as public limited companies (NVS) that have time till June 30 2011.It is not compulsory to have the financial statements drawn up by an accountant. It is wise, however, to have a good bookkeeper do this. Figures that are not based on a proper bookkeeping may be rejected! Usually this results in the tax authorities determining much higher taxes. To contest this the taxpayer must prove the contrary, but without a proper bookkeeping this is really very difficultâ&#x20AC;Ś Tip: take good advice! a good bookkeeping prevents a lot of problems. Source; Marcel Persad Business consultant IntEnt & tax consultant

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General Tax is meant to refer to a general compulsory payment to the government by a party having legal personality (a legal person or a natural person), without individual consideration of such government to that party having legal personality. Tax is levied by virtue of a law (the so-called legality principle). If there is individual consideration of the government for such payment to the party having legal personality, then this is called a fee (the compensation of a service provided by the government to the benefit of the person liable to tax), e.g. port dues, toll, refuse collection charges. This does not apply to Suriname. Tax types that may be levied are: Most important taxes:  Income tax for natural persons.  Income tax for bodies.  Wage tax.  Turnover tax. Other     

tax types: Net worth tax. Dividend tax. Rental value tax Import duty. stamp duty

Tip: before going to the tax authorities it is advisable to consult an independent tax consultant. The Tax Authorities, the Files / Registration department is in charge of registering and changing taxpayers. You can also turn to the tax authorities to apply for various statements, such as: registration Natural persons; One-man business, partnership, VOF-general partnership) registration legal persons;(N.V.s, foundation, association, association, limited partnership) registration of a cooperation application income statement application of customs statement (importers and exporters application statement for Insurance company

cooperative

application statement for residence/admission/naturalization application

Study financing statement Regular obligations to withhold

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Some tax consultants BDO Abrahams Raijmann & partners Kerkplein 11-12 Paramaribo Tel.: 473464 Fax: 477423 W: www.bdo.sr Vos & Co tax consultants Prins Hendrikstraat 49 Paramaribo Tel.: 426916/473877 Fax: 426917 E: surtax@parbo.net

CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHECKLIST CONSULT CHCKLIST CONSULT CHECKLIST

Lutchman & Co Nassylaan 23-25 Paramaribo Tel.: 474754/425767

Tjon A Hung accountants & tax consultants Mr J.Lachmanstraat 158 Paramaribo Tel. 463201 493800

Lakhisaran & partners NV Kernkampweg 4-6 boven Paramaribo Tel. 441364 Fax: 440047

Parmessar & Tjon a Ten Mr. F.H.R. Lim a Postraat 19 Paramaribo Tel.:420250/474452 Fax: 474643 E: company@thgroep.sr

Rates and Tax brackets

PAGE 95

Wage tax

PAGE 96-97

Y Income tax O V Requirements for registration and application of various statements W Appendices with respect to tax (OB –turnover tax) X Important obligations

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9 CERTIFICATION “Certification as an instrument to improve the competitiveness of your

business” “Certification as an instrument to improve the competitiveness of your business” was the subject of the theme evening organized by IntEnt Suriname in cooperation with the Chamber of Commerce and Industry on July 6, 2010. The presentation was conducted by Sharon Mac Donald of the business PolyFormis Consultants, advisors for the agro and food sector. The importance of certification Improving the competitiveness of the business by means of certification is an important subject because well-documented processes within the business are the basis for the proper functioning of a business. If occurs too often that enterprises are established without proper consideration. It starts with a good idea but this is often insufficient. The entire operational management and working in a structured manner must be adequately addressed from the formation. Many businesses that want to shift from a family operation to a medium-sized enterprise, cannot make this shift because they do not have enough knowledge. The speaker discussed the importance of certifying various quality management systems and how businesses can obtain a certificate. Certifying means having a diploma. With this they can show their customers, the government and suppliers that the quality management system that they introduced, meets certain requirements. These requirements are necessary to supply high-quality products and services. Assessment Point of departure to manufacture products and to provide services is to identify the customer demands. The enterprises will have to implement the processes in a structured manner to meet the customer demands and to aim at, as high as possible, customer-friendliness. Efficiency and effectiveness are indispensable for these purposes. Efficiency implies implementing acts in the right manner and effectiveness implies implementing the right acts. During the certification process these two factors are also assessed. Advantages of certification Certification is not compulsory but it is evidence that the enterprise is complying with the rules. If one wants to become an important player worldwide, then at present this is really necessary. Important advantages of certification are: being able to show that quality is supplied and that the work is done in a structured manner. It offers more opportunities for exporter and gives a lead on the competitors while also the risk of claims becomes less.

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Disadvantages of certification One of the most important disadvantages of certification is that if an enterprise does not comply with the rules, the certificate may be withdrawn. This can be compared to the withdrawal of the driver’s license if the traffic rules are violated. As a result the enterprise may lose the trust of the customer. Enterprises consider the high annual costs also as a disadvantage to certify. Enterprises have to ensure that when they go ‘shopping’ for a certifying institution, the latter must also meet the international requirements. This implies that the enterprise has to deal with accredited certifying agencies to be guaranteed that the certificate is globally accepted. Accredited means that the certifying agency is internationally recognized. Tip: it is very important to ask for several offers so that the small print is not interpreted incorrectly. In practice it turns out that many enterprises have already signed the offer and then discover that the costs are higher.. The certification process The certification process consists of three steps: • the preparation of the audit, • the implementation of the initial audit and • the periodical audits. The initial audit is achieving the certificate. This is very exacting for many enterprises because it is new to the employees and one often does not know what to expect. It is advisable to have a pre-audit conducted a few months prior to the initial audit. This may be deemed a trial exam in the course of which flaws, if any, can be timely eliminated. Validity The certificate is valid for 3 years and must then be renewed. It will depend on the effort of everyone within an enterprise whether the certificate is retained. Achieving the certificate is one thing, but retaining it is much more important. Maintaining is retaining! Polyformis Consultants The business Polyformis Consultants is engaged in consultancy, conducting trainings, guiding several projects and conducting audits. The business has the role of general project coordinator in the PLOS (planning and development cooperation) Quality Project 2009/2010, a certification project implemented by the Ministry of PLOS in cooperation with the interest groups ASFA and VSB. In this project 50 Suriname entrepreneurs were given the opportunity to have their business certified. About 46 enterprises made it. Source: Sharon Mac Donald For further information we refer to the website www.plos-suriname.com .

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10 FINANCES How do you get start-up capital? Starting a business costs money, no matter how you look at it. But how can you get start-up capital? This is often a barrier to indeed make the first step to the life of an entrepreneur. Of course there are different ways to find start-up capital. It is not easy, you must be willing to invest, but there are options. Own savings / own input You have a dream and you want to realize this. It would be ideal to save to be able to achieve this. Many people believe that Surinamese do not have a savings mentality. But if we take a look at the so-called Suriname â&#x20AC;&#x153;kasmonie-systemâ&#x20AC;&#x; ** people are indeed motivated to save money. You do not have to start big immediately. You can make a planning and already now plot a savings plan for the minimum investment you will need. Once you have started, you also build up credibility, which many banks require. ** Kasmonie-system (cash money system): an informal cash savings system in the course of which within an intimate group of people monthly a fixed amount is contributed by everyone. Every month someone else has a turn to receive the total contribution made by everyone. Most of the time not very high amounts are concerned.

Seeking Investors A number of businesses in Suriname has been built up from family capital. Of course this is only possible if your family actually has the reserves to invest in you. Family members may also use their own property as collateral for the funding, but not everyone is willing to do so. Do not get discouraged; with a good business plan, you can call on friends, acquaintances or colleagues to get them enthusiastic to invest in your business. Keep in mind to make proper agreements in writing. Funds You can also call on institutions that make it possible for the starters to generate start-up capital on attractive conditions, by means of government subsidies, guarantee funds, micro-financing etc. Ask for more information at IntEnt and IntEnt Suriname about e.g. the Friends and Family Fund (FFF) and other financing procedures. In addition IntEnt Suriname dedicates itself in cooperation with the Suriname Business Forum(SBF) to set up a guarantee fund at the Suriname market. Banks and other financial institutions Then of course we have the most common option. A loan/mortgage via the bank. Although the Suriname banks increasingly make efforts to support the SMEentrepreneurs, it turns out that this financing method is not that easy. In addition to a good business plan the bank also requires the necessary collateral and young entrepreneurs often do not have their own collateral available.

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The next obstacle is the interest rate. If collateral is available, many entrepreneurs wonder if using their own collateral is not too risky, taking into account the high redemptions that await them. The Financing Guide 2009, of the Vereniging Surinaams Bedrijfsleven (VSB) includes various banks and financial institutions in Suriname. Below follows a concise overview and in our checklist a number of banks has been included with which IntEnt Suriname has had contact a few times. For more information please consult the VSB guide. [VSB, Prins Hendrikstraat 18, Tel.: 475287, email; bvstia@sr.net, website; www.vsbtia.org]

Tip: increasingly more banks have an SME counter. Ask about the interest rates here, as well as the favorable types of mortgage and possible subsidy arrangements. Each bank has it specialty. Examine which bank suits your business best.

Well-known banks and financial institutions in Suriname: Financing guide VSB FINABANK Credit department telephone direct 424328 switchboard 472266 www.finabanknv.com email credits@finabanknv.com of finabank@sr.net GODO Marketing department telephone 421546 extension 274 www.godo.sr RBTT BANK (SURINAME) N.V. Department Business banking 471555 extension 421 or 297 www.rbtt.com SURINAAMSE POSTSPAARBANK Credit department 472256 extension 221, 219, 246, 225 or 214

De Nationale OntwikkelingsBank van Suriname N.V. Financing department Telephone 465000 465061 465081 fax 497192 nobsur@sr.net nobsur@yahoo.com IntEnt: Internationalizing Entrepreneurship

HAKRINBANK Credits department telephone 477722 extension 301 thru 303, 310, 296 and 380 www. Hakrinbank.com LANDBOUWBANK N.V. Corporate account management Tel. 475945 email lbbank@sr.net SURICHANGE BANK N.V. telefoon471151 fax 474554 info@surichange.sr www.scbbank.sr DSB BANK Retail Banking or Corporate Banking Telephone 471100 www.dsbbank.sr

Stichting Surinaamse Volkscredietbank Credit extension department and the branches Telephone : 472616 website www.vcbbank.sr

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Spaar - en kredietcoöperatie De Schakel G.A. Telephone 410210 / 426706 Fax 24382 skagrie@sr.net www.deschakelcoop.org Caribbean Export Development Agency www.carib-export.com pwilliams@carib-export.com

Development Finance Limited South America telephone 471804 fax 471811 dflsa@sr.net emuller@dflsa.com Inter American Development Bank (IDB) Telephone 462903 fax 465665email COF/CSU@iadb.org www.iadb.org Private Sector Investment program PSI www.evd.nl/psi

CONSULT CHECKLIST

What do banks in Suriname offer

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11 INSURANCES The Assuria disability insurance (AVAS) Insurance advisor Theo Hunkar states that this disability Insurance is especially intended for self-employed persons. Insured persons who have taken out an AVAS, cover the risk of income loss as a result of full or partial disability. E.g. a consultant who is not able to work for half a year due to an accident. No work no pay applies to such a person. Who will pay the redemption and the interest of the mortgage, the shopping, the study costs of the children etc? With a disability insurance the loss of income is compensated by a monthly payment that only stops at the end of the disability or when the person has reached the pensionable age. (in Suriname this is 60). The entrepreneur can insure a maximum of 75% of his income with a maximum amount of USD 5000 per month. In other countries the disability insurance is considered one of the most important types of insurances for self-employed persons. According to Hunkar, it is important that also Suriname entrepreneurs realize the importance of this. Would you like to know more? Contact your Insurance advisor or Assuria NV, etc.

Suriname insurance companies

ASSURIA NV Henck Arronstraat 5-7 Tel.: 473400/477955 Fax: 476577 CLICO NV Klipstenenstraat 29 Tel. : 472525 Fax: 476777 FATUM NV Noorderkerkstraat 5-7 Tel. : 471541 Fax: 410067 PARSASCO NV Henck Arronstraat 117 Tel. 421212 Fax: 421315 SELF RELIANCE NV Heerenstraat 48-50/ Henck Arronstraat 69-71 Tel.: 474446 Fax: 475588

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Tip: If you are in employment, many things are covered. As a self-employed person, you have to make a lot of arrangements yourself. Be prepared, but do not get discouraged either!

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12 ACCOMMODATION (housing) In this chapter we will briefly discuss the person and business accommodation. Housing and land issues are the subject of many discussions with the Suriname government. Before being able to build a house, one must of course first own a piece of land. It seems that there is enough land, but much land is part of the so-called estate, which means that only the surviving relatives have the right to decide what may happen to such land. In addition, conditions are attached to the applications for state land, as well as long waiting lists. Furthermore, the Suriname population is concentrated around the center. And all this leads, by Suriname standards, to unreasonably high prices for private land and immovable property. PERSONAL ACCOMMODATION IF YOU’VE JUST RETURNED FROM ABROAD A roof above your head is of course a must. Yet people do not pay much time to this issue during the starters mission** to Suriname. During this period a few mission members stay with relatives. For two weeks this is of course a nice experience. But in case of a permanent residence, this seems to be a bottleneck. ** Starters mission: a mission from the Netherlands in the course of which via IntEnt Nederland, potential entrepreneurs conduct a market exploration here during two weeks to eventually establish in Suriname with their enterprise

Tip: Your business location is important, but also spend some time during your preliminary investigation / orientation visit to examine the accommodation options or improve your existing accommodation. Tip: YOU can do that yourself by exploring neighborhoods or already now identify renovation costs if you will move into your own home. Also ensure that you make inquiries about the contractor you hire.

