Business Guyana 2013 by GxMedia

BUSINESSGUYANA AN INVESTOR’S GUIDE TO DOING BUSINESS IN GUYANA

A FREE PUBLICATION OF THE GEORGETOWN CHAMBER OF COMMERCE & INDUSTRY

2013

TRANSFORM GUYANA

BUSINESS GUYANA 2013

inside BUSINESS GUYANA 2013

©JOHN GREENE

“The business environment has always served as an important barometer for the robustness of our economy, and therefore my government remains committed to sustaining an enabling environment for trade and investment.”

Editor’s Brief

CineGuyana

President of Guyana’s Message

GO-INVEST

P.S.C. Chairman’s Message

The ISIKA Dream

FACTS on Guyana

For All Investors

Guyana Map

Brain Drain vs Brain Gain

FACTS on Guyana

Working in Guyana

Transform Guyana

For the Nation Moving Forward

Gaining Ground in Region 6

Intellectual Property

Quantum Leap

Extractive Education

A Share in Success

National Budget in a Nutshell

Solidly Poised

Selected Commodities Output 2011-2012

Question & Answer

The Ram & McRae Supplement

Guyana Canada

Embassies & Consulates in Guyana

Bank of St. Lucia

Guyana’s Diplomatic & Foreign Missions

Tax Free

Business Contacts

To Every Argument

BUSINESS GUYANA 2013

with Executive Ms. P. Bacchus Forging Stronger Bilateral Ties

Company in Perpective

editor-in-chief Clinton Urling

project co-ordinator Monique Tiwari Marissa Lowden

editorial contributors

Clinton Urling Raj Singh Aircraft Owners Association Air Services Limited Canadian High Commission CineGuyana Bank of St. Lucia Mings Products and Services Limited K.A. Juman-Yassin Ministry of Home Affairs Georgetown Chamber of Commerce & Industry

design

KRITI

Several “game-changing” projects are set for take-off; realising some of Guyana’s biggest economic dreams.

photography

Government Information Agency CineGuyana Dwayne Hackette Air Services Limited Kit Nascimento John Greene Nikhil Ramkarran Ryan Beharry James Broscombe Adrian Browne Vishnu Prasad Fridal Bassier Phillip Williams

The cover: Eight new Guyanese film projects begin the rejuvenating of Guyana’s film industry.

businessguyana an investor’s guide to doing business in guyana

a free Publication of the georgetown chamber of commerce & industry

2013

transform guyana

Urbahn Architects’ impression of the Marriott Hotel currently under construction near the Atlantic seashore in Georgetown. A project set to transform the landscape of Guyana. Business Guyana is an annual magazine published by the Georgetown Chamber of Commerce & Industry. 156 Waterloo Street, Georgetown, Guyana. SA Tel: + 592 225-5846 | E-mail: gtchamber@networksgy.com www.gccigy.org

Guyana’s Commercial Court, successfully resolving business disputes for the past seven years.

All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction. Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters. Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher. These articles do not constitute tax or legal advice, and no action should be taken based on the information in these documents without first consulting suitable tax or legal advisers. No liability for actions taken, or in action, based on the information in these articles, will be accepted.

BUSINESS GUYANA 2013 BUSINESS GUYANA 2013

BUSINESS GUYANA 2013

EDITOR’S BRIEF In the fourth edition of the Business Guyana publication this year, we have embarked upon a path of “creative destruction” to reengineer the magazine’s core concept. At first glance readers will take note of the different layout and design of the masthead, of the cover, and the pages. We opted for fresh fonts and layout styles to enhance the magazine’s overall aesthetics and to make the content easier to read. However, the content – all of it updated to reflect the dynamics of the current economic and business environment in our country – sustains the objectives of the previous editions. More simply stated, the sum of the content sends a very strong message to businesses and countries around the globe that Guyana is not just open for business, but also that our nation is one of the best places to invest in and to operate with dynamic, thriving results. The theme of this year’s edition is “Transform Guyana” – appropriate because it captures many of the transformative projects being pursued by government and private sector in Guyana. These projects will significantly alter the physical landscape of the country as they contribute considerably to economic and social opportunities for the benefit of all of our country’s stakeholders. Similarly, we highlight the developments made over the years to upgrade Guyana’s second major airport to a world-class facility. There are other promising signs of change. This year, for example, our Questions-andAnswers forum is mediated by a young female business executive – just one of many new indicators of our country’s changing landscape. The young generation in Guyana is smart, resourceful, and confident, with many of its members emerging as productive, effective contributors and taking up many of the leadership roles in our companies, boardrooms, and communities. This edition focuses on issues central to long-term economic growth and sustainability. The judiciary is a critical component in facilitating and accommodating the challenges of doing business smoothly and effectively in any country. Therefore, we have reached out to Mr. Juman Yassin, an eminent attorney and former chief magistrate, to contribute an overview of the functions of the Commercial Court and to make recommendations on how the court’s operations could be improved to better serve the business community with effectiveness and efficiency. Another important issue tackled in this edition relates to the need for updated intellectual property legislation and how that would prime the landscape for Guyana’s creative industries to blossom and expand in unprecedented ways. And, speaking of creative industry, we cover numerous recent developments surrounding Guyana’s emerging film industry that is attracting global attention. We also highlight the contribution of Canada and its private sector towards Guyana’s economic and social development, including its formative role in helping to establish the Guyana Mining School. In closing, I want to thank all interested persons and parties who contributed articles and who offered their opinions on the content herein. I also want to thank the Chamber’s Secretariat, led by the indefatigable Marissa Lowden, for the diligent work in ensuring the success of this year’s publication. Finally, I wish to express similar sentiments to Ms. Sita Sugrim (KRITI) for bringing a new lens to the magazine’s layout and design. I look forward to your views and comments and encourage you to send your feedback and comments to gccicommerce2009@gmail.com.

Clinton Urling

Clinton Urling, President, Georgetown Chamber of Commerce & Industry

BUSINESS GUYANA 2013

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BUSINESS GUYANA 2013

extend congratulations to the Georgetown Chamber of Commerce and Industry for the success of this publication which I believe serves the salutary purpose of promoting Guyana as an attractive destination for international business and investment. I especially commend the Chamber for this initiative, since there is no better grouping to encourage commerce, foreign trade and investment than members of the business community. The business environment has always served as an important barometer for the robustness of our economy, and therefore my government remains committed to sustaining an enabling environment for trade and investment. Over the past seven years, Guyana has enjoyed unprecedented economic growth. This fantastic achievement in the context of a global financial crisis is in great measure attributable to the enabling economic policies that were actively promoted by the PPC government. But even our best efforts at promoting macroeconomic stability and instituting fiscal incentives that encourage trade and investment, would not have enjoyed such successes had it not been coupled with the ingenuity and enterprise of the business community. It is now for the business community â&#x20AC;&#x201C; both local and domestic â&#x20AC;&#x201C; to continue along this rich vein, so as to exploit the many opportunities for trade and investment that exist, and which will arise in our ever growing economy. In this process of creating wealth, you can all be assured of the support of my administration, which is actively catalyzing investments aimed at increasing trade, modernizing our traditional sectors, exploring new economic frontiers and diversifying the scale and range of economic activity. Any magazine that can contribute to this process is a welcome addition to our national literary output, and in this regard, I am pleased to welcome this edition of Business Magazine. Best wishes for continued success!

Donald Ramotar Donald Ramotar President of Guyana

BUSINESS GUYANA 2013

Message from the Chairman of the Private Sector Commission

Guyana’s Economy – Moving Forward

n behalf of the Private Sector Commission I congratulate our member organisation, the Georgetown Chamber of Commerce and Industry, on the publication of this the fourth in its series, “Business Guyana”. This year’s publication contains information that will be of considerable benefit to both potential and existing investors. In spite of a problematic global outlook, Guyana’s investment climate has never been more favourable. In 2004 Parliament passed legislation that created a level playing field for investors, which has since been followed by investor-friendly policies that allow for tax and export incentives and duty-free concessions on productive equipment. These incentives are available to both local and foreign companies/individuals investing in the domestic economy. Particular emphasis is placed on the development of non-traditional value added industries including food processing and tourism, that will broaden the economic base of the country and protect against a over dependence on primary commodity exports with the associated market price risks. Guyana’s GDP grew by 4.8% in 2012 and is projected to grow by 5.3% for 2013. This growth has been fuelled primarily by the traditional sectors, rice, bauxite and gold but even as receipts from gold exports continue to increase there is evidence that the economy is diversifying and that non-traditional economic activities are demonstrating positive growth. The services sector has also been growing in economic importance with an increase in technology based services such as call centers. Financial and insurance services registered 13.8% growth in 2012, continuing the strong growth tendencies of recent years as more and varied financial services are offered to an increasingly technologically savvy population.

RONALD WEBSTER

Though the construction boom that Guyana experienced over the last decade slowed in 2012, I expect it to regain momentum in the current year with the commencement of major infrastructural works such as the international airport expansion and highway improvements; which are expected to occur in parallel with an increase in home construction and housing support services. Planned infrastructural works also include farm to market roads that will improve access to agricultural lands, and the rehabilitation of hinterland airstrips to provide better access to interior locations and enhance the growth potential for nature tourism. The increasing global demand for food will also enhance the value of Guyana’s land for mixed agriculture. Sister Caricom States are already exploring the possibility of enhancing their food security by establishing agricultural projects in Guyana. The Country’s economic policies continued to be guided by the Low Carbon Development Strategy, which seeks to ensure that development occurs in a sustainable manner. In this regard the government has entered into agreements for the construction of a major hydropower project at Amaila Falls. This project, with financial closure expected by mid 2013, will on completion transform the manufacturing and agro-processing industries in Guyana that have thus far been constrained by the high cost of energy. There are also plans in the short term to dredge the Demerara harbour channel and enable larger tonnages to be handled per sailing with the attendant improvement in cost efficiencies. In the longer term however the development of a deep-water harbour that will further boost export competitiveness by eliminating the need and cost of cargo transshipment at intermediate ports, is considered essential to future development. Ninety percent of Guyana’s imports and exports move by sea Guyana has entered into several trade agreements over the years and the most recent agreement with Brazil promises to significantly expand trade between the two countries. There is the expectation that Guyana’s ports will be the channels for exports from northern Brazil, and underscores the importance of early finalisation of a deep-water harbour. The private sector is recognised by government as the main driver of the Guyana economy and consultation with private sector leaders on policy and country competitiveness issues is enabled through National Competitiveness committees. The private sector for its part has also evolved and is committed to policies of Corporate Governance and Good Corporate Citizenship I have the utmost confidence that the Guyana economy will continue on its current growth trajectory driven by private sector commitment and involvement. The country is now a prime destination for investment and the Private Sector Commission of Guyana welcomes all investors, both domestic and foreign.