RENTING A HOUSE Suriname does not have a government channel that is structurally engaged in renting / renting out more expensive house / business premises. The government is involved, however, in the social housing sector in specific neighborhoods. Unfortunately these houses are not always well-maintained. Also other emerging organizations such as the Sekrepatu foundation are engaged in renting out cheaper houses. It often so happens that conditions are attached to the ‘cheap sector’. Most of the time only those Surinamese with a low income are eligible for these houses. People who come from abroad and do not have their own house, will have to make use of the supply of houses (buildings) that are privately owned. The internet or VIA 2000 (a local advertiser that appears every two weeks) advertise these houses or one can call on a real estate agent. One can also find out via acquaintances what the possibilities are. There are many advertisements on the Net. This website is a well-known one: www.cynthiarentahouse.com

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Tip: Make use of a town map and ask more information about the neighborhood and the location. Also pay attention to the drainage system and bus connections, if any, if your children have to make use thereof. There is a rather big supply of apartments and rented houses in Suriname. The prices are quite high by Suriname standards. Prices are most of the time in Euros and vary from 300-1200 Euro per month for a reasonable to a very good house, depending on the size and the neighborhood. This is not affordable for a big part of the local population, taking into consideration the average salary in Suriname.

BUYING A HOME Tip: YOU decide to buy a house. Ensure that you are wellinformed. Never buy a house just like that; CONSULT a civil-law notary. Tip: Are you a returning emigrant? Seek information about the then current projects for returning emigrants. There are housing projects that offer returning emigrants the option to purchase a home within such projects at a lower interest rate by means of internal financing facilities. These are often resorts provided with all conveniences and security.

Buying and selling as well as transfer of immovable property In practice in Suriname there are 3 most common titles to land, more in particular; 1. leasehold 2. rent 3. ownership LEASEHOLD AND RENT Up to 1982 the land that belonged to the government was issued by that same government in leasehold to natural persons and to legal persons. In 1982 the Land Reform Decree was introduced in Suriname, laying down that the land that belonged to the government would from then on be issued in rent for 40 years. ISSUE IN RENT • The transfer of a leasehold or rented lot, is at all times subject to permission of the Government. • There is a long waiting period, but a foundation and a public limited company can also buy. • By law the receipt of the application for transfer must have been confirmed to the applicants within 6 months and it must be stated within how many months permission, if any, will follow. IntEnt: Internationalizing Entrepreneurship

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• •

Issue in rent only applies to people who reside in Suriname and who have the Suriname nationality or to legal persons incorporated under Suriname law and domiciled in Suriname. An exception in this respect is the issue to aliens after approval of the Council of Ministers.

Practice has shown that the permission for transfer takes years. Recently in its annual report, the World Bank made objections to the long term it takes before permission for transfer is granted. So Dutch people cannot get land in their own name as leasehold or rent, subject to the small exception. Tip: Legal persons, both limited companies and foundations formed under Suriname law and with their principal place of business in Suriname, may acquire immovable property in leasehold or rent. The nationality of the managers of the foundation or of the shareholders of the public limited company plays a role in this respect. CONSULT CHECKLIST

Required documents for the transfer of land (leasehold / rent)

PAGE117

OWNERSHIP It is a completely different story as far as freehold land is concerned. Everyone is entitled to get land in ownership (freehold land). • If e.g. someone with the Dutch nationality or of another nationality than the Suriname nationality wants to buy freehold land, this is no problem. • If a citizen of Suriname o r o f o n e o f t h e Caricom countries wants to buy or sell or transfer freehold land, then no permission is necessary from the Foreign Exchange Commission. • In practice, the permission of the Foreign Exchange C o m m i s s i o n , w h i c h is necessary for non-residents, has become a formality for some time now and is usually always obtained for the selling or buying and transfer to non-residents of Suriname and the Caricom • For Dutch and other aliens w h o a r e non-residents of Suriname, such permission is required and is most of the time obtained within two weeks, after which the legal transfer can take place immediately. • I would also like to point out to you that where granting or creation of mortgages by residents or non-residents is concerned, the same rules as mentioned above apply to obtaining the permission of the Foreign Exchange Commission.

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BUSINESS ACCOMMODATION Many self-employed persons start their business at home, which does have some advantages. However, depending on the branch, and/or expansion you try to find a suitable business location. Just as with your personal accommodation, the neighborhood also plays an important role. Accessibility and parking facilities are important and YOU are confronted with regulations. Be advised to that effect in advance. Are you allowed to establish your form of business in a certain neighborhood? Every now and then YOU do not know what to do. YOU would like to go to a business desk of the government to give you an overview of all business spaces, business centers and/or industrial parks in the country. But that is not the way it works in Suriname. Just as with your personal accommodation, you have to rely on the VIA 2000, real estate agents, brokers and other private persons. Many people try to keep their business in and around the center of Paramaribo as far as possible due to the population density and the accessibility as a result of which the prices in the center are quite high. Are YOU also seeking accommodation? In this respect networks play an important role. Once you have something in mind, be advised before signing a contract. Depending on the size, a unit at a Mall (shopping center) varies between 600 and 1500 USD a month. Similar prices apply to premises in the town center. Outside the center the prices are often more reasonable. Take good prior advice before renting a house and/or a business accommodation. In this respect YOU have to keep in mind possible necessary alterations the owner does not agree with, but also location-related licenses. YOU can also consider buying a business premise. The same (buying) rules apply as mentioned with respect to the personal accommodation.

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13 PERSONNEL The preparations are in full swing and you are looking for suitable personnel. Employees with the right drive, the right knowledge and who can fit within your team perfectly. Unfortunately finding personnel appears to a be frequent complaint on the part of the established Suriname entrepreneurs. The complaints mostly concern the mentality, the attitude, the motivation etc. Nevertheless, on the other hand the employees believe that the wages are extremely minimal and even unreasonable compared to the job they have to perform. In many enterprises, hardly anything is done with respect to Human Resource Management either. This truly is a challenge for YOU as a future entrepreneur.

Invest in your personnel, is investing in the progress/continuation of your business! Fortunately increasingly more businesses in Suriname realize this. In Suriname employees are mostly recruited by means of: • • • •

The own acquaintances Vacancies via the media particularly the newspaper Employment agencies Mediation via the Ministry of ATM Overview mediation Ministry ATM

Year

2006 2007 2008

Registration persons seeking work 561 585 818

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Placement

Number of vacancies

164 231 288

416 712 771

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Flexible employment agency

Employment agencies in Suriname

Mrs. Deekman is one of the first clients of IntEnt who formed her business in Suriname, in 1999.

FLEXIBLE NV Mr. F.H.R. Lim A Postraat 11 Tel.: 426078 Fax: 425410

The employment agency mainly aims at mediating with regard to secondary and higher educated employees. On a daily basis more than 500 employees are placed and the business has built up a reputation of providing quality services among both employers and jobseekers.

TOHORA NV hk Fayalobistraat/Scabiosastraat 2 Tel. 400017 “THE HULP” Grote Combeweg 43, Unit 8 Tel. 422428 Fax: 425258

The growing demand of trainees made her VARI‟S decide to expand the services. Nola Hattermanstraat 11 Flexible now also is the right address for Tel. 8705100 the mediation of (particularly international) trainees/students on work placement

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14. MANNERS / ETIQUETTE IN SURINAME ‘Business’ Suriname dresses business-like! If you as an entrepreneur want to make a serious impression on the various agencies, it is really important to dress accordingly. Many people believe that clothes do not matter especially if you just return from abroad. Flip-flops, sandals, shorts and sleeveless shirts seem to be part of that. No this is not correct, this is part of your casual clothing. Be wellgroomed/well-dressed at your appointments. The offices are most of the time also equipped with ACs. For the non-residents who come to permanently reside in Suriname, the culture also plays a big role, particularly returning Suriname emigrants often tend to ignore this. Their attitude is: “I am a Surinamese, right?”. Yes that is true, but you have adjusted and developed yourself differently abroad. Through the years, Suriname has substantially developed but Suriname is Suriname and we have to be proud of that. Mind you, Suriname is well-known for its diversity and multiculturalism. We were on the CNN news in 2010 because thereof. According to a CNN reporter, Suriname belongs to one of the top holiday destinations in the summer and in December. Meanwhile Suriname is known for its legendary ‘pagara’ (fireworks)-event, the kindheartedness, the festive spirit and the hospitality. It is true that as soon as the holiday is over, cheerful Suriname ‘dives’ back into reality. A unique mentality you will certainly have to adjust to, in order to achieve what you want. How do you deal with the tempo in Suriname, and what is your judgment (prejudice) about this? How do you deal with the desk assistant who is not customer-friendly enough by your standards? How do you deal with the employee who is not skilled enough by your foreign standards? Is our way of thinking correct?

Tip: It would be ideal to let go of all your prejudice, to accept people for who they are and where necessary not spread your criticism bluntly but to convey your knowledge in a subtle manner to the persons who are open to this and need this..

Tip: YOU move with your family. YOU are very enthusiastic. Are your family members also that enthusiastic? Pay extra attention thereto! Do you have children? The choice for a suitable school is also very important. Tip: Be sure to visit the internet site „ Waka Buku‟ (via website ANDA Suriname: www.suriname.nu) f o r u s e f u l information . IntEnt: Internationalizing Entrepreneurship

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Newsletter

September 2010

entrepreneur

Starters mission from the Netherlands Maaike Mielton doing market research in Suriname

I will come back soon. THIS IS WHAT I WANT!" Business:

Lotera; Fashion for bigger sizes

Profile:

Enthousiast and enterprising lady. Taste for fashion and an absolute go-getter. Client knows Suriname very well and has already built a big network.

Product:

Very unique clothes in big sizes, as well as bags. Both made from special material.

From 3 to 17 July Maaike came along with the starters mission from the Netherlands. During the first week there were presentations of the various relevant agencies. In the second week the theme was market research u n d e r t h e c o a c h i n g o f a n IntEnt Suriname business consultant.

The aspirant entrepreneur is also very satisfied with the coaching that she gets from her business consultant in t h e N e t h e r l a n d s a n d h e r a d v i s o r i n Suriname. " You are confronted with so much. You are so motivated and sometimes you wonder whether you will be able to handle it all. You then start ‘sparring’ with your advisor. Bring structure. Check whether you are going into the right direction and listen to tips to make yourself unique and better. It really helps me a lot".

Despite the fact that she has lived the biggest part of her life in the Netherlands, Maaike is familiar with the Suriname way of living and the Suriname society. She regularly came to Suriname during holidays. The urge to return and to actually stay, grew. Now the time has come for the dress seller from Amsterdam to explore Suriname to continue her enterprise here. According to Maaike, the presentations of the various institutions in the first week were truly informative. Yet, she realizes that apart from her market research she has to make many arrangements and two weeks are really too short. Housing and transport are an absolute must in Suriname. You have to take this into account as a returning emigrant. Also the choice of the right school for your children is not always that easy. And then the financing plan. After a visit to two banks Maaike believes it right to start smaller and as far as possible with her own capital. She was a bit shocked by the high interest rates. As a starting small entrepreneur this is not easy and in addition the lack of collateral plays a big role in this. But this does not discourage her. During her market research s h e v i s i t s six boutiques and other clothes shops and sees a market for her product. Earlier she had been advised to set up her business in the Netherlands and then to choose a branch in Suriname. But now, after her market research, Maaike wants to entirely focus on Suriname and the region. She sees many opportunities.

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Maaike is motivated by the nice and spontaneous reactions from the people here. If she shows a portfolio of her products, they turn out to be much in favor. That is important if you come from the Netherlands for market research in Suriname. People really want to see what you have to offer. It is also important to drawn up a questionnaire in advance, then you can plan immediately upon arrival. Maaike r e c e i v e d 6 0 c o m p l e t e d questionnaires during her research, which she really benefitted from. On July 17, Maaike left. In the Netherlands she will complete her business plan with the help of the knowledge and experience she gained. She hopes to return permanently at the end of the year. But before that time she hopes, that if everything goes according to plan, to participate in the ‘Uma Tori’ fair in the ‘ c o n g r e s h a l ’ .

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16. POLITICAL SURINAME IntEnt Suriname analyzes politics A new government term has set in and the ‘Mega Combinatie’ was the big winner. In the Netherlands people sometimes ask what the consequences thereof can be for enterprising Suriname. Many Suriname entrepreneurs also adopt a ‘wait-and-see’ attitude, but we cannot say much about this issue yet. Just as with each new government period this is simply the very beginning. In order to given the Suriname entrepreneur a better understanding of the extent to which within the Suriname government policy investments will be made in the development and the enhancement of the entrepreneurship in Suriname, in April 2010, IntEnt Suriname outlined the assignment to identify and analyze the election program of six party combinations. At the same time representatives of these parties were convened to discuss this subject in the TV program ‘Panorama’. The parties selected for this purpose were: A-Combinatie, BVD/pvf, DOE, Mega Combinatie, Nieuw Front and Volksalliantie. As points of departure for this analysis the following points were identified and analyzed: 1. What is set out with regard to development/ enhancement of the entrepreneurship; 2. How will that policy be implemented; 3. Is there a budget available for this and where will it be obtained Many plans and intentions, lack of (financial) substantiation The identification showed that the election programs of the selected parties set out many plans and intentions that must ensure improvement of the economy and the entrepreneurial climate in Suriname. However, Mega Combinatie turned out to be the only combination of parties that in addition to the plans and intentions, also included a financial paragraph to the election program to finance the entire program. In principle there is vision and action points are mentioned, but redirecting that to a possible enhancement of the economy and/or entrepreneurship was not entirely possible. It all depends on a thorough financial substantiation, which was lacking.

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Many agreements in spearheads and measures The agreements are among other things in the line of reasoning about the various sectors that are labeled spearheads with regard to the policy. All parties mention in this respect • the agrarian sector, • tourism and • mining. Most of the measures to enhance these sectors are of a fiscal nature (e.g. no import tax for equipment to promote that sector). All parties also mention the reform of the taxes, in the course of which the rates have to drop and the collection of taxes has to be broadened to finance the lower rate. This can be done, particularly by formalizing the informal sector. Free Trade Zones and an industrial park are also mentioned by almost all parties and/or combinations of parties. Few differences We observed few differences. Most of the time, the nuance of the approach or implementation is concerned. In this respect it is striking that the Mega Combinatie is in favor of most of the state intervention (many large state-owned companies). As regards the civil service, all parties agree that this is too big.

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A RANDOM PICK FROM OUR INTENT SURINAME FAMILY Jomi Cosmetics

Personal beauty care is important for people. As far as cosmetics are concerned, there are numerous products available. Many of these products contain chemicals and preservatives, which are not good for our skin. There is an increasing demand for products on a natural basis. People are interested, because these products are responsible and eventually produce the best results. But there is a price tag on it, as a result of which they are not accessible to everyone. And that is where Jomi Cosmetics comes in! Jomi Cosmetics Jomi Cosmetics is a Suriname production enterprise that was started by Mr. and Mrs. Roberts. They produce cosmetic products on a manual basis. The necessary raw materials come from the ‘back yard’ of Suriname (the interior) and are processed in their pure form. In addition they run a Beauty center in Suriname. In the early eighties the hairdressing salon and adjoining beauty parlor were opened after the necessary expertise had been obtained from the Netherlands. Various trainings were followed and years of practical experience gained. With the available knowledge and the available raw materials, Alma Roberts started producing products herself. This is a big success! Herbs, oils and kaolin are the basic products of our products. Natural moisturizing-complex is added to the products in the form of highquality vegetable oils, e.g. Carapa, Awara (cockrit – Astrocaryum vulgare), Maripa (Attalea Maripa) and Coconut. Essential oils soften the skin and in addition they smell great. The colorings are also vegetable.

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GLOBAL PAINT PROFESSIONAL; 120000 colors of paint, while you wait…….. On November 30, 2009 our IntEnt entrepreneur Hans van Zoolingen of Zolinol Coatings N.V., opened his second establishment at the Kwattaweg 741A. A beautiful, spacious location with a variety of supplies and a professional appearance. According to Hans, as an entrepreneur you have to continue to think in an innovative and future-oriented manner. After building up a reputation – now exactly six years – as Zolinol coatings N.V., they needed to modernize. The establishment at the v/h Hogerhuysstraat is running well and will simply continue with its operations. With their new paint brand Global paint professional they are heading into a new direction. They intend to focus on especially wholesale in addition to sales. Global Paint professional supplies Global painting paint mixture systems to other paint and construction companies. They currently supply paint and other materials to about 80 building markets. In addition they have a big assortment of laminate, floor covering, casthouse floors and project vinyl. This is not in store, the customer comes in and can indicate via samples which material and which color he wishes to buy. We order and deliver this. They have 7 to 10 years warranty on their floor material. How does GPP distinguish itself from the other big paint companies? In the first place quality and good advice are priority. The customer does not simply buy paint, but if so desired, also gets the right advices to guarantee long-term quality. In addition the employees are trained abroad to ensure technical maintenance of the equipment. Purchasing machines is one thing, but good and adequate maintenance is sometimes ignored. They believe that this is very important for their product’s continuity. According to Hans van Zoolingen, a good entrepreneur must be willing to take risks, persevere and do what he/she loves to do!

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I now have my own company IntEnt Suriname assists in: -training in business skills -drawing up business plans -acting as personal coach Good luck! More information? Call or mail us for an appointment Telephone..etc.

BLANCA FORESTRY TOOLS The experiences of a Young IntEnt entrepreneur: Ryan Blanca Because of his indigenous father from Marowijne and his involvement in indigenous development organizations, Ryan often went to the interior. In the indigenous villages he was often introduced to smallscale loggers who, in addition to traditional axes, almost all used STIHL chain saws. His first picture with an STIHL dates from 1976: â&#x20AC;&#x153; I was posing with a new STIHL 070 in Alphonsdorp (Marowijne). If people talked about a STIHL, as a child you knew exactly what they were talking about! (80)

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First steps in the Suriname market During his last job in the Netherlands as a financial assistant in Amsterdam he returned to Suriname in each holiday. Through the years he regularly went to Germany to buy second-hand STIHL chainsaws. Then the machines were fully inspected in Amsterdam, revised and then sent to Suriname. With the permission of a shopkeeper at the Saramaccastraat he was allowed to sell chainsaws every year for a few weeks. Just on the steps at the Saramaccastraat with a ‘pangi’ saleswoman as his neighbor. Other sellers were laughing and asking him why he was selling old machines if you could buy new ones?

Blanca Forestry Tools (BFT) Eventually he was forced to make a decision. Would he continue with the trade he had started or would he stay in the Netherlands? “In this period I heard about courses conducted by an organization INTENT in The Hague. I was attracted by the concept of offering starting entrepreneurs or those with a business idea, training up to the start-up. Following such a training in The Hague also contributed to my decision. With own financial resources I took the step to Suriname to set up the enterprise. All kinds of things had to be arranged such as finding a suitable building, preferably in the surroundings of the Saramaccastraat. Paperwork had to be completed such as a shop license, import documents and tax papers. And then finally I could start with the sale in our own shop!”

Future The opening of our first shop seems so long ago! Meanwhile BFT has moved to a bigger location at the Prinsenstraat 33, which is also close to the Saramaccastraat. Recently he also opened a first branch in Albina.

•..your decision

• success! IntEnt: Internationalizing Entrepreneurship

lntlnt Sun!'\ltnif l.'-coor t s.urten!M ona mc:rs

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LET‟S GET STARTED Great! YOU have probably read the entire information guide of IntEnt Suriname and will now take action! We would like to thank you for this as a future entrepreneur but we would also like to thank all agencies and institutions that provided the necessary information. In order to keep this information as correct as possible, we need their feedback. So we would like to hear from you if some adjustments need to be made to this document. mailto:info@intent-suriname.com

But let us go back to our enthusiastic entrepreneur. How did it all start again?  YOU started with a creative and innovative business idea!  YOU generally explored the market to examine whether you have indeed discovered a gap in the market and whether there is a demand for your product  YOU know which legal form is the best for your business  YOU are familiar with your own entrepreneurial qualities, drawing up a business plan, conducting market research, identifying the logistic processes within your business, drawing up your investment plan?  So now you examined through which organization you wanted to receive training and/or coaching from/at one or several of these components. Or you decided that you wanted to try everything on your own.  YOU drew up a plan of action and conducted a thorough market research  YOU made a list mentioning all agencies you will or may be confronted with  YOU now know exactly which licenses are required to set up your business  YOU called at the one-stop-window of the Chamber of Commerce and Industry  YOU know with which financial institutions you would like to conduct a talk  YOU made a profile sketch of your future number of personnel including the opportunities you will offer  YOU also already know through which channel you will recruit your employees  YOU called on some tax consultants and insurance advisors  YOU decided whether you want to start with the certification process now or at a later stage.  YOU registered your business with the Chamber of Commerce and Industry  YOU have a business property in mind. And you know exactly how you want to furnish/equip it.  Your business plan is of such level that you soon receive the necessary funds from the bank or you make use of your own capital and/or external investors Once again, this is GREAT! YOU are ready for this. The only thing left for us to say is: Let’s get started! And send us an invitation for the Grand opening of your business. Carry Leysner Freelance – communication consultant IntEnt Suriname

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16.APPENDICES/CHECK LISTS On the next page you will see an overview of all checklists [page 47-page 92] from this information guide. In the first column of the overview you will see which chapter belongs to the checklist. In the second column the subject In the third column the code, the letter of the checklist In the last column on which page you can find the checklist

SUBJECT

THE LEGAL FORM of your business

CHECKLIST

INFORMATION

PAGE

The Legal forms

47-56

By means of the checklists you can examine which information, documents are important, which institutions you have to consult. And on the basis of this information you can draw up a questionnaire of things that are still not clear to you.

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OVERVIEW APPENDICES/ CHECKLISTS HF

SUBJECT

THE LEGAL FORM of your business 5. AGENCIES the entrepreneur will be confronted with 6.

LICENSES

CHAMBER OF COMMERCE AND INDUSTRY (KKF)

TAXATION

10. FINANCES 12. ACCOMMODATION

CHECK LIST A B

INFORMATION The legal forms

PAGE 47-56

Contact information of Ministries and Offices of the district commissioners

C D

Contact information of CBB community offices 58 Requirements to submit a license for residents 59-60 and non-residents E Licenses issued by the Ministry of HI 61 F Licenses issued by the DC 61 G Goods, the import and export of which is forbidden 62 H Required documents an exporter needs I Required documents an importer needs 63 J Required documents for transit 63 K Relevant documents you may ask for 64 L Procedure application residence 65 M Permanent residence and naturalization 66 N Necessary documents when applying for 67-68 a work permit O Cases in which no work permit is required 69 P Requirements to enter into the Trade 70 register (HR) Q Businesses obliged to have a permit and those 71-72 not obliged to have one registered in the Trade Register 72 R Requirements for the One-Stop-Window application with the KKF S Rates and Tax brackets 73 T Wage tax 74-75 YOU Income tax 76-77 V Requirements for registration and application of 78-79 various statements W Appendices with regard to turnover tax (OB) 80-82 X Important obligations 83 Y What do banks in Suriname offer 84-89 Z Necessary documents for the transfer of land 90 land (leasehold / rent)

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CHECKLIST A: FORMS OF ENTERPRISE THE ONE-MAN BUSINESS Definition: A one-man business is an enterprise or business, which is managed by a natural person at the same time owner. Legal personality: The one-man business is a legal form not laid down by law and so does not have corporate capacity. Formation:

Organization: Liability:

For the formation no notarial deed is required. As soon as the required license has been obtained, registration in the Trade register has been effectuated, the entrepreneur may start. The owner is also the director of the business. If necessary, he will hire employees. After the formation of the business, the owner with his entire capital (private and business assets) is liable for al acts performed on behalf of his business. Creditors may recover their claim from both the private and the business assets of the owner.

The owner himself decides when he wants to close down his business. Registration in the With the formation, registration in the Trade register is required. The registration of a one-man business is basically done one trade register: week prior to, up to one week following the commencement of the activities. The following is required for the registration of a One-man Registration business obliged business: to have a permit: • the decree; • 1 (one) recent passport photo and ID-card f h i i Registration • 1 (one) recent passport photo andl ID-card; business not • passport of extract from the population register. obliged to have a permit Registration • 2 (two)recent passport photos and ID-card; of a taxi • passport or extract from the population register; business: • driver’s license • number certificate(s) Registration shall be done personally. The registration fee due, is at all times determined in consultation with interested parties, after specification of the invested capital. Termination of the one-man business:

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The following is required for the registration of a foreign One-man business:

•

• • • • • •

an extract from the registration of the Head Office in the register of the Chamber of Commerce of the Business Registration there; a letter of appointment of the manager in Suriname; a passport photo of the manager in Suriname and ID-card; an extract from the population register of the manager or passport; copies of the articles of association in case of legal persons; if branch businesses will be carried on that are obliged to have a license, such license will first have to be submitted; the registration in the Trade register is basically done one week before, up to one week following the commencement of the activities.

Many people prefer to start as an NV because this entails many advantages. Still many entrepreneurs and experts say that it is advisable to start as a one-man business. Tip: it is often advised to first start as a one-man business/CV/ VOF, because it is cheaper and quicker. YOU may convert your one-man business to an Nv after a while.

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THE PUBLIC LIMITED COMPANY (NV) Definition:

The public limited company (N.V.) is a company with corporate capacity with authorized capital divided in shares in which each of the partners (shareholders) participates for one or several transferable shares, and which company aims at engaging in economic activities.

Legal personality: The N.V. has corporate capacity after having received a certificate of no objection of the President of the Republic of Suriname and the notarial deed Organization: • Shareholders (general meeting of shareholders) • Board of Supervisory Directors • Management (chosen by the General meeting of Shareholders) • Separated capital Liability prior to a The managers are jointly and severally liable until after the formation: formation the N.V. has ratified the legal acts. Liability following the formation: Termination Public limited Company:

The N.V. is liable and no recourse from the private capital of managers, shareholders or supervisory directors may be exercised. The N.V. is also liable in case a manager has exceeded his powers under the pretext of the N.V. • • • •

Registration in the Trade register:

By the Lapse of a certain period of time; By a resolution to that effect of the General Meeting of Shareholders; After bankruptcy, when it appears that the N.V. cannot comply with his financial obligations; By court ruling after a claim for dissolution of the Public Prosecutor’s Office for reasons laid down by law.

• 1 recent and well-resembling color passport photo or a photo made by the KKF of all members • A valid proof of identity or a Suriname ID card (not older than 10 years), or a Suriname driver’s license or a valid passport • Payment of costs due. • Government Gazette of the Republic of Suriname in which the publication was made or an authentic copy of the deed with approval of the president.