BUSINESS GUYANA 2013

Facts: GUYANA

CAPITAL: POPULATION: NATIONAL MOTTO: OFFICIAL LANGUAGE: GUYANA FLAG: CURRENCY: NATIONAL FLOWER : TIME ZONE: NATIONAL BIRD:

Georgetown Approx. 760,000 One People, One Nation, One Destiny English The Golden Arrowhead Guyana Dollar The Victoria Regia GMT - 04:00 The Hoatzin, also known as the Hoactzin or Canje Pheasant

EMERGENCY NUMBERS: POLICE EMERGENCY RESPONSE UNIT BBM TEXT

Fire: 912 Ambulance: 913 Police: 911 225-6411 2804E429 or 2828B269 623-6068, 623-6072

STATUTORY HOLIDAYS New Year’s Day Youman Nabi Republic Day Phagwah Good Friday Easter Day Labour Day Arrival Day Independence Day Caricom Day Emancipation Day Eid-ul-Adha Deepavali Christmas Day Boxing Day

January 1 January 24 February 23 March 27 March 29 April 1 May 1 May 5 May 26 July 1 August 1 October 16* November 3 December 25 December 26 *Tentative

LOCATION: Guyana is situated on the NorthEast Coast of South America, along the Atlantic Ocean and covers 214,970 square kilometres. It shares a 600-kilometer border with Suriname to the southeast, a 743-kilometer border with Venezuela to the northwest, and a 1,119 kilometre border with Brazil to the south and southwest. CLIMATE: Guyana enjoys a tropical climate with warm temperature and abundant rainfall without the extremes of hot or cold. It has two rainy seasons (May to June, November to January). Average temperatures ranges between 24 oC – 31 oC. Mean temperature to 27 oC and the average range from 24 oC to 31 oC. Rainfall is approximately 2,300mm a year. INTERNAL GEOGRAPHY: Guyana has four distinct geographical areas: the Low Coastal Plain, the Hilly Sand and Clay Belt; the High Land Region and the Interior Savannah. The area in square kilometres is 214,969 (83,000 square miles). About 85% of the land area is still forested, and only 2.5% is cultivated. The coastline lies 1 to 1.5 meters below sea level at high tide necessitating elaborate systems drainage canals. The most valuable mineral deposits are bauxite, gold, and diamonds. The main rivers are the Demerara, Berbice, Corentyne and Essequibo. GOVERNMENT: Guyana became independent in 1966 and has a semi presidential democratic system with an Executive President, a 65-Member National Assembly, and a Judiciary. General and Regional Elections are due every 5 years. The last general and regional elections were held in November of 2011. MEDIA: There are several daily newspapers: Stabroek News, Guyana Chronicle, Kaieteur News and the Guyana Times. Two weekly published newspapers: Catholic Standard and the Mirror. There are over 20 television stations and multiple radio stations as of 2013. The State operates the National Communication Network (NCN) transmitting television and radio stations.

BUSINESS GUYANA 2013

Facts: GUYANA

TRANSPORTATION DRIVING IN GUYANA Traffic drives on the left. Seat belts are necessary by Law. If travelling to Guyana and you wish to drive, please enquire with the Customs Officer upon entry into Guyana for a local driving permit. Be sure to bring your international licence to show. The permit is granted on the spot and is free of charge. TAXI AND BUSES

ENTRY REQUIREMENTS All visitors to Guyana are required to have a valid passport to enter and depart Guyana. All visitors to Guyana should ensure that their passports have at least six months of remaining validity. Those arriving by air require a return ticket. Visitors who wish to extend their stay may contact the Ministry of Home Affairs at 60 Brickdam, Georgetown.

There are also ultra-cheap mini buses traversing the town and along the coast or to the Cheddi Jagan International Airport and Linden. Mini Buses operate in their allocated zones (identified by a number marked on the vehicle) with a well regulated fare structure.

Travelers for purposes other than tourism should check with the Ministry of Home Affairs for information about requirements for work permits and extended stays. On arrival Guyanese Immigration normally grants visitors a stay of no more than thirty days.

RIVER BOATS AND FERRIES

Visas are necessary for all visitors except nationals of the following countries:

Commuters to West Demerara travel by road from East Bank of Demerara and cross at the Demerara Harbour Bridge. The highway which begins on the West Coast of Demerara is heavily trafficked since it provides a link to Parika on the east bank of the Essequibo River which has become an important centre of economic activity in the Essequibo region. For example, speed boats or other types of marine transportation can be hired to take passengers as far as Bartica or other hinterland resorts and back in a single day.

Germany

With the opening of the Berbice Bridge between East and West Berbice travelling time is lessened for commuters from Georgetown to Berbice and onward travel to Suriname via the crossing at Moleson Creek.

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Commonwealth Countries •

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Belgium

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Italy

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France

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Luxembourg

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Ireland

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Norway

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Republic of Korea

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Sweden

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The Netherlands

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Finland

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Spain

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Greece

DOMESTIC AIR SERVICE

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United States of America

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Japan

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Denmark

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Portugal

Air transportation is readily available for travelling to several parts of the hinterland, whether for business or for pleasure. Several local airlines depart from Ogle International Airport on the East Coast Demerara and from Cheddi Jagan International Airport, Timehri. Information on their availability and movement is easily obtainable from their office and tour operators. Private charters companies operate flights into the interior from upgraded Ogle International Airport.

For further information contact the Consulate or Guyana Foreign Office nearest to you.

Georgetown is well served with taxis, which operate throughout the city and to other urban centres. Taxis are easy to find outside most hotels and throughout Georgetown. Enquire of the rates before embarking upon travel. Private taxis are easily arranged through your local hotel or by calling one of the recommended taxi services.

BUSINESS GUYANA 2013

DOMESTIC AIR SERVICES Air Services Limited Tel: (592) 222-4357/68 www.airservicesltd.com Trans Guyana Airways Tel: (592) 222-2525/2861 www.transguyana.net Roraima Airways Tel: (592) 225-9647-8 www.roraimaairways.com Wings Aviation Ltd. Tel: (592) 222-6513 (592) 226-9098 www.airguyana.biz

Phoenix Airways Tel: (592) 222-0802 www.phoenixva.org Domestic Airways Tel: (592) 622-1798 Jags Aviation Tel: (592) 222-2460/61 www.jagsaviation.com Hinterland Aviation Tel: (592) 222-2150 ext 128 www.hinterlandaviation.com.au Oxford Aviation Inc. Tel: (592) 222-0812 www.oxfordaviation.com

INTERNATIONAL & REGIONAL CARRIERS Guyana’s major international airport, named in honour of the late President, Cheddi Jagan International is at Timehri, 25 miles south of Georgetown. Flights from Europe are routed through Antigua, Barbados or Trinidad. There are direct flights from Miami, New York, Toronto, Brazil and Suriname. CARIBBEAN AIRLINES Tel: 1-800-538-2992 www.caribbean-airlines.com

SURINAME AIRWAYS Tel: 592 225-4894/3473 www.surinameairways.com

LIAT Tel: 592 227-8281/ 1-888-538-2992 www.liatairline.com

BANKING HOURS Mondays - Thursdays: 8:00hrs - 14:00hrs Fridays: 8:00hrs - 14:30hrs COMMERCIAL BANKS GUYANA BANK FOR TRADE AND INDUSTRY LTD. Tel: (592) 226-8430-9 NEW BUILDING SOCIETY LTD. Tel: (592) 227-4444 BANK OF BARODA Tel: (592) 226-4005-6 BANK OF NOVA SCOTIA Tel: (592) 225-9222 CITIZENS BANK (GUYANA)LTD. Tel: (592) 226-1705-6 DEMERARA BANK LTD. Tel: (592) 225-0610-9 REPUBLIC BANK (GUYANA) LTD. Tel: (592) 226-1691-5/4091 CURRENCY The unit of currency is the Guyana dollar, which floats against the US dollar (exchange rate at time of publication:US$1=G$200). US dollars are widely accepted. Foreign currency can be converted at banks, finances houses and cambios. CAMBIOS These are licensed currency exchange houses. Most cambios are opened from 8:00hrs - 17:00hrs and on Saturdays from 8:00hrs - 12:00hrs. CREDIT CARDS

DEPARTURE TAX There is an exit tax of G$2,500 plus a security charge of G$1,500 , a total of G$4,000. This is paid to the Guyana Revenue Authority (GRA) booth at the airport.

Major credit cards and travellers cheques are accepted by most hotels, restaurants, car rental agencies, tours operators, jewellery stores etc. International Visa, Mastercard, Maestro and Cirrus credit and debit cards can be used to obtain cash from any Scotiabank ABM.

GUYANA STOCK EXCHANGE Guyana Association of Securities Companies and Intermediaries Inc. (GASCI) is a “self-regulatory organization” which was formed for the purpose of developing a Stock Market in Guyana. It is the result of earlier work undertaken by the Adam Smith Institute funded by the UK Department. GASCI was incorporated on June 1st 2001. Trading commenced on June 30th 2003. The Stock Exchange was formally launched on September 25th 2003. It’s members consist of the four securities companies registered to trade on the Stock Exchange viz. Beharry Stockbrokers Ltd., Guyana America Merchant Bank Inc., Hand-in-Hand Trust Corporation Inc. and Trust Company (Guyana) Ltd. It is governed by a board of six directors. Trading currently takes place on Mondays and on Wednesdays. BUSINESS GUYANA 2013

Transform

Guyana 18

BUSINESS GUYANA 2013

Government and private sector pursue ‘game changing’ economic development projects

ffordable utilities, world-class airport and hotel facilities, a modern roadway providing efficient access to the huge Brazil market and a deep-water harbor have long been part of Guyana’s biggest economic dreams. Now, several “game-changing” projects are set for take-off with the expectation that once implemented, these long-standing dreams will be fulfilled and Guyana will take its rightful place in the global economic community. In recent years, the Government of Guyana and the private sector have together invested significant capital to transform the nation’s economic landscape so that the broad spectrum of business transactions can be carried out with the ease, speed, and efficiency as expected in a globally conscious market economy.

Bridges

ST. GEORGE’S CATHEDRAL AND ENVIRONS, GEORGETOWN ©FIDAL BASSIER

Some of the most significant advancements are in transportation infrastructure. In 2008, the Berbice River Bridge was commissioned, followed a year later with the Takatu River Bridge project which links the southern part of Guyana to Brazil’s northernmost access points. These two projects have eased the costs and operational burdens of transportation logistics and the Takatu project already has led to increased trade between Guyana and Brazil. Other bridge projects in the pipeline include the construction of a new Demerara Harbour Bridge as well as a crossing that links Guyana and Suriname. BUSINESS GUYANA 2013

THE UNITED CENTRE, REGENT & CAMP STREETS, GEORGETOWN©JOHN GREENE

BUSINESS GUYANA 2013

“Not only does this project represent such a large investment in its own right but once it has been completed, it will generate significant benefits to the industrial and commercial community, the household community and the economy as a whole,” Dr. Ashni Singh. Guyana’s Minister of Finance, says. The increased power generation capacity, the reduced cost of utilities and the improved reliability of the power supply will carry over favorably to businesses and their respective expenses, Dr. Singh explains, adding the project likely will be a catalyst for increased private investment especially in industry sectors with high energy demands. “Taken from every angle imaginable, the Amaila Falls project will indeed constitute a prominent shift in the economic landscape within our country.”

Airports Another major project set for takeoff in 2013 is the expansion and transformation of the Cheddi Jagan International Airport. Guyana and China inked a loan agreement valued at US$130 million to fund the project. The airport runway will be extended to 10, 800 feet to accommodate large transatlantic aircraft such as the Boeing 747. In addition, a new terminal will be constructed while eight boarding bridges and state-of-the-art equipment such as elevators, escalators, and x-ray scanners using three-dimensional technology will be acquired. Once completed, the project will ensure that Cheddi Jagan can meet the needs of heavy commercial traffic, and become a hub for regional and continental traffic. The airport expansion project is well timed, given the recent growth of exports in Guyana’s agro-processing and fresh foods industries, which require time-sensitive logistics for air transport and suitable storage facilities to handle the market demand “We are hoping that the new airport will open up new opportunities by attracting suitable carriers that offer a more direct and efficient means of transport to export destinations,” Mohinder Chand, president of the Guyana Manufacturing and Services Association, says.

Amaila Falls A growing economy requires a secure, sufficient power utility network and the government’s Amaila Falls Hydropower project represents Guyana’s single largest investment in Guyana in history. When completed, this renewable energy project, valued at US$840 million, is expected to result in annual savings of US$135 million on the nation’s fossil fuel import bill. Amaila Falls will generate more than 150 megawatts of power as compared to the current demand of 80 megawatts.