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• • •

Extract from the minutes of the General Meeting of Shareholders or the minutes; Shares transfer A recent certificate of registration from the population register of Suriname with indicated thereon the current address (not older than 6 months) o A married woman needs to take along a certificate of registration from the population register of the husband or family registration book; o A Caricom citizen needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp; o A non-resident needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp;

Shares The NV form was initially only used for listed enterprises, meaning that their shares can be traded daily at the stock exchange. In this respect large enterprises are concerned, which by means of stock market listing are able to acquire capital by issuing shares to a broad public. This is not the case in Suriname. With respect to NVs there are most of the time judicial constructions, which ensure that the power of the shareholders is very limited. There are registered shares and bearer shares. Registered shares are distinguished into two groups, more in particular: • shares paid-up in full • shares not paid-up in full Fully paid-up shares are transferred by means of servicing a deed of transfer to the company or by the written recognition by the company on the share certificate. Without this recognition or service the ownership of the shares is not transferred. Shares not fully paid-up are transferred by means of a dated private deed, which has to be authenticated by a civil-law notary after which recognition of such a transfer has to be done by the company. If one of the transfer requirements is not complied with, this will invalidate the transfer of both types of shares, which means that the ownership of the shares has never been transferred. As far as the bearer shares are concerned, these are transferred by the handing over of the share certificate to the new owner. If so desired, the new owner may

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serve this to the company, but this is not required. THE FOUNDATION Definition: The foundation is a legal person formed by a legal act (notarial deed or testament), which does not have members and which attempts to realize a specific goal by means of a capital intended thereto (foundation capital). Goal: Most of the time, a social, cultural, charitable, scientific or other goal in the general interest, e.g. libraries, hospitals, house-building associations and research bureaus. At the same time there are also foundations concerned with financial and economic matters, such as pension funds, saving banks, etc. The goal may not consist of making financial payments to founders, managers or persons who belong to a body of the foundation (the foundation may not breach public order and public morals). Legal personality: The foundation is a legal person and participates in legal transactions via its bodies. Organization: The board represents the foundation in and out of court. The articles of association may determine the powers vested in officers; in the entire management or to one (or more) officers (s), individually or jointly. The foundation as a legal person is bound to all agreements made by the board with third parties if and to the extent the objectives of the foundation are not exceeded. Liability:

For the registration and filing of the articles of association in the Public Foundation Register and with the Chamber of Commerce and Industry, in addition to the foundation, the officers themselves are jointly and severally liable for the whole. After the registration in the Public Foundation Register, the Foundation is jointly and severally liable. Any amendment to the articles of association or to the composition of the board must be entered into the Public Foundation Register and the Trade register of the Chamber of Commerce and Industry so that third parties can timely take cognizance thereof.

Registration in the Trade register: The following is required for the registration of a foreign Oneman business:

In case an enterprise is carried on within the foundation, the foundation must be registered in the Trade register. • • • •

articles of association; 1 (one) recent passport photo of each officer and ID-card; 1 (one) extract from the population register of each officer or passport; the certificate of registration from the Public Foundation Register.

Specification of registration shall be done by all officers. The registration fee due, is determined in consultation with the officers, after specification of the invested capital.

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Definition:

THE LIMITED PARTNERSHIP (CV) The Limited partnership is a public company to carry on a business, which in addition to one or more partners, has limited partners. Limited partners are those who committed themselves to contribute a certain amount to the company and who are furthermore excluded from representation and are only liable for the amount they contributed.

Legal personality: The limited partnership does not have corporate capacity. The formation is a mutual agreement. With the formation an authentic or private deed has to be drawn up, but this is not a condition for existence. Organization:

Three kinds of partners, more in particular the limited partners, the managing liable partners and the non-managing liable partners (the so-called limited or silent Partners). In case there are more managing partners it is also a question of a V.O.F.(general partnership) and then there is no separated capital. If there is only one managing partner, then according to the Trade register there is no separated capital.

Liability prior to formation:

There is no liability prior to a formation.

Liability after formation:

The limited partners are not authorized to act on behalf of the company. If they do so, then they only bind themselves and not the company. Liable partners who are excluded from management are not authorized either to represent the company. Only the managing liable partners may represent the company. The creditors of the company may recover their debt from the capital of the company, as well as from the private assets of the managing liable partners and the liable partners excluded from management, as well as from the private assets of the limited partners.

Termination Limited Partnership:

• • • •

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Registration in the Trade register: The following is required for the registration of a Limited partnership:

Must be entered into Trade register.

• a partnership agreement (this agreement may be drawn up privately and authenticated by the civil-law notary). It is advisable to include in the agreement: • all that has been determined with regard to the right of third parties; • the time of the commencement as well as the period of time it has been entered into; • where applicable restrictions as regards authority to represent the partners; • the provisions in case of resignation, death, bankruptcy; • the number of limited partners; • 1 (one) passport photo of the managing partner or partners and ID card; • extract from the population register of the managing partner or partners or passport.

Specification of the registration shall be done by the managing partner(s). The registration fee due, is determined in consultation with managing partner(s) after specification of the invested capital.

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GENERAL PARTNERSHIP (VOF) Definition:

The General partnership is a company to carry on a business under a common name. Legal personality: The General partnership does not have corporate capacity.

Organization:

The formation is done by the entering into of a cooperation agreement between two of more person. One needs to have a private deed (drawn up by parties themselves) or an authentic deed (drawn up by the civil-law notary).

Liability prior to formation:

There is no liability prior to the formation.

Liability after formation:

All partners are authorized to represent the V.O.F., on the condition that acts are concerned that pertain to the goal of the V.O.F. or if the act is to the benefit of the V.O.F. or the acts are later on ratified by the V.O.F. The partners are jointly and severally liable for the whole. Termination • if the time it has been entered into has lapsed; Limited Partnership: • if the goal has been reached; • by death, bankruptcy of being placed under guardianship of one of the partners - by cancellation of one of the partners; Registration in The Trade register:

• 1 recent and well-resembling color passport photo or a photo made by the KKF of all members • A valid proof of identity including a Suriname ID card (not older than 10 years), or a Suriname driver’s license or a valid passport • Payment of fees due. • Government Gazette of the Republic of Suriname in which it was published or an authentic copy of the deed with approval of the president • Extract from the minutes of the General Shareholders Meeting or the minutes; • Shares transfer • A recent proof of registration from the population register of Suriname with indicated thereon the current place of residence (not older than 6 months) o A married woman needs to take along a certificate of registration from the population register of the husband or family registration book;

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o A Caricom citizen needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp; o A non-resident needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp The following is required for the registration of a General partnership Specification of the registration shall be done by the managing partner(s). The registration fee due is determined in consultation with managing partner(s) after specification of the invested capital.

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ASSOCIATION

Definition:

An association is created pursuant to the Civil Code by a multilateral legal act, in the course of which the parties, the members, founders establish a legal person, in which they want to cooperate according to the rules and according to a common goal. The associations can be distinguished into: a) Cooperative associations and mutual benefit associations; b) All other associations; contrary to those mentioned under a) the objective of these may not be to distribute the profit among the members. Legal personality: The association has corporate capacity following publication in the Government Gazette. Formation: Upon forming an association the following compulsory requirements apply: • The association must be formed by notarial deed, which must be drawn up in the Dutch language; • The deed must be approved by the President by the issue of a certificate of no objection; • This presidential certificate must be published in the Bulletin of Acts and Decrees Liability: Officers who exceed their authority, may only bind the association if the latter benefits from the same or approves such act later on. The members of an association are not personally liable for acts of the association. The debts may only be recovered from the property of the association (both from movable and immovable property). Termination of the • by legal dissolution; association: • by reaching the goal or the subject of the association; • by explicit dissolution pursuant to the articles of association and/or regulations. The following is • The articles of association required for the • 1 recent passport photo of each officer and supervisory registration of an director and ID map association • 1 extract from the Population register / passport (corporate • in case of changes to the board, an extract from the bodies): minutes of the General Shareholders Meeting. Specification of the registration shall be done by the managers. The registration fee due is determined in consultation with managers after specification of the invested capital.

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Definition:

THE COOPERATIVE ASSOCIATION A cooperative association is an association whose goal it is to provide in specific needs of its members, either in the form of buying products for the members or in the form of processing and/or selling products supplied by the members.

Legal personality: After the notarial deed has been drawn up with the accompanying requirements, the cooperative association has corporate capacity . Organization:

The formation:

The members

The organization of the cooperative association consists of the board and the individual members. The board is appointed by the membership meeting. Exceptions are possible, which are laid down in the articles of association. The officers elect their chair, secretary and treasurer from among themselves. The officers may be suspended or dismissed by the body that appointed them (membership meeting). A notarial deed is required for the formation of a cooperative association. This deed must be drawn up in the Dutch language. This notarial deed must include the name of the cooperative association. The name of the cooperative association must comply with three requirements: 1. it must refer to the nature of the activities; 2. t h e wo r d ‘ cooperative’ must be included in the name; 3. i t m u s t i n d i c a t e i n wh i c h m a n n e r t h e m e m b e r s a r e l ia b le f o r d e f i ci t s of the association. The individual members of the cooperative association have the following rights and obligations: • unless otherwise stipulated by the articles of association, the board determines which members are admitted and which have to resign from membership; • a member may be obliged to pay subscribed capital; • cancellation of the membership may only be done in writing; • the board may terminate membership on conditions; the membership terminates in case of death and in case of dissolution of the cooperative association; • the membership is personal and nontransferable; • each member has a vote at the general meeting; • In general each member is obliged to deliver the necessary goods

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•

The Membership meeting

to the cooperative association or to buy such products; Each member is entitled to a share in the proceeds, the membership discount on the supplies or the membership benefit; Each member is obliged to contribute his/her share in the deficits and all in accordance with the manner in which the liability of the members has been regulated.

The membership meeting is the highest body of a cooperative association and a number of important powers are vested in such meeting: • appointment and dismissal of officers and supervisory directors; • decisions to terminate membership of a member on the recommendation of the board; alteration of the situation; • deciding on appeal on refusal of an application for membership on the part of the board; • having a general membership meeting convened by at least 1/10 of the number of members entitled to vote; • having an investigation conducted into the policy and the state of affairs within the cooperative association; • decide to dissolve and terminate the cooperative association.

The membership council

The articles of association may stipulate that the general meeting of members will consist of delegates chosen by and from among the members. The powers of the membership council are equal to those of the general meeting.

Liability prior to the formation Liability after the formation

There is no liability prior to the formation.

As the liabilities are not laid down in the articles of association, the members must, according to the law, each contribute for an equal share to the deficit of the association. This is called statutory liability (W.A.- Dutch abbreviation). This obligation is even vested in those persons who were a member of the association (shorter than) one year prior to the dissolution or the bankruptcy. This general rule may be derogated from, in the articles of association: a. The liability of the members is determined according to another ratio, e.g. according to the standard of the work performed by the association for the members. Also in this case all members

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must jointly contribute the deficit of the association so that this does not make a difference for creditors. If there are certain members that cannot meet their obligation to pay, then this part is also apportioned among the other members. This is also a form of statutory liability (W.A.) b. The liability of the members and the former members is restricted to a certain maximum. In this respect it is a question of limited liability (B.A. – Dutch abbreviation) c. The members and the former members are not obliged at all to contribute to the deficit of the association. The liability is excluded (U.A. – Dutch abbreviation). So the name of the association must include “W.A.”, “B.A.”, “U.A.” Termination of the The cooperative association may terminate in various ways, after Limited which the dissolution must be effectuated: Company: • In the cases as stipulated in the articles of association; • by a decision of the general membership meeting or of the membership council; • after the cooperative association has been declared bankrupt; • by conversion into another legal form; • by the court in cases stipulated by law; • due to the fact that there are no members at all. The dissolution of the cooperative association must be entered into the Trade register. Registration in Each cooperative association must be entered into the Trade the register. Trade register: The following is • Articles of association required for the • 1 (one) recent passport photo of each officer and ID card registration of a • 1 (one) extract from the population register of each Cooperative officer or passport association: • a complete list of members Specification of registration shall be done by the officers. The registration fee due is determined in consultation with the Chair, after specification of the invested capital.

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:BRANCH OF A FOREIGN ENTERPRISE Registration in the Trade register:

In case of activities subject to a permit:

• 1 recent and well-resembling color passport photo or a photo produced by the KKF of all members • A valid proof of identity, e.g. a Suriname ID card (not older than 10 years), or a Suriname driver’s license or passport • Payment of fees due • The articles of association (in case of legal persons), provided with an apostille stamp • A recent extract / certificate of registration in the (trade) register of the Chamber of Commerce or the Business Registration of the country where the Head Office is domiciled (not older than 2 weeks), provided with an apostille stamp; • A letter of appointment of the manager in Suriname signed by the representative of the parent company, authorized thereto, and provided with an apostille stamp. • Copy passport of the person who has signed the letter of appointment, provided with an apostille stamp. • A recent certificate of registration from the population register of Suriname with indicated therein the current address (not older than 6 months)

• • •

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o A married woman needs to take along a certificate of registration from the population register of the husband or family registration book; o A Caricom citizen needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp; o A non-resident needs to submit a certificate of registration from the population register of the country of origin, provided with an apostille stamp; License of the agencies in question; Documents related to the material goods including number certificate, driver’s license and if necessary a certificate of no objection Certificate of professional competence

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RULES THAT ARE USED ARE LAID DOWN IN THE: • • • • •

Commercial Code (WvK – Dutch abbreviation) Civil Code (BW – Dutch abbreviation) Foundations Act Foreign Currency Act Act on the Disclosure of Unusual Transactions (MOT Act)

ENVIRONMENT-RELATED LEGISLATION  Nuisance Act (Bulletin of Acts and Decrees 1930 no. 64, as amended by Bulletin of Acts and Decrees 2001 no. 63), - Article 1, 6  Police criminal statutes (Bulletin of Acts and Decrees 1915 no. 77, as amended by Bulletin of Acts and Decrees 1990 no.24) - Article 39, 39a, 40, 45, 51, 55, 56, 61, 64, 73

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CHECKLIST B : CONTACT INFORMATION MINISTRIES, AND DCs MINISTRIES Ministry

Department

Ministry of Justice and Police Ministry of Justice and Police

Aliens Control Branch the Aliens Department the Judicial Intelligence Service and the

Address & Telephone number Gr. Combeweg 3 478592 Lachmonstraat J. 167 532123

investigation service

Ministry of Defense Ministry of Home Affairs Ministry of Labor, Technological Development and Environment (ATM) Ministry of Trade and Industry (HI) Ministry of Regional Development (RO)

the Immigration Service CBB** dep. and Dispatch dep.

Ministry of Finance (FIN)

Tax dep.

Work permits dep.

Business licenses dep. the district commissioners of the 10 districts in Suriname**

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Lachmonstraat J.170 490340 Wagenwegstraat 22 475574

Nwe haven complex 402080 ( see stencil )

Sommelsdijckstraat 476180

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OFFICES OF THE DISTRICT COMMISSIONERS Office of the District Commissioner Brokopondo Commewijne Coronie

Address Staatslogeergebouw, centrum Brokopondo Wilhelminastraat , nw a‟dam

Marowijne Nickerie Para Paramaribo north-east

Julianaweg 72 Bharosstraat r p 68 Onverwacht Local Office Sommelsdijckstraat 2

Paramaribo south-west Saramacca Sipaliwini Wanica

Sommelsdijckstraat 2 Groningen , local office Zw hovenbrugstraat 225 Tawajarieweg 92

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Contactperson District commissioner ““

Tel no. 32 52 12 32 22 80 23 51 31 / 23 51 14 34 13 75 23 17 12 35 20 90 47 31 11/ 47 48 42 47 31 11 32 71 16 47 67 13 36 69 39

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CHECKLIST C : CONTACT INFORMATION CBB LOCAL OFFICES CBB LOCAL OFFICES Centraal Bureau voor Burgerzaken – CBB (Central Bureau for Civil Affairs) local offices for registration in your own neighborhood / local constituency District of Commewijne

Contact information Bureau Ellen Bureau Meerzorg Bureau Nw Amsterdam Bureau Tamanredjo

District of Coronie

District of Paramaribo

District of Marowijne District of Para District of Saramacca District of Nickerie District of Wanica

Bureau Latour, Tamanoeastraat Bureau Paramaribo Combe Sommelsdijck 2 Bureau Flora, Lachmonstraat Bureau Kwatta, Kwattaweg 515 Bureau Paramaribo Noord, Redmondstraat s dr Bureau Paramaribo Zuid-West, lachmonstraat jagem 170 Bureau sipaliwini, Hk hofstraat and Bureau Moengo Bureau Albina Bureau La Vigilantia Bureau Onverwacht Bureau Groningen Bureau Kampong Baroe Bureau Tijgerkreek Bureau Corantijnpolder Bureau nw Nickerie Bureau Paradise Bureau Wageningen Bureau Pad van Wanica Bureau Leidingen Bureau Lelydorp Bureau Koewarasan

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Telephone 32 23 88 35 40 03 32 22 28

Contact person

23 51 13 48 21 27 47 59 23

Head Head

46 59 23 43 59 45 47 29 59

Head Head Head

49 03 10

Employees

47 91 97 34 12 10 34 12 26 32 33 75 35 20 73 32 71 31 32 71 08 37 51 75 23 14 97 23 14 04 23 61 77 23 31 24 48 12 24 33 03 25 36 61 23 32 82 95

Head

Head Head

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CHECKLIST D : THE REQUIREMENTS TO SUBMIT A LICENSE FOR RESIDENTS AND NONRESIDENTS Requirements to submit a license 1.

In order to get a license the applicant must submit an application with stamp in twofold (addressed to the Minister of Trade and Industry through the acting Head of the business licenses department) to the business licenses department. In the application the following information needs to be clearly included: a. name, first name and address of the applicant (natural persons). If legal persons are concerned (NV, VOF, CF, Foundation) the name and the address of the enterprise must be clearly indicated. The name of the director must be clearly mentioned as well. b. a correct description of the profession or business that will be carried on; c. the place / the address where or from where the business activities will be carried on; d. specification correspondence address and telephone numbers; e. wh e re a p p l ica b l e p ro f e ss io n a l co m p e t e n ce a n d c o m m e rc ia l kn o wle d ge .

With the submission of the application, a receipt of licensing fee paid amounting to SRD 300 must be presented, as well as administrative charges and stamp duty amounting to SRD 4,50. This amount can be paid at any office of the Centrale Betaaldienst (Central Payment Service C.B.D), the Ministry of Public Works or at the various offices of the District Commissioners.

1. Proof of registration from the population register and nationality certificate (not older than 6 months). If the applicant does not have the Suriname nationality, proof of residency from the population register and a copy of the certificate of admission or permanent residence permit from the Ministry of Justice and Police must be submitted. If the certificate of admission or permanent residence permit has expired, a copy thereof must be submitted with the slip indicating that renewal of the permanent residence permit has been applied for with the Ministry of Justice and Police.

Two resembling passport photos of a recent date (one-man business); not older than 6 months. If an NV, VOF or Foundation is concerned, a passport photo of the managing director needs to be submitted.

A recent extract from the land and mortgage registry and approval of the owner of the business premises; this must be authenticated by a civil-law notary.

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With the application for renewal, transfer, alteration and expansion, the following shall be submitted as well: 7

Proof of registration from the Trade register with the Chamber of Commerce and Industry, both of natural persons and legal persons.

8 9

A copy of the license, alteration is applied for. In case of transfers, the license holder needs to co-sign the application as evidence of consent.

In case of an N.V. the articles of association and an extract of registration with the Chamber of Commerce and Industry need to be submitted.

In case of N.V.s and N.V.s in the process of formation: 11

The name of the N.V. must be indicated clearly and correctly; the name of the N.V. in the application and in the articles of association must be identical.

In case an N.V. in the process of formation is concerned, the draft articles of association with notarial statement and an extract of registration of the N.V. in the process of formation with the Chamber of Commerce and Industry, must be submitted.

In case the managing director does not have the Suriname nationality, what should then be submitted? 1

A decree of the Ministry of justice and Police, proving the admission or permanent residence in Suriname;

Proof of registration from the register of the Central Bureau for Civil Affairs.

If the managing director is abroad, he must appoint someone to act as his authorized representative. This needs to be clearly indicated in the application and also in the extract from the K.K.F. The authorized representative must also submit a nationality certificate and proof of registration from the population register.

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Is it possible for an enterprise domiciled abroad to operate a business or a branch in Suriname? Yes, that is possible subject to the following conditions: 1

registration of the enterprise with the Chamber of Commerce and Industry;

an extract of the branch manager from the Population register and a nationality certificate;

If the branch manager does not have the Suriname nationality, a decree of the Ministry of Justice and Police must be submitted, proving the admission or permanent residence in Suriname. In addition a person with the Suriname nationality must be a member of the board.

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CHECKLIST E : LICENSES ISSUED BY THE MINISTRY OF TRADE AND INDUSTRY (HI) Licenses issued by the Ministry of Trade and Industry contractor in Suriname Accountant advertising agency amusement games Architect tire repairman banker Businesses for maintenance and/or overhaul of aircraft tax consultant salvage and dredging, spraying and/or irrigation company using aircraft cinema whitesmith catering company stock trader construction company Cybercafé Customs broker Printing house Shipping agent manufacturer photo studio wholesaler

salesman commercial traveler port operating company Hotel sawmill institutes for the training of aviation and maritime personnel Engineers (consultancy) office ceramic business inspection agency refrigeration business welding company plumber airport operating company air photography aerial advertising company aviation handler aviation company aircraft rental service broker Motel Pest and insect control evidence optician guesthouse

Radio and TV technician Travel agency Repair company Driving school Rowers company Shipping Ship chandler Shipbuilding and dock repair Shipping Cleaning company upholstery stevedoring company dental technician Tour operator watch repairman representative aircraft and insurance company insurance agent Video(DVD)store Currency exchange office

* ‘Graphic design’ has not yet been adapted in the State decree. This may be applied for, but then under the heading ‘advertising agency.’

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CHECKLIST F: LICENSES ISSUED BY THE DC Licenses issued by the District Commissioner mechanic construction and painting contractor (for the relevant district) baker barber food and beverage establishment salon operation dent removal and spraying facility

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Gold and silversmith tailor mechanically driven pump installations with underground tanks of gasoline, diesel, and other mineral oils (called stations) miller

Bicycles and mopeds repair shoemaker beautician (including hair and skin care) butcher exhibitor peddler (only for the relevant district) shopkeeper

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CHECKLIST G : GOODS SUBJECT TO AN IMPORT AND EXPORT BAN Goods subject to an import and ban; 

Goods subject to a license, including fireworks, meat and meat products etc.;



Goods subject to specific import and export procedures e.g. inspection by the Ministry of Agriculture, Animal Husbandry and Fisheries, issue of a health certificate by the inspectorate for health protection of the Bureau Public Health Care (B.O.G.- Dutch abbreviation) etc.



Free goods, being the goods not subject to the provisions under 1, 2 and 3. By virtue of the Bulletin of Acts and Decrees 2003 no. 78 import and export licenses must be registered, which implies that with each import or export the Single Administrative Document has to be registered with the UID.

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CHECKLIST H: REQUIRED DOCUMENTS FOR AN EXPORTER To export the necessary formalities need to be observed. The required documents for an exporter are as follows: Export

IT form: International Trade transaction form for registration of goods and services Single Administrative Document: a form to report the export of goods subject to free movement Airway Bill/Bill of Lading: shipping document issued by the airline company or the shipping company Invoice and where applicable Certificate of Origin. If the goods go to the Caricom. Depending on the product it may also be the case that one first has to report to a specific agency. E.g.: for timber and timber products, one first should report to the Foundation for Forest Management. The IUD, however, remains the authority that grants the license. H-03 license: in case the goods of the so-called Negative List are concerned (article 2 and 3 of the Negative List decree) an H-03 license of the IUD will be necessary after the Ministry concerned has issued a favorable advice on the export. If advice of the Ministry concerned is necessary, the exporter will first have to apply to that Ministry.

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CHECKLIST I : REQUIRED DOCUMENTS FOR AN IMPORTER The required documents for an importer: Import

IT form: International trade transaction form for the registration of goods and services Single Administrative Document: a form to report the import of goods subject to free movement Airway Bill/Bill of Lading: shipping document issued by the airline company or the shipping company

Invoice and where applicable Certificate of Origin if the goods come from the CARICOM H-03 license: In case the goods of the so-called Negative List (article 2 and 3 of the Negative List decree) are concerned, an H-03 license of the IUD will be necessary If advice of the Ministry concerned is necessary, the importer will first have to apply to that Ministry. For goods subject to specific conditions a certificate of the agency in question will suffice (BOG Foodstuff, the Pharmaceutical Inspectorate and the Bureau Medicine Registration)

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CHECKLIST J : REQUIRED DOCUMENTS FOR TRANSIT REQUIRED DOCUMENTS FOR TRANSIT TRANSIT

As far as transit is concerned, the documents submitted must include: A letter with the application to be allowed to transit the goods concerned G-import with mentioning the amount of 15% of the cif value for goods from other countries and 5% for goods from Brazil.

Invoice of the goods concerned. BL or AWB of the goods concerned. The import and export of assets is a combined action between the Foreign Exchange Commission and the IUD. The permission is granted by the Foreign Exchange Commission in pursuance of the Foreign Exchange Regulation (Bulletin of Acts and Decrees 1947 no.136), after which the license is handled by the IUD. In this respect the following forms are concerned: G-import form G-export form

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CHECKLIST K : RELEVANT DOCUMENTS YOU MAY ASK FOR (LICENSES) Relevant documents you may ask for:  



Movement of goods Act (BULLETIN OF ACTS AND DECREES 2003 no. 58) of July 8, 2003 providing for new rules on the international movement of goods in PDF File State decree of September 18, 2003 (Decree Negative List BULLETIN OF ACTS AND DECREES 2003 no.74)) to implement the articles 3 paragraph 3 and 8 of the Movement of goods Act (BULLETIN OF ACTS AND DECREES 2003 no. 58) in PDF file State decree of February 2, 2006 providing for amendments to the Decree Negative List (BULLETIN OF ACTS AND DECREES 2003 No. 74) in PDF file



Decree of the Minister van Trade and Industry of September 13, 2005 No. 370 providing for amendments of the Decree Negative List 2003 (BULLETIN OF ACTS AND DECREES 2003 No. 74) in PDF file



IT form in PDF file



Single Administrative Document in PDF file



H-03 license in PDF file

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CHECKLIST L : PROCEDURE RESIDENCE APPLICATION CHECKLIST RESIDENCE APPLICATION PROCEDURE

3 4 5 6 7

WHAT Applications of MKV (authorization for short stay) in country of origin Advice to the Ministry of Justice and Police, Aliens Control Branch through the Ministry of Foreign Affairs (Buza) Advise to the chain partners via HVZ Eventually advice to Ministry Buza In case the application has been approved, entry of the alien Arrival / entry stamp of the Immigration Service Reporting to the Aliens Department within 8 days to extend of the short stay to maximally 2 months

WHO WHERE Entrepreneur The Embassy or the Consulate of Suriname in the country of origin

Entrepreneur To Suriname Airport Entrepreneur

Reporting to Aliens Control Branch within Entrepreneur 14 days

Residence application to the Minister of Justice and Police by means of an application and also present: admission form completed in full Receipt of US$ 150 or equivalent in SRD

Entrepreneur

Copy of the passport (and original for inspection) Means of subsistence

Entrepreneur

1 0 1 1 1 2 1 3 1 4 1 5

Entrepreneur

The application is received Applicant receives an application slip Information is checked on the website of Entrepreneur the Ministry of Justice and Police, namely

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www.juspolsuriname.org 1 Collecting the residence permit with 6 application slip and passport FURTHER HANDLING

Entrepreneur

Stamping the residence permit and the passport

Entrepreneur Aliens Department

Stamping the residence permit and the passport

Entrepreneur The Ministry of Home Affairs, Central Bureau for Civil Affairs, at both the Head Office and the local office

After obtaining these stamps the applicant is a resident of Suriname

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CHECKLIST M : PERMANENT RESIDENCE AND NATURALIZATION Procedure permanent residence  For aliens of Suriname origin, after obtaining residence for a period of at least 1 year;  For other aliens after obtaining residence for a period of maximally 5 years;  For aliens married to a Surinamese male or female or an alien domiciled in Suriname 1 year, in the course of which the application is made by the wife/husband;  This application is not submitted in the country of origin, but in Suriname, as the person concerned will have to prove that he/she during 1 or 5 years had his/her principal place of residence in Suriname

Naturalization  For other aliens after obtaining residence for a period of maximally 5 years;  The submission is of course only done in Suriname.  Naturalization of Suriname Origin is granted by means of a resolution of the President of the Republic of Suriname  Naturalization of other aliens is granted during a public session in the National Assembly

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CHECKLIST N : DOCUMENTS REQUIRED FOR A WORK PERMIT APPLICATION With the application of a work permit, the employer or his representative shall submit the following documents: 1 2 3

A completed work permit application form, to be obtained at the department work permit aliens at the Wagenwegstraat # 47; 4(four) identical and well-resembling passport photo’s (no 3 minutes photos) of the alien; A receipt of having paid the fee for work permit application, which amounts to: - USD 300.- (or the equivalent in Suriname dollars) per application, in case employment of an alien in the interior is concerned, in a business engaged in gold-mining activities; The fee of USD 300.- shall be deposited at the Central Bank of Suriname on account no.: 324524 with the specification: “ WORK PERMIT ALIENS GOLD SECTOR” (if the aforesaid fee is paid in Suriname currency, it shall be deposited on account no.: 324525 with…………. (translator: rest of the sentence is missing, does not occur in hard copy (book) either

The fee of SRD 75,- shall be deposited at the department financial affairs of the Ministry of Labor, Technological Development and Environment (ATM) at the Wagenwegstraat # 47, with the correct name of the employer being indicated and the…… (translator: rest of the sentence is missing, does not occur in hard copy (book) either

There is no refund ( for either the USD 300,- or the SRD 75,-). Ensure that you first report to the department work permit aliens at the Wagenwegstraat # 47 and get the right information before you deposit the aforesaid fee. It might happen that due to the status of the alien, no work permit is necessary and the aforesaid fee does not have to be paid.