Ogle International Airport, the nation’s second largest air transport facilities located about six miles from the city along Demerara’s east coast, also is receiving a major makeover. In 2009, after a series of upgrades including a lengthened and expanded runway along with new facilities for immigration, customs, air traffic control, health and fire service, the airport was certified as an international port of entry. The second phase of Ogle Airport’s upgrade was completed in 2012, with the runway being further lengthened by 2,200 feet and widened by 40 feet. With the runway expansion, Ogle Airport can operate as a regional flight hub for flights to and from other CARICOM country destinations. More upgrades are in line for completion, with an additional $400 million allocated to bring the airport to certification. Additional works includes terminal enhancements, parking aprons, taxiways, fencing, drainage and the installation of safety equipment.

BUSINESS GUYANA 2013

Urbahn Architects’ impression of the Guyana Marriott Hotel... on the Caribbean Sea and in Guyana’s capital city of Georgetown 22

BUSINESS GUYANA 2013

Marriott Hotel Coinciding with the unprecedented expansion in Guyana’s transportation system infrastructure are projects for hotel accommodation and other amenities. An estimated US$60 million is the construction price tag for the new Marriott hotel near the Atlantic seashore at Kingston. “The Marriott will bring to Guyana a modern, world class, stateof-the-art hotel facility with the added advantage of a globally recognized brand,” Dr. Singh says.

The hotel complex will contain 197 rooms, a large ballroom, conference centre, a casino, nightclub, restaurant, a concrete walkway and all of the other standard amenities of a world-class hotel. “Marriott Hotels operate at a consistent standard worldwide and the new resort in Guyana will attract new visitors to a relatively unknown country, as they already know the standard of service to expect from the Marriott brand,” Ronald Webster, chairman of the Private Sector Commission, explains.

BUSINESS GUYANA 2013

Giftland Mall Before the year’s end, Guyana will be home to one of the Caribbean’s largest malls. The Giftland Mall located at Pattensen along Demerara’s east coast will be a major must-see destination with more than 130 retailers and vendors as well as entertainment services including a 12-lane bowling centre, facilities for pool and billiards, and video and digital game arcade. The mall also will house a 500-seat food court with numerous local and internationally branded restaurants. Expected to provide a major boost to familyoriented entertainment opportunities in Guyana, the mall also will provide the nation’s first movie theatre for screening international films at the same time when they are being premiered throughout the world. The movie theatre was made possible through a collaboration with Caribbean Cinemas, which is investing approximately US$3 million to bring eight “state-of-the-art” screens to the mall.

Wood Processing Park

“MARRIOT IN PROGRESS”, KINGSTON, GEORGETOWN, MARCH 2013. ©ARIAN BROWNE

ARTIST IMPRESSION OF INNER MALL

GIFTLAND MALL , UNDER CONSTRUCTION, TURKEYEN EAST COAST DEMERARA ©VISHNU PRASAD

Other projects are designed to expand Guyana’s industrial manufacturing base. China-based Bai Shan Lin Forest Development Inc., will invest in developing a multi-pronged initiative that includes a timber-processing plant at Linden and an industrial complex at Providence on the Demerara east bank. The commercial park, expected to take up five square kilometers, will promote production of various brandname wood products that will boost the local economy, and generate jobs. While wood processing and manufacturing will be the main focus, the park also will encompass industries for shipbuilding, woodworking, machinery, processing and manufacturing, food and aquatic processing, and mining along with a school and hospital. Construction of an international mall and an exhibition centre to showcase finished products also is planned for the Providence industrial complex. The Private Sector Commission, Guyana’s main umbrella private sector organization, is continuing its efforts to encourage and work with government officials and policy makers at all levels to initiate other large-scale projects that will make Guyana more globally competitive. These include ongoing enhancements of interior roads and air strips throughout the country, a deep water harbour and port, capital improvements and programme development at the University of Guyana, a recycling plant, and the completion of the LindenLethem road linking Georgetown to the Takatu Bridge. In summary, these initiatives will transform Guyana’s landscape to the mutual benefit of all parties involved, leading to the creation of more employment, increased trade, better industry sector performance, a reliable transportation infrastructure and network, and, most importantly, a prosperous society providing economic opportunity for the country’s citizens and residents. BUSINESS GUYANA 2013

Reunion developing world-class manganese project at Guyana’s Matthews Ridge

Gaining ground in Region One D

uring the last two years at Matthews Ridge in northwest Guyana, the Reunion Gold Corporation has been laying the groundwork for a worldclass manganese project that not only promises to help close the gap between supply and demand for the world’s fourth most consumed metal but also has already stimulated the local economy with jobs, infrastructure rehabilitation, and community efforts to help farmers and schools. Encouraged by the results of its preliminary exploratory activities that indicate the manganese ore found in the area could produce a market worthy product, the company,

BUSINESS GUYANA 2013

according to Jo Bayah, chief operating officer, will decide in 2013 the most feasible ways to scale up mining operations. Full-scale operations in the future could help mitigate the anticipated shortfall in the manganese market later this decade, which is expected to exceed two million tonnes annually after 2015. Indeed, the project has helped Reunion become a familiar and welcome neighbour to residents in Guyana’s northwest district, Bayah explains. Providing some 300 jobs and facilitating other business investment, the company has invested in a fleet of equipment – dozers, excavators, trucks and technologically sophisticated

laboratory tools – at the Matthews Ridge site to run and test manganese samples. Bayah says the company also has undertaken some infrastructure rehabilitation work, focusing on old mine bungalows and road, airstrip and other network components. These were part of earlier manganese operations in the 1960s when a Union Carbide subsidiary shipped out approximately 1.7 million tonnes of manganese concentrates in a six-year period. Prudently acknowledging its large-scale role in the area that potentially could last many years, Bayah says Reunion’s community engagement has included support for local agricultural initiatives and for local schools to subsidise meals programmes and vacation attachments for students.

LEFT: THE REFURBISHED GUYANA HOUSE, (BURNHAM HOUSE) MATTHEWS RIDGE, REGION 1, GUYANA. BELOW: MINING IS DONE BY OPEN PIT METHOD.

Bayah says Reunionâ&#x20AC;&#x2122;s community engagement has included support for local agricultural initiatives and for local schools Reunion is well known for its projects in the Guyana Shield Region of South America that include Matthews Ridge for manganese and Lely Mountain in Suriname for gold. In 2010, the company, under its wholly owned subsidiary Reunion Manganese Inc., obtained four prospecting licences in Guyanaâ&#x20AC;&#x2122;s northwest district, covering 45,729 acres centered around the mines that were abandoned in the late 1960s. The company selected the site because of its low barriers to development, as there is an existing mine area with relatively low infrastructure requirements and a manageable environment, Bayah explains.

Exploration activities have been targeted to establish a NI43-101 compliant resource estimate in an area that mining engineers and specialists believe extends to points 40 kilometres of the strike. To date, the exploration team has covered the area extending to 20 kilometres of the strike. The company also has completed a trench programme across the property involving activities and tasks related to geophysics, geochemistry, sampling and drilling on 15 kilometres of the strike. Mining specialists and scientists are evaluating the work for a resource estimate and feasibility study, with the initial assessment report expected by the end of the first quarter of 2013, Bayah says.

Metallurgical testing began in 2011 to establish the best way to process the manganese ore into concentrate. The company tests have confirmed that the Matthews Ridge ores could produce a saleable product for the market. However, a final decision is pending the verification of concentrate quality and treatment variables, which are being further tested in Guyana and Canada. Previously, the mining operations at Matthews Ridge used rail to transport the concentrate to Port Kaituma, a distance of 50 kilometres, where it then travelled down a man-made canal and river at a distance of 80 kilometres to the Atlantic Ocean and ultimately onward to Trinidad.

BUSINESS GUYANA 2013

Approximately 90 per cent of manganese goes into low-cost steel production Bayah says transportation activities for the current operation will be similar but the company is comparing the feasibility of truck and rail options for getting to Port Kaituma. While initial studies favour the trucking option, an ongoing cost benefit analysis will confirm if this would be the best way to proceed. Only iron, aluminum and copper exceed manganese in global consumption. Manganese’s uses are diverse and broad, from metal alloys (e.g., iron and steel) to batteries and chemicals and the electronics industry. Approximately 90 per cent of manganese goes into low-cost steel production, thus creating harder steel and improving its workability at high temperatures while using only small amounts of manganese. Manganese in metal alloys is utilised in construction I-beams, machinery and in the transportation industry. The global manganese supply comes from many locations including South Africa, which hosts about 80 per cent of the world’s known resources of the mineral. Others include Australia, Brazil, China, Gabon, Ghana, and Mexico. The Matthews Ridge project, according to Bayah, is especially noteworthy because manganese tends to be found in areas of difficult access with infrastructure challenges – such as Guyana’s northwest district – and dwindling availabilities of the mineral call for new suppliers to help meet market demand. Two-thirds of the world’s existing manganese supply is sold on contract, whereas the rest is sold on spot or in integrated sales. Market dynamics indicate a fundamentally tight supply-demand situation going forward, Bayah explains, which should be price supportive. Recent manganese prices have fluctuated between $4.50 and $5.50 per dry metric tonne unit, which represents the price per one per cent manganese contained in the concentrate. Reunion’s ongoing analysis assumes a long-term unit price of $5.50, which Bayah believes will see this holding price trend moving up with increasing demand.

BUSINESS GUYANA 2013

QUANTUM LEAP Guyana’s aviation industry makes quantum leap into modern era. In the last decade, Guyana’s civil aviation industry has made the quantum leap to a modern transportation system that meets global standards in performance and safety, thanks to the International Development Bank’s (IDB) Transport Industry Reform Programme. Recent improvements, introduced with the full collaboration of government and the country’s growing private sector as well as the Aircraft Owners Association (AOAG), have ensured that Guyana’s aviation industry is on a global par when it comes to regulatory standards governing global navigation systems, flight operations, aircraft maintenance, pilot safety, airport security, search and rescue and weather reports. A member organisation of the Private Sector Commission, the AOAG comprises major commercial airline operators and other industry shareholders. The AOAG counts among its members the primary investors who have played key roles in the Ogle Airport’s expansion. Ogle Airport is a perfect case example of how Guyana’s aviation industry has been transformed by the work of public-private partnerships. The expansion programme has brought an investment of G$5 billion, financed entirely by private capital primarily from 12 investors and major aircraft operators and which has been supplemented by a grant from the European Union through CARICOM.