A photocopy of the valid residence permit of the alien*; or a photocopy of proof of the application for a residence permit for the alien (the so-called VZ-slip)* issued by the Ministry of Justice and Police (aliens affairs department at the Grote Combeweg 3); The passport of the alien, which must have a minimum validity of 4 months. The passport is immediately returned after perusal. If the alien, the application refers to, has already been in Suriname 3 years or longer, the employer must also submit photocopies of the current and all the previous (old) passports of the alien*.

A statement of the employer stating and describing clearly:

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the opening hours of the business, the working hours of the alien, the (sub) tasks the alien will perform and why he wants to have the work (the application refers to) done by an alien (and not a Surinamese);

The company documents, which are the following: - if businesses obliged to have a business license are concerned: a photocopy of the business license* and the KKF extract - if a business in the process of formation is concerned: a photocopy of the notarial deed of incorporation* and a photocopy of the extract from the trade register of the Chamber of Commerce and Industry (the so-called KKF-extract)* - if a concession holder is concerned: a photocopy of the concession* and the KKF extract - if a foundation is concerned with economic objectives: A photocopy of the articles of association* and a photocopy of the KKF extract - if a foundation is concerned with social objectives: A photocopy of the articles of association* and a photocopy of the extract from the public foundations register of the Ministry of Justice and Police* - for the (rest of the) businesses not categorized under any of the aforementioned groups: A photocopy of the KKF-extract* In addition, if so requested by the officers of the work permit department, the following needs to be submitted as well: 1. authenticated photocopies (translated into English or Dutch) of diplomas and certificates* of the alien; 2. an organizational chart organization; 3. a list with names of all the aliens employed in the business and their respective duties; *= at all times the original deeds of the photocopies to be submitted must be presented as well and these will be returned the same day after having been inspected.

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CHECKLIST O: CASES IN WHICH NO WORK PERMIT IS REQUIRED By decree of the minister of October 13, 1983 No. 5333 (BULLETIN OF ACTS AND DECREES 1983 No. 108) it was determined that no work permit is required to employ the following groups of aliens (their employer does not have to pay the fee) Aliens married to a Surinamese;

The alien who comes within this group is eligible for a certificate, free of charge, indicating that no work permit is required for his employment. In order to be employed he does need to submit: 1. a photocopy of his deed of marriage* 2. h i s original passport and the one of his Suriname partner (the passports are immediately returned after inspection); 3. a nationality certificate of the Suriname partner and 4. a recent extract from the population register of Suriname as evidence that he is (still) married with a Surinamese.

Returning emigrants of Suriname origin with a nationality other than Surinamese, with their family as referred to in among others article 5 of the so-called Assignment Agreementâ&#x20AC;? (V.B.-Aliens decree 1981 No. 1);

The alien who comes within this group is eligible for a certificate, free of charge, indicating that no work permit is required for his employment. In order to be employed he does need to submit: 1. a photocopy of the certificate of deregistration of the municipality where he resided * and 2. a photocopy of his passport* If the alien was not born in Suriname, he must also submit: 3. a certificate of the Central Bureau for Civil Affairs (CBB) as evidence that he once had the Suriname nationality.

In order to be eligible for a certificate, the Aliens who have been refugee must submit a photocopy of the admitted by the minister aforesaid residence document*. of Home Affairs as refugees and who are able to prove such status with the relevant residence document;

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Aliens who are government officials within the meaning of article 1 of the “Personnel Act” (Bulletin of Acts and Decrees 1962 No. 195), in pursuance of the provisions as set out in article 1, paragraph 2 of the “Act on Work permit Aliens”, with the exception of aliens employed with public legal persons.

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The alien who comes within this group is eligible, free of charge, for a certificate, indicating that no work permit is required for his employment. For these purposes: The government official who is a civil servant, needs to present a photocopy of his appointment decision* and his most recent original passport, which is immediately returned after inspection; The government official who is a fixed-term public sector employee, must present a photocopy of his contract of employment with the state * and his original passport, which is immediately returned after inspection.

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CHECKLIST P REQUIREMENTS FOR REGISTRATION IN THE TRADE REGISTER REQUIREMENTS FOR REGISTRATION IN THE TRADE REGISTER – KKF One-man business:

• • •

License 1 recent passport photo and ID card Extract Population register or passport

General partnership

• • • •

Cooperation agreement 1 recent passport photo of each partner and ID card 1 extract from the Population register of each partner Registration fee may amount to SRD 50 – SRD 100

• • • •

Draft articles of association Letter of the civil-law notary regarding the formation of the N.V. 1 recent passport photo of each founder / officers + ID card 1 extract from the Population register of each founder / passport Specification of registration must be done by at least two (2) founders.

Public limited Company / Foundation:

• • Branch of a foreign enterprise

• • • •

extract from the registration of the Head Office in the register of the Chamber of Commerce of the Business Registration there; letter of appointment of the manager in Suriname; 1 recent passport photo of the manager in Suriname + ID card 1 extract from the Population register of the manager / passport copies of the articles of association in case of legal persons ;

If necessary apply for license first Registration in the Trade register is in principle done one week before, to one week after the commencement of the commercial activities

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CHECKLIST Q : BUSINESSES OBLIGED AND BUSINESSES NOT OBLIGED TO HAVE A LICENSE, REGISTERED IN THE HR (TRADE REGISTER) BUSINESSES SUBJECT TO A LICENSING OBLIGATION, REGISTERED WITH THE TRADE REGISTER contractor Accountant Actuary Advertising agency Entertainment company Architect Coach service Car wash Baker Bakery Banker Barber Tax consultant Spraying and/or irrigation company whitesmith Forestry company Ship broker Catering company Stock trader Construction company Cybercafé Customs broker Lath business beverage establishment print house food and beverage establishment shipping agent manufacturer Photo lab Photo studio

Wood processing company Timber company sawmill engineers (consultancy) office installer hairdresser’s tailor Inspection station (cars etc.) refrigerant business/ technician coffee roasting factory surveyor welding company plumber/pipefitter aviation company air cargo ground handling company broker manicurist metal processing company cabinet maker mining company mechanic Motel Broadcasting company Pest control company Call center Buyer (gold) Optician orthotist

Advertising agency Travel agency Repair facility Driving school smokehouse shipping agent ship chandler shipping company shoemaker beautician cleaning company Service station slaughterhouse butcher polishing/grinding business smithy savings and credit cooperative exhibitor upholstery stevedore dental technician/ technical business appraiser carpentry Tour operator dent removal and spraying facility ferry peddler Video(DVD)store Insurance company Insurance agent Fish processing company laundry

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assembly company shopkeeper currency exchange office

Gold and silver smith wholesaler sales agent Hotel

Paddy drier Pedicurist miller guesthouse ceramist

swimmingpool

Radio broadcasting company

BUSINESSES NOT SUBJECT TO A LICENSING OBLIGATION, REGISTERED WITH THE TRADE REGISTER Acupuncturist consultancy administration office studio bus company undertaker investment office mediation office surveillance and security company library Binder Interior designer/ cleaner Floristry/flower shop Pressure plate company *computer company Copy center Converting office daycare customs declarant Distributor Exporter photographer orchard company graphic design/ business dog breeding

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Importer Collection agency Inquiry/information office Purchasing office Nursery school courier nursery

Sauna establishment Showroom Screenprint Service bureau/desk Towing service Software office Sports school/fitness center

farm/agricultural business supplier

Taxi company Drawing office Character processing company homecare transit trade Transport company Horticultural business

Management office Masseur Modeling agency Nail studio (artificial nails) Research office Design agency buyer trainings institute/center recording studio warehouse

Publishing office Employment agency

press and publicity agency preschool poultry/chicken farm project developer Promotion office

Holiday resort Livestock farm Rental business Land developer Packaging company Translation agency Fishing company Garbage collection

Advertising painter

Screen printing company

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CHECKLIST R : FOR THE KKF ONESTOP WINDOW APPLICATION, YOU NEED THE FOLLOWING REQUIREMENTS FOR AN APPLICATION KKF ONE-STOP-WINDOW           

Passport photos Tax statement Extract from the Population register Nationality certificate/ copy residence permit Health certificate issued by the family doctor and stamped by the B.O.G. 1 receipt of SRD 304,50 (licensing fee) Approval of the owner of the business premises or copy lease agreement Extract from the land and mortgage registry Copy articles of association (for legal persons) Copy of the license to be renewed Extract Chamber of Commerce and Industry

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CHECKLIST S: RATES AND TAX BRACKETS Tax base Income tax for natural persons.

TARIEVEN AND TARIEFSCHIJVEMN    



0 up to and including SRD 2,646 – 0%. SRD 2,646 up to and including SRD 14,002.80 – 8%. SRD 1,002.80 up to and including SRD 21,919.80 – 18%. SRD 21,919.80 up to and including SRD 32,839.80 – 28%. In excess of 32,839.80 – 38%.



No regular adjustment for inflation.

Income tax for bodies. Wage tax. Turnover tax.

Net worth tax

Dividend tax: The tax is levied according to the proceeds of shares, profitsharing certificates and profit-sharing bonds

  

Supplying good produced oneself: 10%. Performing services: 8%. Importing goods: 10% and 25% for certain luxury goods.  exporting self-produced goods in connection with the supply: 0%. The tax amounts to 0.3 percent of the taxable sum Net income less: • SRD 100,000 for unmarried taxpayer. • SRD 120,000 for married taxpayer.  Rate is 25%.

Rental value tax: The person who enjoys the building by virtue of any real right Import duty Stamp duty. IntEnt: Internationalizing Entrepreneurship

  

   

.6% of the rental value as set: owner-occupied buildings: 1% of free sales value less SRD 50,000. Leased buildings: annual rent with min. 1% of sales value.

Is levied with the import of goods. Various rates apply. Is levied with the transfer of immovable property. Rate is 7% [excl. of fee civil-law notary]. Page 95

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CHECKLIST T: WAGE TAX WAGE TAX: is a specific percentage of the Gross salary one receives if one is in salaried employment. What is wage tax?

Wage tax is a direct tax levied on the employee. The employee is liable to pay tax. Wage tax is an advance levy on the income tax if the employee has 2 employments or additional income of more than SRD 3,000 annually. In these cases, at the end of the year income tax returns have to be submitted. In all other cases, wage tax is final levy.

Who is subject to wage tax?

Wage tax is levied on employees. The concept of employees within the meaning of the wage tax act is broader than in every day speech. An employee is a natural person who has an employer-employee relationship; subject to private law or public law with an employer; has a current or former employer-employee relationship with an employer has an employer-employee relationship of himself or another. e.g. An employee is also someone who enjoys wages from an existing or earlier employment fulfilled by himself or another. So if someone is retired, wage tax must still be withheld from him. Wage tax must also be withheld from the widow and orphan pension, as the person who enjoys it is considered an employee; the pension is enjoyed from an earlier employment or employment with another. In addition to the actually existing employments and the earlier employments the act deems the employer-employee relationship of certain persons also employment: the fictitious employment Below follow a few examples of persons who are deemed to have an employer-employee relationship:  the person whose position and election is based on appointment  supervisory directors of N.V.s and other bodies;  musicians and other artists as well as professional sportsmen

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Who has to withhold wage tax?

The wage tax act 1982 refers to the person who must withhold tax as the withholding agent. Withholding agent is the person who has an employer-employee relationship with one or more persons. E.g. the civil servant is the employee; the state is the employer; Withholding agent is the employer who pays wages to one or more persons from an earlier employment of such employee himself or of another. That means that the person who grants pension to a former employee is designated as the withholding agent. The same applies to the person who grants pension to a former employee of another. E.g.: a retired civil servant was an employee with the state. His pension is, however, paid by the Pension Fund, not the State, so the Pension Fund is the withholding agent. (translator: words are missing in these sentences, checked with the hard copy –book- also missing there, so translated what I understood from incomplete sentences). A withholding agent is also designated in cases of a fictitious employment. The supervisory directors of N.V.s and other bodies: the N.V. or the other body • the person who performs work as a homeworker: the commissioning authority; • the persons who assists the homeworker: the homeworker • the musicians and other artist and the professional sportsmen: the person with whom an agreement has been entered into for a show or practicing a sport.

From what must wage tax be withheld?

From the wage. The concept ‘wage/salary’ already indicates that in this respect remuneration for work performed, is concerned. In practice we refer to this remuneration in various ways: salary, payment, fee. For the purposes of the Wage tax act, everything enjoyed from employment or from an earlier employed is wage/salary. Wage is mostly paid in terms of money. But wage also refers to goods or services an employee gets from his employer. Respectively pay in kind and entitlements. E.g.: An employee who gets a hot meal every day from his employer. Wage tax can only be levied on the pay in kind, if the value thereof is expressed in money.

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CHECKLIST U: INCOME TAX INCOME TAX: is a specific percentage of the taxable income received In a fiscal year. What is income tax?

Income tax is een taxation over income. The Income tax act 1922 sets out who and which income are subject to income taxation. The income tax is a direct tax. This implies that the person who pays the tax, is also the ‘carrier’ of the tax due.

Who must pay income tax?

Domestic and foreign taxpayers are subject to income tax. The domestic taxpayers subject to income tax are all natural persons residing in Suriname and all bodies domiciled in Suriname (NVs; Foundations; Cooperative Associations etc.). The foreign taxpayers subject to income tax are natural persons and all bodies enjoying a domestic gross income in Suriname.

How is income tax levied?

The income tax is tax payable upon filing a tax return. That means that the taxpayer himself has to state in a tax return form what his income was. The taxpayer calculates on the basis of this income the tax and includes it in the tax return form. This tax return form must be submitted to the Direct Tax Collector. The tax must be paid simultaneously with the submission of the tax return form. If the tax is not paid or the taxpayer does not file a tax return, then the tax may be imposed by an additional tax assessment.

On what is income tax imposed?

As regards domestic taxpayers who are natural persons, income tax is imposed on the annual income. From this annual income the net income is deduced, which serves as the basis for the taxation. With the domestic taxpayers that are bodies, the tax is imposed on the annual profit. From the annual profit the taxable amount is deduced, which serves as the basis for the taxation. With the foreign taxpayers, natural persons, and the foreign taxpayers, bodies, the tax is imposed according to the domestic taxable amount. This is deduced from the domestic gross income.

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How much is the tax rate?

For the natural persons a tax bracket applies, which is as follows: From the income (srd) up to 2,646 0% 2,646

14,002.80

14,002,80 -

21,919.80

18 %

21,919,80 -

32,839.80

28 %

in excess of- 32,839.80

38 %

For the bodies a flat rate applies of 36% of the taxable amount or the domestic taxable amount.

Are there exemptions?

For all natural persons a personal tax deduction applies of SRD 2,646.The natural persons residing in Suriname may upon determining their net income, also deduct from such net income, the deductible items and the losses suffered in the previous years. In this respect there are some thresholds included by law. Upon determining their taxable amount, bodies may deduct from the profit the losses suffered in the preceding years. Also in this respect restrictions apply.

Which obligations and sanctions apply with regard to the income tax?

Taxpayers who have been issued a tax return form, are obliged to file their tax return. This obligation also applies to those who have not been issued a tax return form, but do enjoy a taxable income. The taxpayers are also obliged to pay simultaneously upon submitting the tax return form. If the tax is not paid or the taxpayer does not file a tax return form, then an additional tax assessment may be imposed. With this tax assessment, an increase up to 100% of the amount due, may be applied In addition to this increase, the taxpayer is also due interest if he pays too late. The interest is calculated for each day he is in default of paying his debt and this from the deadline on which he should have paid his debt. Taxpayers also have an administrative obligation with regard to keeping books and records.

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In case of an inspection by the Tax Authorities, they are obliged to allow perusal of such books and records. In case they refuse such perusal, the Tax Authorities my impose assessments. In case of an objection to such tax assessments, the Tax Authorities may maintain such assessments if the taxpayer continues to refuse perusal of his books and records.

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CHECKLIST V : REQUIREMENTS FOR REGISTRATION AND APPLICATION OF VARIOUS STATEMENTS / CERTIFICATES CHECKLIST: REQUIREMENTS FOR THE APPLICATION OF VARIOUS STATEMENTS / CERTIFICATES Registration Requirements /application for Registration • Place, establishment, and description activities Natural persons • Opening balance (start-up capital and way of financing) One-man business, • Number of employees and amount paid partnership, general Official proof of identity partnership • Copy extract Chamber of Commerce and Industry • Copy license(s) • Copy lease agreement(s) Registration • Place, establishment, and description of the activity Legal persons • Start date of the activity • Copy of the articles of association (N.V., foundation, • Copy decree(s) of the president association, • Opening balance (start-up capital) and way of financing cooperative association, • Number of employees and amount paid limited (proof of identity representative(s)) Registration of a • Place, establishment, and description activities cooperation • Opening balance (start-up capital and way of financing) • Number of employees and amount paid • Official proof of identity of the representative • KKF-extract • Copy articles of association • Copy license(s) • Copy lease agreement(s) Application Income statement

• Valid proof of identity • Proof of payment tax return and payment obligation

application for customs statement (importers and exporters

• Copy KKF-extract • Valid proof of identity of the representative(s)

application certificate for Insurance company

• Valid proof of identity • Proof of payment tax return and payment obligation • Salary statement employer and proof of payment Wage Tax

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application residence • Valid proof of identity / admission • Proof of payment tax return and payment obligation /naturalization • Salary statement employer and proof of payment Wage Tax permit/certificate application Study financing statement

Regular obligation to withhold

• If you are in salaried employment then that is ‘LB’ (wage tax) and with a self-employed, income tax • Proof of payment tax return and payment obligation • Salary statement employer and proof of payment Wage Tax • Name and first name student • Address student in the country where study is followed • Name, first name and date of birth of the withholding agent • Home address • Business name • Business address • Telephone number • Number of employees

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CHECKLIST W: APPENDICES TURNOVER TAX (OB) Appendices with regard to taxation Turnover tax (OB): turnover tax is an indirect tax imposed on goods supplied and services provided.

APPENDIX 3, attached to the 1997 Turnover Tax Act (translator: translated list from the original turnover tax Act, as sentences were incomplete, missing etc. in both electronic version and book) 1. automobiles and other engine vehicles mainly designed for the transport of passengers with a cylinder capacity of more than 2000 cm3 and a c.i.f value of US$ 2500.- or more; 2. engine cycles; 3. speedboats, water scooters, yachts, sports and other pleasure crafts; 4. dishwashers; 5. video cameras; 6. fireworks 7. gaming and slot machines; 8. televisions bigger than 31 inches; 9. satellite dishes and antennas; weapons, ammunition, and accessories hereofAPPENDIX 2 (exemption), attached to the 1997 Turnover Tax Act (translator: translated list from the original turnover tax Act, as sentences were incomplete, missing etc. in both electronic version and book) 1. Cheese 2. Peanut butter 3. Butter/Margarine 4. Sardines in oil or in tomato sauce 5. Smoked herring 6. Herring 7. Cod fish and salt fish 8. Fresh meat products (chicken, pork, beef) 9. Fresh fish 10. Fresh greens and fruit 11. Bread and bread biscuit 12. Wheat and wheat flower 13. Cocoa powder 14. Tea 15. Brown sugar 16. White sugar 17. Milk and powder milk 18.IntEnt: SaltInternationalizing Entrepreneurship

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19. Tomato purĂŠe 20. Cooking / salad oil 21. Garlic 22. Oatmeal 23. Fresh potatoes 24. Salt meat 25. Red onions 26. White onions 27. Kidney beans and haricot beans 28. Yellow and green peas 29. Bananas, root vegetables, roots and tubers 30. Spices intended for the preparation of curry 31. Paddy, rice and rice products 32. Eggs 33. Matches 34. Mosquito coil 35. Toothpaste 36. Bathroom tissue 37. Bath soap 38. Household soap / powder soap 39. Baby food 40. Sanitary towels and tampons 41. Diapers and diaper pads for babies 42. Disinfectants 43. Medicines, dressing material, medical equipment and appliances 44. Diesel oil 45. Water (supplied by SWM -Suriname Water Supply Company- and the Ministry of Natural Resources) 46. Electrical energy and cooking gas 47. Textile for the manufacture of mosquito nets 48. Lamp oil 49. Contraceptives and birth control 50. Educational tools, school supplies and school uniforms. APPENDIX 1 (rate 8%), attached to the 1997 Turnover Tax Act (translator: translated list from the original turnover tax Act, as sentences were incomplete, missing etc. in both electronic version and book) a.

non-life insurances, with the exception of health insurances;

the services provided by banks and other financial institutions as regards: - the entering into of loans with the exception of loans within the framework of production; - the entering into of mortgages; - the transfer of monies as regards foreign transactions; - the keeping of securities and other negotiable instruments;

the services provided by civil law notaries as well as persons exercising a profession, including lawyers, accountants, automation, computer science and other consultancies. With the

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exception of professions in the medical sector such as physicians, dentists and physical therapists and other medical providers;

the services provided by advertisement agencies, as well as making advertisements via television, radio, newspapers and other public publications;

the services provided by architects and surveyors;

the services provided by brokers as regards the sale and lease of immovable property;

the services provided within the scope of the transportation of goods;

the services provided within the scope of protecting buildings, goods and persons;

the services provided by cleaning agencies;

the services provided within the scope of making available movable property;

providing accommodation, food and beverages in and by catering establishments, hotel, restaurants and cafĂŠs;

the services provided by travel agencies;

the organization of tourist activities;

the services provided within the scope of the national and international telecommunication;

hairdressers, beauty salons, massage salons and similar services;

the services provided for the transportation of persons by aircrafts; q.

services provided by repairers;

services provided by driving schools;

services provided by installers;

services provided by taxi drivers;

services provided by radio and television stations;

services provided by body shops;

services provided within the scope of service - and maintenance work;

services provided within the scope of providing parking facilities;

services provided within the scope of the use of gaming and slot machines;

services provided by advertising agencies as well as advertisements of dailies and evening papers as well as other periodical publications.

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Turnover tax act 1997 providing for a a general turnover tax Article 2: tax is imposed on:

a. b. c.

the supply by entrepreneurs in Suriname within the framework of the goods they produced in Suriname; the performance by entrepreneurs within the framework of their enterprise in Suriname, of services as referred to in appendix I attached to this act; the import of goods.

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Article 3:

1. The rate of the turnover tax respectively amounts: a. for the supply and import of goods, to 10 percent b. for the performance of services, to 8 percent. 2.

In derogation of the provisions laid down in paragraph 1 of this article, the rate of the turnover tax on the goods

mentioned in appendix 2 attached to this act, amounts to 25 percent.

Article 7:

1. The turnover tax shall be levied on the payment. 2. Payment is meant to refer to the total amount received for the supply or the provisions of the service, exclusive of the turnover tax itself.

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Article 9:

The turnover tax is indebted the moment or the moments at which the payment is received in full or in part.

Article 11:

The taxable person is obliged to file the turnover tax he is due in a period of a calendar month, and this completely, clearly and without reservation prior to the sixteenth day of the month subsequent to the period of making the tax return.

Article 19:

Natural persons whose turnover per calendar year does not exceed SRD 6000 are exempted from the obligations included in this act to submit tax returns and to pay turnover tax due.

Article 21:

Turnover tax to be paid by self-assessment and that has not been paid or has only been paid in part, or turnover tax that has been deducted in excess, may be imposed by additional assessment.

Article 22:

Entrepreneurs who are liable to pay tax, are obliged to keep records of all activities concerning the exercise of their enterprise in pursuance of the requirements of the said enterprise and to keep the relevant books, documents and other data carriers in such manner that there is clarity at all times as to their rights and obligations, as well as data that are important as regards the levy, exemption or set off of the turnover tax.

Article 43:

The person who has objections against an additional tax assessment imposed upon him or against any decision taken by the Inspector in pursuance of any provision of the act, may within sixty days following the date of the assessment notice or of the copy of the decision delivered by mail or issued to him, submit to the Inspector a notice of objection stating the reasons.

The Turnover tax act 1997 (BULLETIN OF ACTS AND DECREES 1997 nr.83) as recently amended by BULLETIN OF ACTS AND DECREES 2002 nr. 86 states the following articles as regards turnover tax on goods: - For the supply and import of goods, 10 (ten) procent; - To perform the servcies mentioned in appendix 1, 8 (eight) percent; - For the goods mentioned in appendix 3 the rate amounts to 25 (twenty-five) percent (luxury goods).

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TRANSLATOR’S NOTE: MANY SENTENCES WERE MISSING , INCOMPLETE ETC. I CHECKED THE HARD COPY –BOOK-… SAME THING. SO I CONSULTED THE INCOME TAX / WAGE TAX AND TURNOVER TAX ACT TO BE ABLE TO COMPLETE THE ABOVE SENTENCES.

CHECKLIST X: IMPORTANT OBLIGATIONS (TAX) IMPORTANT OBLIGATIONS for the TAX AUTHORITIES  Any person who carries on a business is obliged to keep records of Obligation to keep books his financial position and of everything pertaining to his business, in [WvK – Commercial accordance with the requirements of his business, in one of the Code] following languages: Dutch, German, French, Italian, Portuguese or  

Spanish, and this in such manner that his rights and obligations can be known from them at any time. He is furthermore obliged annually, within the first six months of each year, to drawn up a balance sheet in accordance with the requirements of his business and to sign the same personally. He is obliged to keep for ten years the books and records which he kept in pursuance of article 2, as well as the balance sheets, the letters and telegrams received and copies of the outgoing letters and telegrams.



Obligation to drawn up financial statements [WvK]

 

Obligation to file a tax return



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

Annually within eight months after the closing of the fiscal year of the company, [...] the management shall draw up a balance sheet and profit and loss account and submits the same to the general meeting of shareholders for adoption. The balance sheet and profit and loss account must be accompanied with ………(translator’s note: sentence incomplete, checked hard copy – book- but incomplete as well)

No accounting principles have been prescribed under circumstances, obligation to deposit for perusal a copy of the financial statements with the Trade registry.