The airport, which began in the 1950s as a sugar industry crop duster aerodrome, has grown rapidly in recent years to become a certified international municipal airport, boasting a 4,200foot runway and a state-of-the-art terminal. Now the country’s second international airport, it is the hub for Guyana’s domestic aircraft industry with 10 operators that maintain a fleet of more than 40 aircraft and run approximately 100 flights a day. Ogle already offers international flights to Suriname and is expected to host the Antiguabased regional carrier LIAT (Leeward Islands Air Transport) for international flights beginning in March. The upgraded runway extension to accommodate a broader range of aircraft type ensures a Grade 2C designation for Ogle. Passenger and cargo air traffic has increased significantly at Ogle in the last six years. The number of passengers moving through the airport each year has increased more than four and a half times to 151,863. Meanwhile, the annual volume of cargo has grown more than five and a half times in the same period to more than 46.2 million pounds. Flights from Ogle Airport serve the entire hinterland and, to a lesser extent, the country’s coastal communities. The recently upgraded air transport services are intricately linked as the lifeblood of Guyana’s burgeoning industries in gold and diamond mining, forestry, and

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tourism as well as the economic sustainability of the hinterland Amerindian communities. For example, in 2007, 6,761 flights served at least 23 hinterland mining, forestry, tourism and Amerindian community destinations. By 2011, the number of flights was 45,265. Guyana’s domestic aviation industry is served by six commercial aircraft operators – including Air Services Limited and Trans Guyana Airways, both major domestic airlines – which have significantly developed and expanded their fleets from the old piston engine planes to turbine-driven aircraft operating out of Ogle. Air Services Limited, which in the not too distant past began life as a single-plane operation, has expanded its fleet to 24 aircraft of five types along with a helicopter service reaching five interior destinations with regular daily flight schedules. Trans Guyana Airways, with similarly humble beginnings, has expanded to a fleet of eight aircraft – seven Caravans and one Islander. The airline’s schedule includes 22 domestic commercial flights per day and approximately 150 scheduled and chartered flights per week. Trans Guyana Airways offers two international flights per day from Ogle to Suriname. Both airlines have a solid reputation in meeting the highest international industry rating standards in maintenance and rebuild services covering everything from power plants to avionics. Other domestic operators provide similar complements of service. Air Guyana, with two aircraft, lists 113 hinterland destinations on its website for charter services. In addition, the airline regularly provides a combination of charter and scheduled services to five major mining and tourist destinations In Guyana. In the immediate future, Air Guyana is expected to complete the Ogle Airport’s newest and most modern office and hangar facilities.

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Roraima Airways represents a rapidly growing hospitality, tourism and aviation complex of operations with a fleet of three modern aircraft serving three main hinterland destinations daily. The airline’s schedule includes an international service of five flights per week to Trinidad and Tobago, and approximately 45 flights per week. Mike Correia, chairman of the AOAG and CEO of Trans Guyana Airways, said at the completion of the Phase II runway expansion at Ogle in the spring of 2012 “that more emphasis must be placed on returning our interior airstrips to the standard of the early days of GAC when large aircraft like Caribu and HS-748 operated successfully in connecting the interior to several of these airstrips.” With regard to developing Guyana’s aviation industry, the AOAG owns and operates the Art Williams and Henry Wendt Aeronautical Engineering School, the only one of its kind in the Caribbean region. The school is accredited and certified by the Guyana Civil Aviation Authority, The Caribbean Aviation Safety Oversight System of CARICOM, the Jamaica Civil Aviation Authority and the Civil Aviation Authority of Suriname. To date, the school has graduated 222 Ab-Initio students of which 104 are fully licensed engineers under the Ab-Initio Modular Programmes, which was launched in 1997. The school’s current enrolment stands at 102. Its graduates serve as engineers in all of the Caribbean airlines as well as international flight operators. As Guyana’s aviation industry continues it longer-term expansion, attention will focus on making the case for the government to invest in the rehabilitating and upgrading of the nation’s major interior airstrips to accommodate even larger aircraft. This will open the door to further investment opportunities involving the nation’s airlines so that they and the country’s communities can benefit from the economics of scale. In turn, these developments will reduce air transportation costs as well as increase passenger and cargo travel, particularly in Guyana’s hinterland.

This will open the door to further investment opportunities involving the nation’s airlines so that they and the country’s communities can benefit from the economics of scale.

A SHARE IN

SUCCESS Micro finance opportunities blossom for Guyana’s new generation of entrepreneurs

n recent years, micro finance institutions have blossomed in Guyana, playing an increasingly essential role in helping enterprising individuals – particularly, women and those between the ages of 18 and 35 – start micro and small businesses that are effective catalysts in creating jobs for the country’s rapidly developing economy. These include The Institute of Private Enterprise Development (IPED), Guyana’s largest micro finance entity, as well as

the Guyana Youth Business Trust (GYBT), Women of Worth (WOW) Loan Facility, the Caribbean Export Development Agency, The Small Business Bureau, and Guyana Bank for Trade and Industry (GBTI). In Guyana, as with its Caribbean neighbours, small businesses comprise the largest majority of privately run enterprises and which contribute an estimated 40 per cent of the nation’s gross domestic product, according to figures provided by the Inter-

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American Development Bank. Indeed, micro and small enterprises not only provide a healthy baseline of jobs but also serve as a safety net for the poor and others who face significant challenges in gaining selfsustaining employment.

industries as well as industrial projects and retail/ commercial operations. By 2010, IPED, which was established in the middle 1980s, already had disbursed 78,134 loans with a total value of $16.7 billion, helping more than 30,000 enterprises.

The emergence of micro finance institutions has helped Guyana’s government and business community deal effectively with the most critical challenges facing development of small business: sufficient, adequate access to financing and comprehensive training in the technical and business skills necessary to maintain a successful micro or small enterprise. Micro financing has proven to be an attractive alternative, especially for economically disadvantaged demographic groups who typically cannot secure benefits from traditional banking and loan services or who cannot establish empowering connections that provide essential business training.

The Guyana Youth Business Trust (GYBT)

The following summarizes the features of Guyana’s most active micro finance institutions: The Institute of Private Enterprise Development (IPED) As Guyana’s largest micro finance institution that serves micro, small and medium sized businesses in the country, IPED’s stated mission is “to facilitate enterprise development for wealth creation and poverty reduction whilst remaining financially viable.”

Established by IPED in 2000, the GYBT operates “to support young entrepreneurs in the establishment and growth of enterprises to create jobs for the owners and others.” The Trust targets entrepreneurs between the ages of 18 and 35, providing assistance and development guidance especially to those who cannot access traditional financing channels. The GYBT provides start-up loans for micro and small businesses without requiring collateral or guarantors, and it offers various mandatory mentoring, advisory and training services as part of the loan agreement.

As with its Caribbean neighbours, Guyana’s small businesses comprise the largest majority of privately run enterprises and which contribute an estimated 40 % of the nation’s GDP

The maximum loan for first-time borrowers is $800,000. The Trust has financed youth-owned enterprises in various sectors, ranging from agriculture to furniture manufacturing and to tourism, among others. Women of Worth (WOW) Loan Facility One of the more recent micro finance initiatives, the WOW Loan Facility was launched in 2010 as a collaborative effort between Guyana’s government and the Guyana Bank for Trade and Industry (GBTI). WOW assists women who are single parents between the ages of 18 and 60 to access the financing required to start their own businesses. WOW Loans are

IPED provides loans for business development to non-traditional customers throughout Guyana who are defined as those lacking access to commercial banking services. Persons who have been in business for at least six months are eligible for IPED financing. IPED offers three loan categories: micro loans, up to $600,000; small loans, up to $5 million, and medium loans, up to $20 million. It also provides technical and managerial support services through training and counseling to all loan beneficiaries. IPED has financed business activities in the agricultural, fishing, and the service

BUSINESS GUYANA 2013

LESLYN SMALL, CLOTHES VENDOR ©IPED

available in amounts ranging from $100,000 to $250,000, at a 6 per cent annual interest rate. The loan repayment periods run to a maximum of two years. Eligible recipients must earn less than $40,000 per month. Applicants also must be registered with Guyana’s Ministry of Human Services and Social Security Single Parent Registry and must be issued with an introductory letter provided by the ministry or its representative agency. GBTI provides qualified applicants with 100 percent of the requested and approved amount and no equity is required. Thousands of Guyanese citizens have benefited so far and currently, the project is undergoing a comprehensive review to determine the extent to which its objectives have been achieved. Commercial Banks GBTI also has been among the most prominent commercial banks in supporting the development of micro and small businesses in Guyana. It offers agricultural loans for expanding cultivation, upgrading machinery and equipment, and acquiring inputs in diverse sub-industry sectors such as poultry farming, cash crops, and agroprocessing. In addition, GBTI offers loans targeted for rice farmers and millers. GBTI’s manufacturing loan program caters to small-scale and medium-scale projects with both domestic and export potential. Another major loan category is designed to accommodate the unique financing needs of the retail trade and services sectors while ‘green’ loans are designated for low-carbon economic investments and projects. The Caribbean Export Development Agency Caribbean Export is a regional export development, trade and investment promotion agency operating under the auspices of CARIFORUM (representing the Caribbean Community and the Dominican Republic). Established in 1996 by an intergovernmental agreement, the agency administers the Regional Private Sector

Development Programme (RPSDP) under which local and regional firms can access grants of up to €30,000 to finance projects based on submitted proposals. The agency’s primary mandate is to help regional firms become ‘export ready’ by providing financing to eligible applicants with firms that are legally registered and operating in a CARIFORUM member state. Furthermore, eligible enterprises must be engaged in trade for industrial sectors such as alternative energy, RADIKA PERSAUD, RICE FARMER ©IPED agro-processing, creative industries, and tourism, among others. Applicants must also be exporting or, at the minimum, demonstrating their potential to export goods and services. General eligibility requirements include ongoing business operations for at least two years and a demonstrated capability of financing and sustaining their projects fully at project onset. In 2012, six Guyana-based firms earned funding from the agency’s direct assistance grant scheme. The programme has awarded more than 140 grants to regional business enterprises in the most recent two-year period. The Small Business Bureau (SBB) The SBB’s mission is to develop the micro and small business sectors to their optimal capacity and to enable them to move from subsistence to commercially viable levels, thereby linking them to the nation’s mainstream business economy. The Bureau, which operates under the auspices of Guyana’s Ministry of Tourism, Industry and Commerce, aims to provide incentive regimes and support programmes for small businesses. Since being established in 2010, the SBB has offered business management training programmes, export workshops, formal business registration guidance, and facilitating services for business owners to attend trade shows and participate in exhibitions, among other activities. In 2013, SBB’s activities will take on an expanded, even more specific, focus by facilitating a broader range of business development services and promoting selfsufficiency and sustainability initiatives via the Low Carbon Micro and Small Enterprise Development Project. The SBB will provide assistance in various forms – collateral guarantees, interest subsidies, grants, and training – to qualified micro and small business enterprises in the priority sectors of farming, processing aquaculture, eco-tourism, business process outsourcing, and bio-ethanol. The Bureau also will support low-carbon activities such as energy efficient transportation. The SBB initiatives are designed specifically to assist those with no access to credit or business training as well as those affected by the restructuring of industry sectors such as mining, forestry, sugar and bauxite.

BUSINESS GUYANA 2013

SOLIDLY POISED Air Services Limited Provides passenger and cargo service to virtually every point in the country

ir Services Limited (ASL) is Guyana’s oldest and largest domestic air services operator and the company is on an aggressive expansion drive. The expansion of ASL operations is well timed for Guyana’s robustly growing economy and for the centennial anniversary that marks the arrival of air travel in the nation. The addition of helicopter services and the construction of economically affordable helipads will strengthen significantly the airline’s logistics for maintenance and repairs of its aircraft fleet.

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It also will provide time-sensitive auxiliary services to industries such as mining that operate in some of the nation’s most challenging terrain and remote locations. ASL provides passenger and cargo service to virtually every point in the country including all of the hinterland airstrips from Baramita in the north to Gunn’s Strip in the south. The most immediate impact of the new helicopter services will be to reduce downtime in operations. Occasionally, it has taken days to complete aircraft maintenance and repairs at remote airstrips because parts

and supplies must be carried over terrain not conductive to rapid transport. Likewise, interruptions in mining operations in equally remote areas sometimes last longer than expected while workers wait for spare and repair parts – a problem that can be solved by making available helipad services. ASL’s current fleet comprises 22 aircraft and a Bell 206 long-range helicopter. In addition, ASL will now have improved capacities to provide medical evacuation support in Guyana’s most remote interior locations and to transport patients to Ogle Airport, where the nearest hospital is just minutes away. The airline also will be ready to augment search-and-rescue operations for the Guyana Defence Force and the Guyana Civil Aviation Authority. ASL’s staff of 210 employees includes 22 commercial pilots, a helicopter pilot, and a full complement of mechanics, engineers, flight dispatchers, and flight school instructors. The airline has grown into a full-service modern transportation provider since its modest beginnings with one aircraft in 1957. Today, it offers overseas

MAHDIA HANGAR

charters to the Caribbean region and South America, and the airline specializes in VIP flight services. ASL also has developed three satellite operations at Mahdia, Timehri and Lethem to better serve its customer base. The recently constructed hangar at Mahdia represents a company investment of $75 million Guyana dollars and the airline’s vigorous commitment to aiding the economic development of the country’s hinterlands and to opening up far-flung communities nestled within some of the most difficult terrain. Employees at the Mahdia hangar, which is the hub of Region Eight’s distribution and transportation activities, see more than 300,000 pounds of cargo and thousands of passengers per month travel through this location. The hub also has become an important distribution point for supplies and materials to reach schools and medical centers not easily accessible via ground transportation. The airline is also solidly poised to keep up with rapid developments in aircraft technology and the increasing demands of environmentally responsible and green-friendly operations. Starting more than 15 years ago, ASL provides Guyana’s only stand-alone flight school, which originally was intended to provide the airline with a corps of well-trained pilots. Today, the commercial flight school now also sends graduates across the broader

horizon with many working in other flight operations throughout the Caribbean region. The school’s courses include Private Pilot Licence (PPL), Instrument Rating (IR), Commercial Pilot Licence (CPL) and Multi-Engine Rating (MER). ASL’s trainee pilots begin with a stateof-the-art “flight simulator” protocol before venturing to in-flight training. ASL also continues to deepen its green-friendly commitments. It has invested heavily in what will become the most technologically advanced fuel farm in Guyana that, in turn, will provide strategically competitive advantages by making available costeffective aviation fuel and passing along the benefits of savings to the travelling public. ASL also has committed to the government’s low-carbon strategy by equipping its entire fleet of Cessna Caravans with fuel-efficient engines that leave a smaller carbon footprint in their operation. Known widely for a safe, efficient, and reliable track record, ASL focuses continuously upon improving the quality of its services and logistics through its ‘Serious About Service’ slogan brand. Aircraft maintenance is carried out at the most modern hangar facilities in Guyana where manufacturers’ safety and maintenance rules dictate routine maintenance schedules. The airline’s safety and quality managers also are legally bound to the strict maintenance and safety standards set forth by the Guyana Civil Aviation Authority whose frequent audits underscore ASL’s well-established record of aircraft airworthiness and travel safety. It also carries out maintenance on aircraft for other aviation companies, both locally and overseas. Community involvement also is an important part of ASL’s portfolio of corporate responsibility. Four years ago, the airline implemented an apprentice programme in which staff members target young Amerindian students in the hinterland who have successfully completed the Caribbean Examinations Council (CXC) requirements but who also have been unable to find employment. Today, 16 former hinterland apprentices are now permanently employed with ASL. In addition to supporting economic development in the hinterland communities, the airline also engages in several charity events, including sponsoring the $250,000 prize awarded to the Hinterland Games winner of the women’s football finals. Air Services Limited also is the founder of the Aircraft Owners Association of Guyana, and is a member of the Tourism and Hospitality Association of Guyana.

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EXECUTIVE QUESTION & ANSWER

WORK

ISN’T JUST A PLACE YOU GO Interview with Patricia Bacchus, Chief Operating Officer, Caribbean Container Incorporated. Who is Patricia Bacchus? I am an Attorney-at-Law by training, and the Chief Operations Officer, Director of Administration and Company Secretary at Caribbean Container Inc. In 2006, I graduated from the Sir. Hugh Wooding Law School and was awarded the GoG prize for being the Most Outstanding Law Graduate and the Council of Legal Education Prize for Outstanding Performance. In 2004 I graduated from the University of Guyana, gaining a Distinction and securing the Pro Chancellor’s Medal as the Most Outstanding Law Student. Additionally, I was a part time Lecturer on the Law Programme at the University of Guyana and I represent CCI as a member of the Georgetown Chamber of Commerce and sit on the Chamber’s Advocacy Sub-Committee. My most recent appointment has been to the Guyana Gold Board as a Director.

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Tell us how you got involved with Caribbean Container Inc.? In 2006, I returned to Guyana and met with the Company’s CEO – Ronald Webster, who offered me a consultancy contract to join a team to financially restructure the company before the end of 2006; and although I had not envisaged a career path in the corporate field, I felt a deep approbation for the type of ‘green’ activities CCI was engaged in, and accepted the offer in September 2006. At the end of a successful consultancy, I was offered the post of Company Secretary in 2007 and in the years that followed, Director of Administration and COO. Caribbean Container Inc. has emerged from some difficult times, what plans do you have for the company going forward? Caribbean Container Inc. successfully underwent intense operational

restructuring during the period 2007 to 2011 which has resulted in a fivefold increase in market capitalization. In keeping with its core operational mandate of providing environmentally friendly packaging, the Company launched its Eco Pak Line of biodegradable food packaging in the last quarter of 2012. CCI plans to expand this product line, and to diversify into other types of environmentally conscious product lines. Going forward, the Company will continue to place emphasis on those inputs which are necessary

broader recycling plant would require very heavy capital investment in land, plant and machinery. The viability of such a plant would be largely dependent on adequate supplies of recyclable materials, since a high output is the only recourse to offset the high energy cost associated with recycling plants. Consequently, the appropriate investment to make in the immediate future would be in solid waste collection and sorting systems and facilities, designed to enable retrieval of recyclable materials before they are land-filled. This is a prerequisite to a broader recycling plant in Guyana and would result in job creation, foreign revenue earnings, reduced dependency on landfill space and a noticeably cleaner environment.

©DWAYNE HACKETT

“I am most proud of the fact that I have been able to retain my core values and ideals and apply them every day in my work” for continued business success – quality & customer satisfaction, human resource development, appropriate capital investment and good governance. CCI will continue to report on the triple bottom line basis of people, planet and profit as the indicators by which to measure performance.

You are in the business of recycling cardboard; do you see the need for a broader Recycling Plant in Guyana to address our solid waste disposal challenge? Landfill waste disposal is both expensive and finite while recycling practices are both resource conscious and financially viable. However, a

Older men unfortunately still dominate boardrooms and senior management positions in Guyana, what can you say about your experience being a young female COO? In my professional capacity I have never been met with age and gender biases. In fact, I have found business executives to be very professional and always willing to lend their expertise; and having regard to the multitude of questions I tend to ask, I must add that they are extremely patient. At the inception it was difficult for me, with a legal background, to get involved in certain operational areas; but I quickly realized that the industry in which my career was developing required knowledge on a wide variety of disciplines and that if I were to be successful, I would have to adapt accordingly. I therefore take every opportunity to ask as many questions as possible to the people who possess the requisite technical knowledge and skills.

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What advise would you give to investors looking to invest in Guyana? Guyana has a multitude of investment opportunities, particularly for non-conventional industries. Potential Investors looking to invest in Guyana should ensure that certain considerations are adequately addressed. First, they ought to thoroughly familiarize themselves with all applicable laws, regulations, policies and systems which touch and concern the types of investment under consideration. Compliance ought to be a high priority item on investors’ agendas; and their business practices and systems ought to be designed accordingly. An equally high priority item for investors would be adequate investment in human resources, specifically aimed at ensuring that people are properly trained to competently execute their duties. One must recognize that industry specific training is limited to certain traditional disciplines in our tertiary institutions, and that there is likely to be a skill gap particularly as it relates to new and emerging technologies and industries. Ensuring that membership is sought with appropriate Private Sector Organisations is also critical for investors, since they provide a forum at which private sector concerns are addressed and collective representation is made in a systematic and sustainable manner, capable of yielding results. Is there any important issue (s) affecting business development in Guyana that you would like to see addressed or accelerated by the policy makers? A lot has been said about issues affecting business development; such as the impact of inadequate

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“even my mother often calls me a dreamer, but I strongly believe that things should be done, how they ought to be done. I believe that people ought to conduct their business affairs with integrity and fairness, “ transport infrastructure, the impact of the high cost of energy and the consequent need for investment in more affordable sources of energy. Private Sector Organisations are actively advocating on these issues, and action by the policy makers has already commenced. What is often overlooked is the impact of the shortage and sometimes complete absence of certain types of skills in the local workforce. This issue is not confined to the amount of people pursuing tertiary and vocational training, but extends to the types of programmes being offered locally. With greater investment in non conventional types of businesses, our educational programmes must be designed in a manner that would enable persons to qualify themselves and competently occupy technical positions in new and emerging industries. If we do not revisit our curriculum with a view to achieving this, local businesses would have no choice but to outsource certain skilled jobs to appropriately qualified nonnationals, an option which is neither cost effective nor always readily available.

Which one of your accomplishments (life and/or work) are you most proud of and why? I am extremely proud of my academic accomplishments and my professional growth in the private sector over the past few years. I would have to say however, that I am most proud of the fact that I have been able to retain my core values and ideals and apply them every day in my work. People consider this naïve, unrealistic and impractical, even my mother often calls me a dreamer, but I strongly believe that things should be done, how they ought to be done. I believe that people ought to conduct their business affairs with integrity and fairness, that high office should attract the strictest measures of accountability, that businesses ought to balance their interests and ensure that their emphasis is on the triple bottom line of people, planet and profit.

&guyana

CANADA

anada and Guyana has strong trade roots dating back over 100 years when rum and molasses were traded for salted cod and ice from the east coast of Canada. Canadian provinces such as New Brunswick and Nova Scotia have been trading with Guyana since the colonial times. Over the years Canada Guyana trade relations have been formalized due to the growing interest of some major Canadian companies, ScotiaBank from Nova Scotia has been operating in the Caribbean since 1834, and has been active in Guyana for over

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Forging Stronger Bilateral Trade Ties

40 years. Canadian diplomatic presence in Guyana started with the opening of the Commission of Canada in Georgetown, in March 1964, with full diplomatic relations being established in 1966. Over the years, Canada Guyana relations have ranged from support for the development of the local mining sector through the CIDA GENCAP projects, support for the machine readable passport project, support for trade through assistance provided by the Trade Facilitation office of Canada to the Guyana Manufacturing and Services Association (GMSA), New Guyana Marketing

Corporation as well as development support assistance for the Office of Trade Negotiations among a plethora of other trade initiatives. Canada and Guyana also have strong people ties. Over 300,000 Guyanese Canadians make up a very vibrant and diverse diaspora, linking our cultures and peoples ever closer. Today, Canada’s bilateral trade with Guyana is thriving. Canada’s investment in Guyana account for billions of Canadian dollars particularly in the extractive sector, and Guyana’s famous rums can be found in almost all Canadian provinces. Canada is proud of these strong ties.

We know that the road to development, there can be no greater tool than trade. Trade enriches all who participate in it, trade impacts the lives of many, creating new jobs, and new opportunities and improving the lives of citizens of every nation. With this vision in mind, the Canadian High Commission’s Trade Department over the years have targeted sectors that best leverage Canada’s strengths, builds on Canadian capabilities to improve the bilateral relationship that Canada and Guyana share. Canada’s long and important relationship with Guyana’s extractive sector also has deep roots. 100 years ago Canadian companies were already hot on Guyana’s Eldorado legacy investing in mining operations and strengthening commercial linkages. As the years rolled on, many new Canadian companies like Alcan continued to build vital education and commercial links. Today, many of our companies have found a second home

that it has a role to play in promoting the messages of socially responsible practices for all Canadian companies irrespective of where they choose to operate. As part of the Government of Canada commitment to good corporate practices, the Canadian High Commission is working with all Canadian companies active in Guyana to enhance their potential for success. The Canadian High Commission has hosted numerous workshops on corporate social responsibility and corporate governance and launched the Guyana Mining Toolkit which is a Guide for Communities to aid in the understanding of the extractive sector operations. For Canadian businesses operating abroad, corporate social responsibility is not just something companies ‘do’, rather, it is inherent in everything they do. The Government of Canada holds its companies to the highest standards and Canadian companies are expected to always be cognizant of the impact that their operations have on the societies within which they operate and also to their shareholders.