Current year: submitting provisional tax return:  no later than April 15: natural persons and bodies.  tax due is at least equal to the amount of most recently submitted final tax return, unless permission is granted for a lower amount.  Payment debt in 4 equal installments: April 15, June 15 October 15 and December 31. Past year: submitting a final tax return:  No later than April 30: natural persons.  No later than June 30: bodies.  Payment debt: simultaneously with submission of final tax return. tax return must be completed truthfully, clearly, distinctly and without any reservation as well as signed.

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 Objection and appeal

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and collection of tax:  Documents, books, notes, computer files or computer equipment. Obligation to furnish third party information.



Objection:  in writing, stating reasons and within 60 days following the date of the assessment notice.  Appeal:  in writing, stating reasons and within 60 days after the copy was delivered by mail or issued against a receipt.

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CHECKLIST Y: WHAT DO BANKS IN SURINAME HAVE TO OFFER (In this checklist we mention in particular the banks that conducted presentations during the IntEnt starters mission from the Netherlands). DE SURINAAMSCHE BANK (DSB) Objective(s), goal of the Mission: Our aim is to offer a variety of prime-quality products bank and contents (some through enthusiastic and expert employees. The background information as leadership position and professional knowledge of the regards the origin, the bank sector, the extensive domestic office network and mission, vision) entering into strategic international alliances serve as a solid foundation for this vision. Considered with the above, we continuously aim at creating a win-win situation for both the bank and the customer, resulting in an increase of the profitability. The win-win situation among other things implies: building as favorable as possible merits for the customers, shareholders and the society in general Target groups Type of financing Most important conditions and requirements to be eligible

Private persons, businesses, organizations and the government

Consumer credits, business credits and brokerage activities in capital market transactions. For business credits, a sound operational management with sufficient cashflow to pay redemptions is required. Private persons must be an account holder for at least 6 months.

Minimum - maximum amount More information and agency (department) to submit proposals

for the consumer credit the minimum is SRD 500,-

Particulars

DSB bank has placed itself in the service of the society for more than 140 years!

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Department: retail banking or corporate banking Telephone : 471100 Website www.dsbbank.sr

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Objective(s), goal of the bank and content (some background information about its origin, the mission, vision.

Hakrinbank N.V. The Handels- Krediet- en Industriebank (Hakrinbank) was established on June 28, 1936. It is one of the bigger Suriname banks with a market share of about 25%. The bank offers a wide range of financial services and is known as solid and reliable. The provision of services is done via the Head Office and 7 branch offices. In the development of the bank, the wholly-owned subsidiary the national Trust- en Financieringsmaatschappij takes in an important place. It is mainly engaged in furnishing consumer credits, while the Hakrinbank is mainly focused on corporate financing. Mission Statement: As an innovative and dynamic institution, the Hakrinbank offers its customers an integrated package of high-quality financial services. Skilled staff members work as a team to deliver customized services in order to obtain maximum customer-satisfaction.

Target groups Type of financing

All entrepreneurs in the formal sector with a KKF registration Short-term – Current account credit Goal: financing of current assets – operating capital Term: until further notice, yet an assessment is conducted annually Long-term – investment credit Goal: investments in fixed assets – immovable property, purchase of machines etc. Term: subject to repayment capacity of the customer (possibilities up to 15 years) Seasonal credit (e.g. agrarian sector) Form of current account credit Term: from the opening of the season up to the end of the season

Most important conditions and requirements to be eligible

Interest of the credits is determined on the basis of the credit quality. The annual interest is as follows: USD/EUR credit 8 – 12% inclusive of commission SRD credit 11 – 16% inclusive of commission Amount of the credit is determined on the basis of the criteria below, more in particular: Activities must generate sufficient and stable cashflow (repayment capacity) Entrepreneurs must present a business plan. Collateral: o Mortgage on immovable property or

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Minimum maximum amount More information and agency (department ) to submit proposals

Particulars

o Fiduciary transfer of ownership of movable property o (bank) guarantees o Sureties Annual figures and financial position Quality of the management skills, integrity, experience, follow-up plan Positive sector assessment Is determined on the basis of the above criteria.

Department: credits Telephone 477722 ext. 301, 302, 303, 310, 296 and 380 Website: www.hakrinbank.com

The Hakrinbank NV offers the customer coaching and advice in the business process and the financial management. If a customer is in trouble and cannot comply with the credit conditions temporarily, the Hakrinbank offers the possibility to solve this in mutual consultation. In this respect a restructure or consolidation of the credit comes to mind to meet the entrepreneur with his repayment problems. In addition to credits, the Hakrinbank offers a wide range of financial services such as investments, international banking and selling foreign currency, foreign transfers

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Finabank N.V Objective(s), goal of the bank and content (some background information about its origin, the mission, vision.

Target groups

Type of financing Most important conditions and requirements to be eligible

The Finabank was established on April 24, 1991. On March 26, 1998 the first branch was opened at Nw. Nickerie and on March 22, 2007 the Finabank international banking center opened its doors to the public. The goal of the Finabank is to provide for the daily changing needs. The mission is to aim at sustainable partnership with customers by assisting them with customized services and advising them as to realizing their wishes. On the other hand the vision is that the market also offers the opportunity to the Finabank to offer the society financial products and services in order to achieve welfare and prosperity for each citizen. The bank has a low threshold and is accessible to everyone. Apart from individuals, the Finabank also serves the corporate customer. Both the starting entrepreneur and the established business may turn to the Finabank. Personal loan, hire-purchase, vehicle financing, mortgage loans, business credits Subject to the type of financing

Minimum maximum amount

Subject to the repayment capacity of the client

More information and Agency (department) to submit proposals

Department: credits Telephone : direct 424326/ switchboard 472266 Website: www.finabanknv.com Email: credits@fianabanknv.com of finabank@sr.net

Particulars

Opening hours: Finabank IBC (Mr. J Lachmonstraat 49) Monday through Friday 07:00 – 21:00 Saturday 09:00 – 13:00 18:00 0 21:00 Finabank centrum (dr. S. Redmondstraat 59) Monday through Friday 07:00 – 19:00 Saturday 09:00 – 13:00 Finabank Nickerie (R.P Bharostraat) Monday through Friday 07:00 – 15:00 Saturday 08:00 – 12:00

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Godo G.A Coöperatieve Spaar -en Kredietbank Objective(s), goal of the bank and Originally established to provide access to lower income groups. content (some Meanwhile Godo has grown into a financial institution with a broad background social field of operation. It is a cooperative association and thus information about its has members. The interest of the members is the key focus. Godo origin, the mission, is active in various segments, in the course of which a variety of vision) savings and loan products, investments, transfers and insurance products are offered. Target groups

The target groups for the Godo portfolio consist of individual persons, small and medium-sized enterprises, entrepreneurs and micro- enterprises. Also the pupils/students belong to one of Godo’s target groups. To conclude, Godo also Works with NGO‟s (schools, community organizations, regions)

Type of financing Personal loans (PL), mortgage loans (HL) micro- credits and special forms of personal loans.

Most important conditions and requirements to be eligible

Minimum maximum amount More information and agency (department) to submit proposals

For personal loans: • Regular income • 3 most recent bank statements • 6 months membership • Term max 2 years Mortgages For natural persons • Regular income (payslip / employer’s license • Valuation report, map of parcel • Extract from the land and mortgage registry • Extract CBB + nationality certificate For businesses (the same as with natural persons+ also) • Articles of association • KKF extract, annual figures past 3 years Minimum loan amount: SRD 500,- Maximum loan amount PL: SRD 10,000,Maximum loan amount (HL) subject to the credit portfolio. Department: marketing Telephone : 421546 extension 274 Website: www.godo.sr

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Objective(s), goal of the bank and content (some background information about its origin, the mission, vision) Target groups Type of financing

RBTT bank (Suriname) NV Royal Bank of Trinidad & Tobago The RBTT Group is one of the biggest banks in the Caribbean. Ever since June 2008 RBTT BANK (SURINAME) NV is fully a part of the Royal Bank of Canada (RBC), one of the strongest international banks in the world. The RBTT Group has establishments in 13 Caribbean countries and belongs to one of the biggest regional networks of financial institutions

Small and medium-sized enterprises, large enterprises and the consumers market (Corporate and Personal banking) Credit facilities: Overdraft facility The current account credit (also called operating capital facility) is a form of financing aimed at financing the acquisition of stocks. Term loan The maturing loan serves to finance investments, such as the financing, the building or purchase of business premises or the purchase of machines, furniture and equipment, vehicles, computer hardware, etc. Director and Major Shareholder Loan (DGA) A maturing loan intended for the Director and/or Major Shareholder of a company to finance private purchases (home, car, etc. ) Letter of Credit (L/C) facility (documentary credit); this facility is mostly used by importers and serves to open (L/C) for the import of goods up to a priorly set limit. Guarantee facilities: Letter of intent Statement that the bank is willing to issue a guarantee, if a certain project, ensuing from a registration is awarded to bidder as security for the implementation of the project. Performance guarantee: Statement that the bank will pay claims that ensue from a nonperformance or incorrect compliance with a performance contract.

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Most important conditions and requirements to be eligible

Advance guarantee: Statement of the bank to cover a risk of taking an advanced payment with regard to a performance contract. What do we pay attention to when granting facilities: assessment of the company profile and annual figures (balance sheet, profit and loss account) Documents (among other things) Extract trade registry Copy business license Articles of association (if legal person) Possible securities: Mortgage on immovable property Fiduciary assignment of accounts receivable Fiduciary assignment of insurances Fiduciary transfer of ownership, movable property (e.g furniture and fittings, stocks, vehicles)

Minimum maximum amount

Size of the facilities: Subject to the need and the financial possibilities of the customer.

More information and agency (department) to submit proposals

CONTACT: Corporate banking: Telephone 471555 extension number 421 of 297

Particulars

Personal Banking: Telephone : 471555 extension number via switchboard Website: www.rbtt.com Internet banking via website Or any RBTT office near you. We offer personal professional service on the basis of our international background with a strong focus on local customization.

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Development Finance Limited South America (DFLSA) Objective(s), The objective of DFLSA is financing and advising small, goal of the bank medium-sized and large enterprises in Suriname and content (some DFLSA Incorporated is an N (translator: book states same thing) that was established on May 14, 2005 in Georgetown background Guyana. Originally Guyana was their only field of operations. At information the end of 2005 they also started in Suriname as a financing about its origin, institution for medium-sized and large enterprises. the mission, vision.)

Target groups

Type of financing Most important conditions and requirements to be eligible

The parent company is the DFL Caribbean Group in Trinidad. This is a private development bank, which has a good rating (Fitch, BB) and attracts funds in the international capital market to finance economic developments in the countries in the Caribbean. As a private sector development bank, DFLSA works in many areas, such as the industry, including agro-industry, mining, tourism, information technology, private health care. In addition it is involved in financing educational institutions and related services in Suriname. Only primary agriculture and state-owned enterprises are not served by us (or only on very special conditions). The bank especially aims at improving the competitiveness of its customers, in the course of which emphasis is laid on that of the medium-sized and also small enterprises, the so-called SMEs Medium-longterm and long-term loans (5 to 12 years). Until recently only available in US dollars (amount between US 100,000 and US 4,000,000) Submitting a well-substantiated business plan.

Big financing is done jointly with our parent company. The loans to the Minimum and maximum amount SMEs are primarily provided in Suriname currency, more in particular the Suriname dollar (SRD) unless the business is able to prove that it has earnings in foreign currency. The biggest loans to the SMEs varies between SRD 15,000 and SRD 500,000 More information and agency (department) to submit proposals

Address: hoek Malebatrumstraat and Keizerstraat 1st Floor in the HH Cabel building, Unit 101 in Paramaribo. Tel: 471804 fax 471811 Email: dflsa@sr.net emuller@dflsa.com fjoemratie@dflsa.com

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Particulars

Office hours: Monday – Friday, 8:00 – 16:30 Website: www.dflcaribbean.com DFLSA Inc. is the pioneer as far as the use is concerned of an innovative system of loan assessment at the level of the small enterprise and it primarily uses local management and personnel in each country. DFLSA emphasizes good governance in accordance with the standards and benchmarks accepted in the Caribbean. DFLSA also finances, particularly in Suriname, also projects in cooperation with the Suriname-based commercial banks. The friendly personnel is always there to assist you.

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CHECKLIST Z : REQUIRED DOCUMENTS FOR THE TRANSFER OF LAND (LAND LEASE AND LEASEHOLD) REQUIRED DOCUMENTS FOR THE TRANSFER (OF LAND) 1 2 3 4 5 6

Valid proof of identity Recent extract from the population register Recent nationality certificate from the population register Map of the parcel (also called surveyorâ&#x20AC;&#x2122;s map) Deed of transfer of title If Dutch people are concerned: a recent historical extract stating: (where applicable) date of marriage / registered partnership / divorce / current civil status, nationality and of course also the correct name, first names, date of birth and address

Valuation report which may not be older than one year at the moment of the transfer and approved by the Mortgage Registrar Original power of attorney Articles of association of the foundation or NV as well as certificate of entry into the Foundation Register of the Chamber of Commerce and Industry If leasehold is concerned or land lease parcels, a declaration of consent of the Government is required. For non-residents the permission of the Foreign Exchange Commission

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Doing business in Suriname Information Guide IntEnt Suriname 2010 ÂŠ This first print was issued in November 2010 for the Suriname Fair, held in Rotterdam- Ahoy November 12 and 13, 2010. Final editing: Kenneth Woei-A-Tsoi Composition and editing: Carry Leysner Photo material: Stasinternational and IntEnt Suriname IntEnt Suriname Henck Arronstraat 32A Paramaribo-Suriname Telephone : [00597] 472825 E: info@intent-suriname.com W: www.intent-suriname.com

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