100 years ago Canadian companies were already hot on Guyana’s Eldorado legacy investing in mining operations and strengthening commercial linkages. in Guyana and are actively working to further develop Guyana’s extractive sector. Throughout all of Guyana’s mineral rich regions, Canadian companies can be found working in tandem with local communities to support and develop sustainable extractive sector operations as good corporate citizens. Canadian mining and exploration companies are active in more than 100 countries around the world and as a leading country in the mining industry, the government of Canada understands

The Canadian High Commission and the Ministry of Natural Resources and the Environment have partnered to support the development of supply driven technical and vocational education training for the further development of Guyana’s extractive Sector. The Association of Canadian Community Colleges (ACCC) and The Council for Technical and Vocational Education and Training (TVET) are also rolling out a project aimed at Guyana’s mining industry to provide a certified program in the skills and requirement necessary for the industry. The High Commission is also working with the Government of Guyana on the oil and gas sector. There are many similarities between the growth of Canada’s extractive sector, particularly, on the east coast, which

had undergone its own transformation in the 1970’s, and Guyana’s current extractive sector development. Because of these similarities, Canada understands the necessity for Guyana to begin to position itself strategically and to ensure that, legislative and fiscal frameworks as well as educational partnerships, governance, and training programmes are put in place to allow Guyana to navigate the opportunities and challenges that comes with commercial production in the resource sector. The High Commission is also actively providing support for legislative reform through partnerships with the Commonwealth Secretariat, educational training through partnerships between the Ministry of Natural Resources and the Environment, the Marine Institute and the College of the North Atlantic, and support for mineral mapping among many other trade projects that are aimed to further strengthen mutually beneficial trade between these strong allies. Canada’s extractive sector is a model for sustainable mineral resource development. Because of this, there is a deep understanding within the High Commission trade vision of how the extractive sector growth could propel the transfer of expertise, capital and innovation into Guyana’s economy. The High Commission stands ready to continue to work with Guyana’s Government, Industry and all stakeholders to promote investment and enhance trade links which will ensure that the economic relationship between Canada and Guyana continues to expand. Canada sees Guyana’s potential for a discovery of oil and the launching of large scale mining production operations as further catalysts for positive transformations within Guyana’s economy and is proud to continue to be a partner in Guyana’s development and bright future. Photo Pg 44: Canada’s High Commissioner to Guyana, David Devine in discussion with Executives of the Georgetown Chamber.

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BANK OF ST. LUCIA

(BOSLIL) turns its eye on Guyana’s economic potential

art of the largest financial group operating in the Eastern Caribbean, the Bank of Saint Lucia International Limited (BOSLIL) is focusing on Guyana’s growing market economy. Acknowledging the value of investments made on a personal level throughout the Guyana diaspora, along with returning nationals eager to invest in their home country, BOSLIL is stepping up its efforts to provide financial services and solutions that are competitively priced and customized for market-based investments that enhance Guyana’s ongoing transition into a full-fledged globalized economy. BOSLIL is a wholly owned subsidiary of East Caribbean Financial Holdings Limited (ECFH). ECFH through legacy banks traces its market presence back over thirty years; its current ownership which is both public and private includes the Government of Saint Lucia, Republic Bank Limited (Trinidad & Tobago), National Insurance Corporation (Saint Lucia), several OECS indigenous banks and over 4,000 individual investors. ECFH is publicly listed and traded on the Eastern Caribbean Securities Exchange. BOSLIL is committed to providing personalized service to its clients. Its team of specialist bankers supported by a multi-

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disciplinary team of legal, accounting and company professionals works with clients and their professional advisers to respond to their ongoing financial needs. Additionally, BOSLIL’s client relationship officers are fluent in English, Spanish and German. BOSLIL’s focus is on the banking needs of international professional intermediaries (trust companies, law firms, accounting firms, company service providers); companies actively involved in international trade and select private individuals. Its aim is to build strong, lasting and mutually beneficial relationships. BOSLIL’s services include online banking, multi-currency accounts (15 currencies offered), incorporation of International Business Companies (IBCs), credit cards, cash secured lending, term deposit, fiduciary deposits, investment options and a range of other services. With Guyana’s emerging economy, BOSLIL provides an attractive international opportunity to the Guyana diaspora, returning nationals and international investors seeking financial products and services for both inbound and outbound banking and investment business. For further information please visit us at www.boslil.com.

BUSINESS GUYANA 2013

Investors have numerous potential options for obtaining tax exemptions in Guyana

s customary, tax exemptions can play a highly useful role in encouraging investment and promoting economic development. Mindful of its own role in the nationâ&#x20AC;&#x2122;s growing economy, the Guyana Revenue Authority (GRA) administers a variety of tax exemptions, contingent upon qualifications, for many sectors of the economy including agriculture, aquaculture, mining, forestry, energy, information communication technology, manufacturing, service industries, and tourism. Tax exemptions also are available to qualified institutions such as colleges and universities as well as hotels, resorts and tour operators. Under Guyanese law, the GRA is the sole legally empowered agency to administer tax exemptions. Also, agencies focused on developing and maintaining relationships with business investors such as the Guyana Office for Investment (GO-INVEST) and the Guyana Geology and Mines Commission (GGMC) act as liaisons with the GRA to facilitate and process Investment Development Agreements (IDA). The GRA grants tax exemptions as specified under various Guyana laws including the Customs Act, Chap. 82:01; the Value Added Tax Act No. 10 of 2005; the Excise Tax Act No.11 of 2005, and the Income Tax (In Aid of Industry) Act, Chap. 81:02. Items qualifying for full exemption from customs duties are listed in the First Schedule, Part III, Section B of the Customs Act. In the Value Added Tax Act, Schedule I, Paragraph 2, subsection (z) outlines zero rates for various specified goods and services allowable in IDAs. Likewise, in the Excise Tax Act, Table A-6 of the regulations outlines allowable excise tax exemptions for specified IDA goods and services. BUSINESS GUYANA 2013

As for IDAs, the GO-INVEST and GGMC agencies, respectively, guide prospective investors with the preparation of the required agreements. The investor provides copies of the proposed IDA to the respective agency or agencies, which then will submit them to the GRA’s commissioner-general for approval. The GRA’s Tax Exemption Processing and Verification Division reviews the IDA to ensure that all essential information has been provided and that the type of investment conforms with Guyana’s current laws, policies and guidelines. GRA staff also verifies that the goods, machinery or other items listed in the IDA are relevant and match the type and nature of investment to be undertaken. If additional information is required for the IDA, the GRA will notify initially the agency through which the agreement proposal was submitted, who, in turn, will notify the prospective applicant. In some instances, a site visit and/or meeting with the investor may be required, which involves a GRA official as well as an officer from the appropriate investment agency (i.e., GO-INVEST and/ or GGMC). Once the IDA is completed, the GRA will evaluate the investment document for determining if tax exemptions are applicable. If so, a letter

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of recommendation is then prepared and submitted to Guyana’s Minister of Finance, along with three copies of the IDA. The government’s Ministry of Finance is responsible for final approval of tax exemptions in IDAs. If approved, the GRA sends a formal letter and final copy of the approved IDA to the investor, the respective agency serving as liaison and GO-INVEST. Typically, the decision-making process from the point of submitting the IDA proposal runs two to four weeks.

Should additional information be required to process the application, a letter requesting such information is issued to the investor and the processing of the application will resume once any and all remaining requirements have been satisfied.

To access the approved tax exemptions on items detailed in the IDA, the investor must complete a basic, simple application to the Commissioner-General of the GRA. Supporting documents usually include invoice(s), taxpayer identification number, bill of lading, and others as specified either in the IDA or by the respective GRA division. The GRA’s Tax Exemption Processing and Verification Division ensures that the items for which exemptions are applied match the submitted applications. Likewise, the staff verifies the item quantities specified do not exceed those covered by the IDA. Once all items have been verified and all supporting documentation has been submitted, application, the agency prepares a tax exemption letter (commonly referred to as a “CG Letter”) for approval by the GRA’s Commissioner-General. Should additional information be required to process the application, a letter requesting such information is issued to the investor and the processing of the application will resume once any and all remaining requirements have been satisfied. With the approval of the CG Letter by the GRA’s Commissioner-General, the required number of copies is issued to the investor who will be advised on applying the use of tax exemptions when processing the relevant entries at Guyana’s Customs and Trade Administration. In order to avoid any delays that might affect their normal flow of business activity, investors are advised to apply for their tax exemptions at least one week prior to the arrival of their consignments. Investors should also note that tax exemptions under IDAs are granted on an individual case only, paralleling the process with regard to the importation of goods and services. In addition, investors should take note that in applications for tax exemption on a quantity of items which exceeds that covered by the IDA, the investor will be required to pay full taxes on the excess quantity and the final approved CG Letter, indicate this accordingly. In order to ensure the integrity of the process, GRA officers randomly conduct site visits – referred to as post-approval verification – to ensure that items, which were granted tax exemptions, are being used for the intended purpose. In cases where items are being used for purposes other than those for which the exemption was granted, the investor will be required to pay the full taxes on the items and may face additional penalties up to and including possible prosecution in a properly designated Guyana court of law.

K. A. Juman-Yassin K.A. Juman-Yassin’s distinguished career has spanned over 40 years as a Barrister, Attorney, Magistrate and Chief Magistrate of Guyana. He was educated in Georgetown, Guyana and the United Kingdom and was called to the bar at the Honorable Society of Gray’s Inn. Mr. Juman-Yassin is currently a private counsel and continues to represent and work with clients in Guyana and abroad.

TO EVERY ARGUMENT Commercial Court provides solid venue for resolving contract and investment disputes

t has been nearly seven years since Guyana instituted its commercial court, which has provided a suitable venue for resolving disputes among business individuals and firms for issues related primarily, but not limited, to satisfying debts and payments and for enforcing contracts. With experienced leadership in its formative years – first, at its outset provided by Justice B.S. Roy, who now serves in the Court of Appeal, and currently by Justice Rishi Persaud – the commercial court has helped significantly to address issues and disputes that potentially could hamper and constrain Guyana’s fundamental objective of strengthening its position of economic competitiveness. In fact, the court has been delegated powers to adjudicate all sorts of economic and contract disputes, including those relating to shipping and maritime interests, the international carriage of goods and contracts pertaining to aircraft, and admiralty proceedings. The spectrum of business matters brought before the court is broad and diverse, ranging from banking, financial services and international credit to

mortgage, insurance, the purchase and sale of commodities, hire purchase transactions, and to the operation of international markets and exchanges. Proceedings also can involve claims for liquidated sums as well as those brought by and against the Securities Exchange Commission, along with questions linked to or arising from commercial arbitration. In addition, the court is empowered to deal with matters arising from the structure and performance of mercantile contracts, franchising agreements, company law, bankruptcies and corporate reorganisation, and intellectual property. The court also hears cases concerning contracts specifying the sale and purchase of land as well as those involving claims with regard to the exploitation of oil, gas, and other mineral reserves.

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While the Commercial Court is a useful instrument for assuring the integrity and sanctity of contracts, especially for the purposes of solidifying confidence in the conduct of the national economy, its effective capacity will need to be strengthened and expanded in the near future, among the recommendations for achieving this include:

SIDE VIEW - HIGH COURT, AVENUE OF THE REPUBLIC, GEORGETOWN. ÂŠNIKHIL RAMKARRAN

The court was established in part to help remedy problems relating to untimely delays in the trial process as well as those hampering the judicial branchâ&#x20AC;&#x2122;s capacity to settle investment and contractual disputes that might have a negative impact upon investor confidence both at home and abroad. Thus, the court procedures were developed to be as structured, clarified, and timely as possible. Regarding initial steps of the dispute process, the procedures are outlined in detail, including the time and manner in which writs are to be served and processed as well as the conditions that allow for declaring default judgments, the filing of affidavits as well as acceptable timetables for responses, and the requirements for statements of defence and counterclaims. Once these preliminary procedural steps have been completed, the court will call a case management conference, in which it is empowered to decide whether or not to hear all relevant issues and claims separately or together at one trial. At the case management conference, the judge can direct additional activities, including discovery and inspection of documents

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(a) Another judge to sit in the commercial division as despite the Herculean efforts by Justice Rishi Persaud there is still much more work to be done. (b) More staff in the commercial division so that orders can be entered and other matters done in a more efficient and timely fashion. This is one factor that needs to be looked at urgently. (c) Better chambers for the Judge and other judges, as most have no privacy and most have to share their chambers with their registrar and this is so with the Judge in the Commercial Court. (d) A reliable telephone and Internet service. The importance of having a fax machine and/or Internet available to the Court is because, under the powers given to the Court, a party has the opportunity to make representations orally, in writing, telephonically or by such other means, as the Court or a Judge considers reasonable. (e) An expanded government warehouse to store goods levied, as on many occasions there is no space and successful litigants have to wait for space, and this can be to their detriment. as well as the service of witness statements and expert testimony. It is at this stage of the process that the judge will issue orders for preparing agreed statements of facts, issues, and the basic technical, scientific, or medical matters, as specified by the nature of the dispute. The court also has the power to dismiss or render judgment on a claim at such point or it can order cross-examination on any and all affidavits and witness statements. The court also has clarified its process regarding witness statements. These can serve as the basis for the examination-in-chief of a witness and the court then would not have to record the examination-in-chief but only the cross-examination and re-examination, if any. The process also ensures that the filing of witness statements do not take the opposing side of the dispute by surprise. Furthermore, the full discovery and disclosure of witness statements could motivate the parties to be prudent about potential legal ramifications arising from a witness statement and to settle the dispute before the start of a potentially long, costly trial.

The court also can exercise its option of dealing with matters solely on the written representations and documents submitted by the parties involved with the dispute, as opposed to holding an oral hearing. Likewise, the court can dispense with the requirement for a case management conference if it believes that the matter in question can be adjudicated legally and properly.

Another of the powers, which the court has, is that it can order at any time that a claim or any issue be referred for mediation. This procedure needs to be expanded, as mediation can become an extremely important element in assisting parties to arrive at a settlement. Mediation is still in its embryonic stage in Guyana. However, both the legal profession and the public need to appreciate that this mechanism can, indeed, help to resolve matters and bring timely, immediate solutions. If the rules that are to guide the operation of the Commercial Court and suggestions put forward herein are put into operation then I am sure that the work of the Court would proceed more swiftly and the backlog of cases would dwindle.

BOTTLE COLLEN AND MONIQUE ©CINEGUYANA

THE REBIRTH OF

GUYANA’S

FILM INDUSTRY

“Guyana has such a wide range of settings ...that easily could be a filmmaker’s dream,” 54

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ince the middle of 2011 when Guyana’s film production industry sprung back to life after a long dormant period, the country’s new filmmakers have been off to a good start, according to Dr. Paloma Mohamed of The University of Guyana’s CineGuyana Project. “Just 18 months ago many people doubted the possibility of Guyana being able to re-enter the world of narrative film making, or fictional cinema, in any serious way,” Dr. Mohamed explains. “Guyana was out of the picture for too long and there was a lack of human and technical resources. Many wondered who would want to expend the time and energy anyway?” However, the initial results reflect the promise of Guyana’s rejuvenated film industry. Eight new Guyanese filmmaker projects burst onto the film festival scene in the summer of 2011 with premiere screenings in New York City at the Billie Holiday Theatre in Brooklyn that were sold out and received with critical and audience acclaim. The inaugural set of eight short films and a documentary about the making of these films also have

BACKYARD FEMALE LEAD

©CINEGUYANA

FILMING AT THE GEORGETOWN SEAWALL ©CINEGUYANA

“There also could be benefits for local artist and filmmakers including actors, set and costume designers, as well as skilled crew members ranging from lighting technicians to gaffers to sound men and to cinematographers. “ played at festivals in London, Nigeria, and Barbados. In the United States, the films were screened in New York City, Washington and Hartford as well at Ohio University. “The set of films has been screened at festivals in no less than 11 countries, which is no small feat for a new group.” In 2012, with a small injection of funds from the Georgetown Chamber of Commerce and Industry, three more short films were made. The CineGuyana founder explains that an important spin-off from the new push by CineGuyana and

SONIA YARDE AS CAMILLE ©CINEGUYANA

RUTH & DAN ©CINEGUYANA

the track record of the group of filmmakers, trained in 2011 with resources provided by the President’s Endowment Fund, could be the opening up of Guyana as a location for international films. The eight films in the CineGuyana 2011 set and the set of three recently completed short films showcase a range of locations in the country – from urban to natural settings – available to producers and directors. “In fact, Guyana has such a wide range of settings including rivers, mountains, beaches, indigenous villages, along with an equally wide range of urban settings as well as rich architectural and scenic advantages that easily could be a filmmaker’s dream,” intones Mohamed. Moreover, the cost of doing business in Guyana, because of the current exchange rate, could be up to 75 percent less than in other similar locations. In addition, an initiative led by Brian Zham of Ohio University under the President’s Endowment Fund and with the collaborative sponsorship of Ohio University, University of Guyana, and the United States Agency for International Development (USAID) has trained nearly 190 local film crew members to

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augment the professional support services for filmmakers coming into the country. Already, four documentaries and a foreign film have involved the use of local film crews. If Guyana can attract even one major film a year to the country, according to Dr. Mohamed, there could be benefits to service industries in local communities in which large production projects require extensive food and transportation services as well as lodging accommodations. In monetary terms a film industry can employ large numbers of people on a continuous basis and generate substantial revenue of millions upon millions of dollars for Guyana annually by way of services, fees and sales. There also could be benefits for local artist and filmmakers including actors, set and costume designers, as well as skilled crew members ranging from lighting technicians to gaffers to sound men and to cinematographers. In order to continue cultivating Guyana’s nascent film industry, Dr. Mohamed explains, “there has to be a proper regime in place which will govern permits, landing fees and location possibilities to realize the industry’s full potential.” Empirical research shows that the film industry’s growth potential is no idle assertion, as Dr. Mohamed cites several internationally recognized studies, including those from the World Trade Organization (WTO), which conclude that the demand and supply of creative content is driving substantial portions of new technologies and sales – between as much as 30 percent and 50 percent – in computers, Internet, portable mobile devices such as smart phones, telecommunications, and e-commerce. Therefore, it would appear that the cultural and creative industries sectors are among the fastest growing in the global economy. From 2000 to 2005, trade in cultural goods and services grew at an average of 8.7 per cent annually, according to statistics provided by The United Nations Conference on Trade and Development (UNCTAD). The value of world exports of creative goods and services was

US$424.4 billion in 2005, representing 3.4 per cent of world trade. The best estimates value the sector as representing seven per cent of the world’s gross domestic product (GDP) and forecasts call for 10 per cent annual growth. Nations with rapidly developing economies benefit as much from these trends if not more so than countries in North America and Europe. UNCTAD figures from last year show that Brazil’s creative industries, for example, represent upwards of 6.7 percent of the nation’s GDP and five per cent of the total employment. In Mexico, the figures, respectively, are 4.77 per cent of GDP and 11 per cent of employment; in Jamaica, it’s 5.1 per cent of GDP and 3 percent of employment. The conclusion is simple, according to Dr. Mohamed: “The development of creative industries – of which film is perhaps the most underdeveloped in Guyana – presents an opportunity for developing countries to make a quantum leap into new value-added areas.” With the right strategic tactics, Guyana’s cultural Diaspora – marked by rich diversities in cultural expression and talent – could reap significant, tangible benefits. “The global demand for the Caribbean creative industries is growing and provides good returns on investment, including literary works, fashion, festivals, world music and film,” Mohamed adds. “This is generated in part by the growth in the Diasporic economy which also bridges the domestic mainstream and international markets.” And, as culturally based consumption continues to increase exponentially as new markets enter and expand the digitally connected media networks, consumers will look more frequently toward sources and originators of fresh content – especially emerging nations such as Guyana. “If there is an enabling environment to support this industry in Guyana, the skies could be potentially limitless,” she explains, adding that a timely investment now could be most advantageous. For more information, contact CineGuyana at www. cineguyana.org or on Facebook at cineguyana.

COLOMBIA

GOINVEST

helps entrepreneurs realise vision in Guyana’s warm business climate

hanks to burgeoning investment opportunities in traditional and nontraditional industries, Guyana’s GO-Invest agency has recently expanded its advisory and guidance capabilities to give entrepreneurs and investors a sure footing in an economic climate warmed significantly by the promise of innovation. GO-Invest’s extra focus on local direct investments – for businesses large and small – is particularly timely, as Guyana has implemented strategic initiatives that, just to name a few,

improve and strengthen the nation’s position in business and economic competitiveness, reduce poverty, and focus on green-friendly programmes such as low carbon development. The agency’s facilitating role assures investors that the private and the public sectors in Guyana’s economy share precisely the interests most conducive to an open economy, which wisely balances development of local and foreign investments. GO-Invest’s advisory expertise also underscores the larger national objective focused on creating an ideal

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ENMORE PACKAGING FACILITY, EAST COAST DEMERARA, REGION 4 ©GINA

NEW LETHEM HOSPITAL, REGION 9 ©GINA

NEW INPATIENT CENTRE OF THE GPHC, GEORGETOWN, REGION 4 ©GINA

trade environment where the private sector can compete successfully in the global markets with their product lines and service technologies. Guyana’s current investment climate is enjoying an unprecedented period of harmonic convergence, especially as the nation’s stakeholders representing public and private interests are coming together to extend and maintain the measures most relevant to political, economic and social stability. The financial sector is strong and the local business sector is growing rapidly, as the nation continues to modernize and expand its essential

BUSINESS GUYANA 2013

infrastructure of bridges, roads, and telecommunications. Likewise, the nation is updating and implementing programs for the benefit of Guyana’s education, health and housing sectors. Legal reform also is conducive to economic growth, as evidenced by legislation such as the 2004 Investment Act that protects investments, regulations and key public service institutions. Similarly, Guyana has capitalized upon its increasing diverse capacity for highlighting investment opportunities in traditional and emerging industries within the nation’s eight primary industrial

sectors. These efforts have brought domestic and international investors into partnerships that not only have benefited the well-established mining, sugar, rice and timber industries but also the distinctly 21st century entrepreneurial ventures of aquaculture, agro-processing, fresh fruits and vegetables, light manufacturing and value-added forest products. In addition, investors are looking more frequently toward Guyana’s expanding portfolios in tourism and ICT (information and communications technology)-enabled services. GO-Invest services are especially well adapted for the needs of emerging visionary entrepreneurs who have developed outstanding business concepts and ideas but are unsure about the practical applications essential to bringing them to their commercial fruition. Agency staff members work initially with prospective clients by encouraging them to document their ideas in writing, which opens up the venue for clarifying the business and investment focus as well as identifying the most practical, feasible reference points for development. This exercise is valuable for any and all entrepreneurs, regardless of the size, scope, and scale of the proposed business venture. The GO-Invest staff is then prepared to meet with prospective business developers and to assess the project’s fit with the government’s various economic development strategies currently in place. The staff also assists clients on making any revisions in their proposals that ensure mutual business benefits for all parties concerned. Many of GO-Invest’s core functions are targeted at helping business developers manage the multifaceted, complex levels of bureaucracy that must be cleared before business operations commence. GO-Invest works with clients on managing the steps from the process

NEW ROAD AT BLACK BUSH POLDER, CORENTYNE, REGION 6 ÂŠGINA

start, including registering the business and codifying the articles of incorporation. The agency staff also can guide clients on locating office and/or factory space, as well as meeting standards and requirements as set by various governmental agencies, such as the Guyana Lands & Surveys Commission, Guyana Revenue Authority, Ministry of Finance, Ministry of Home Affairs, and others. Additionally, GO-Invest staff will make recommendations to relevant governmental agencies, ensuring that the project benefits from applicable fiscal incentives such as a waiver of customs duty, value added tax (VAT) and excise tax on machinery, equipment and access to government land. Once all of these procedural issues and requirements have been reconciled and affirmed, Go-Invest prepares an investment agreement for the project, which then is sent to the Guyana Revenue Authority for review, and submitted to the Minister of Finance for final approval. The GO-Invest office is located at Lot 190, Camp and Church Streets, Georgetown, Guyana, South America and can be reached by telephone at (592) 225 0658; 227 0653 or by fax at (592) 225 0655.

Company in perspective

THE ‘ISIKA’

DREAM

Ming believes that “education is the solution to various problems currently facing Guyana and other developing countries.”

“We could not be where we are today had we not worked with the community the way we have.”

BUSINESS GUYANA 2013

rue to its motto “The quality and technology people”, Mings Products & Services Ltd (MPS), has over the period of its existence, achieved significant traction and growth, and continues to introduce the best and latest innovative products and services to the Guyana marketplace. Stanley Ming, the founder of MPS, had his start as the motorcycle salesman at T. Geddes Grant (Guyana) Ltd where he spent two years. Between the period of 1974 – 1989 he progressed from there to the Assistant Manager at Technical Services & Supplies Ltd; Assistant Manager at Southern Motorcycles S.A. Ltd - England, and then spent ten years with Industrial Engineering Ltd where he started in the position of Production Manager and subsequently became Chairman. Thereafter, twenty-three years ago, in February 1990, Stanley Ming, a man with a passion for motorcycles, having spent over twenty years on the racing circuits both locally and internationally, decided to establish his own business.

Stanley Ming, his wife Michele, along with a staff of three, limited financial resources, and housed in a rented section of the Farfan & Mendes building in the South Georgetown ward known popularly as ‘Tiger Bay’, set about building a company, Mings Products and Services Ltd to satisfy the growing marine and automotive demands in several sectors. MPS prides itself today for making significant contributions to the agriculture, mining, fishing, tourism and transportation sectors throughout Guyana. From its inception, MPS became the exclusive distributor for the entire range of products manufactured by Yamaha Motor Co. Ltd of Japan, which included outboard engines, motorcycles, generators, water pumps, water vehicles and ATV’s. The popular Yamaha outboard engines, available from 2-250 H.P, is the mainstay of the business and enjoys over 80% market share for outboards. An encouraging economic climate also provided Stanley Ming and MPS with the confidence to invest further, hence the decision to become the Guyana distributor

for motor vehicles manufactured by Mitsubishi Motors Corporation – Japan in 1996. Like every newborn venture, MPS in its early life, had to endure teething issues centered mainly on its chosen base of operations. According to Mr. Ming, customers were wary of venturing into that part of the city for fear of their personal safety. Tiger Bay, due to the perception of it being a haven for questionable characters was considered as a turnoff and Ming quickly recognized security issues as a top priority. However, instead of investing in sophisticated security systems coupled with high fences and barbed wire, MPS opted to invest in the community, through the development of good businesscommunity relations premised on uplifting the quality of life of the community members and by making investments in their education. According to Ming, “Our continuous investments in the community have certainly paid off. We could not be where we are today had we not worked with the community the way we have.” As the Yamaha brand grew and the company’s market share increased, MPS recognizing the need to provide the complete Yamaha experience, established relationships with several dealers to meet the growing demands of its customers across Guyana. As part of its operation, the company also boasts superior spare parts and service departments with highly trained technicians to complement its after sale service. Keen on evolving technologies and Guyana’s advancement, Stanley Ming and MPS in recent years introduced to Guyana, a range of construction and building supplies, including High Density Polyethylene (HDPE) Pipes, Geogrids, Geotextiles and Vinyl Sheet Piling. Not only satisfied with making profit, Stanley Ming and MPS, continues to reach

MANAGEMENT AND STAFF AT THE MINGS HEAD OFFICE, URQUHART ST, GEORGETOWN.

out to the wider community through strategic donations geared mainly toward educational development. Ming believes that “education is the solution to various problems currently facing Guyana and other developing countries.” This has led to MPS partnering with Banks DIH Ltd and Shell Antilles (Guyana) Ltd in 1998 to assist school children living in riverain communities surrounding Bartica by providing them with a fiberglass boat, which the company manufactures, and a Yamaha 75 HP engine to facilitate their attendance at the Bartica Secondary School among many other similar contributions. Ming’s view about education as a solution to various problems facing the country is patterned on the successes achieved in South East Asia where education was used as a developmental tool, and according to Ming “by dealing with education, you pre-empt a series of other potential problems.” This apart, MPS has also embarked on several initiatives in keeping with its corporate social responsibility, including making tangible donations to several organizations and national events. Twenty plus years after its establishment, MPS growth and expansion has resulted in employee growth to over 60 persons. The company also prides itself on having a very dedicated and highly motivated staff, many of whom have been with the organization well over 15 years.

Not satisfied with merely the importation and distribution of various products, Stanley Ming has a vision to move MPS into other areas. With the acquisition of several acres of land south-west of Parika, at Blake, East Bank Essequibo, Ming plans to move the marine operations there, and build a green and modern community. His vision for the development which is to be branded ‘ISIKA’ (Amerindian word meaning ‘to give’) is one where the residents and surrounding communities can work, live and access most essential services within the same space – a sustainable green community. He also views this part of the country as the gateway to the interior and its future development. It sits close to the mouth of the country’s largest waterway, the Essequibo River, where the first settlers, the Dutch, set up a trading port in the 1700’s. MPS, despite benefitting directly from its community development efforts, continues to face new challenges particularly through the lack of a growing population and the effects of brain drain on the society. However, Ming’s focus has always been to contribute to a better quality of life, for the people he surrounds himself with, and future generations. It is with this thinking in mind that he hopes to use his Parika development, ‘ISIKA’ as a platform for providing social and economic opportunities, and learning centres for the benefit of the people of Guyana.

BUSINESS GUYANA 2013

FOR ALL INVESTORS Guyana’s Investment Act Ensures a Friendly Climate for all Investors

n 2004, Guyana’s parliament enacted The Investment Act establishing the foundations for improving the nation’s investment climate and for reassuring investors by providing a stable, clarified, and transparent framework dealing with the issues of foreign exchange, equal treatment, and expropriation. The Investment Act became a major part of Guyana’s two-prong strategy for strengthening the role of investment in the nation’s socioeconomic development. While one prong focused on strengthening the Guyana Office for Investment (GO-Invest) as an essential interface between the private and public sectors regarding investment and export-related issues, the Investment Act set forth the implementation of a global-standard legal protocol with feasible regulatory expectations. The Act is elucidated in four sections: general provisions; rights, guarantees and obligations of investors; investment priorities, and administrative structures and procedures. The Act is clearly formulated to encourage persons and legal entities to invest capital in Guyana, emphasizing there is to be no discrimination between foreign and domestic investors. The law permits investments to be made in existing enterprises, joint ventures and whollyowned operations by domestic or foreign investors. According to Section 5 of the Act, investors are free to invest in “all fields of lawful economic activities” except areas which compromise national security

BUSINESS GUYANA 2013

and are detrimental to the environment or public health. Notwithstanding the provisions of the Trade Act, Section 16 of the Investment Act stipulates that Guyana’s government shall not intervene in the management of investment enterprises nor shall it “impose conditions on the sale, pricing, or distribution of the products of those enterprises, except in the pricing of services provided by utilities.” Specific sections of the Investment Act address the issue of mutual benefits and conditions acknowledging compliance with the laws of Guyana along with international treaties and agreements to which the country is a signatory. For example, private investments are guaranteed by the government. Proceeds and profits from investments can be freely repatriated out of Guyana and provisions outline where business expenses in foreign currency are permitted. The Act outlines limitations that may be placed on enterprises under bankruptcy proceedings, or that have been declared insolvent, or when the investor is involved in pending or ongoing criminal proceedings. Expropriation can only take place as permitted under the laws of Guyana, but it also must be promulgated on a non-discriminatory basis and the Act does provide for fair and prompt compensation. The Act includes provisions with the objective of making the investment climate in Guyana as welcoming and accommodating as possible. For example, investors can hire foreign personnel, provided they comply with the procedures outlined in the nation’s Immigration

Act and Labour Act. Section 24 ensures that foreign personnel retain the right to repatriate their net earnings after all applicable taxes have been satisfied. This includes dividends, earnings and capital from investment enterprises as well as proceeds from the sale or liquidation of an enterprise or the interest attributable to an investment. As for disputes, the Act stipulates that mediation is the recommended form of conflict resolution. However, if the involved parties are unable to agree upon mutually amicable settlement terms, the investor retains the right to request international arbitration to be administered under the rules of the International Centre for the Settlement of Investment Disputes (ICSID). The last sections of the Act outline some key administrative components essential to expanding Guyana’s competitive position in the 21st century economy, including the establishment of an Investment Promotion Council with members representing four of the nation’s largest private business organisations as well as representatives from the government’s ministries for finance, industry and foreign trade as well as GO-Invest. The blueprint enacted in 2004 has led to numerous efforts to expand the capacities and capabilities of the nation’s investment infrastructure including streamlining paperwork requirements, facilitating investment client relationships, developing export support services, and carrying out public awareness and product promotion programs in CARICOM member countries. Interested prospective investors can obtain a copy of the Investment Act by contacting the Georgetown Chamber of Commerce and Industry or GO-Invest.

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Brain O Gain vs.

Brain Drain Guyana’s Diaspora Project builds new links for economic development

BUSINESS GUYANA 2013

ne of the most pervasive detriments to a nation’s capacity for economic growth occurs in the ‘brain drain’ phenomenon. As increasing numbers of a nation’s citizens migrate abroad to countries with more stable economies, the impact can be felt most acutely at home where shortages in skilled labour crop up in many of the nation’s industrial, manufacturing and services sectors. However, the recently launched Guyana’s Diaspora Project (GUYD) capitalizes instead upon the ‘brain gain’ proposition by targeting ways in which the skills, knowledge, goodwill, and resources of Guyanese migrants abroad can be harnessed and leveraged for mutually beneficial economic development activities. Drawing upon the advantages of globalization and highly advanced information technology infrastructures, the project is being coordinated by Guyana’s Ministry of Foreign Affairs and the Guyana office of the International Organization for Migration (IOM). An essential early step involves creating a map that details the numbers of persons, organizations and associations that constitute the Guyanese Diaspora as well as the regions and countries in which they are found. More importantly, the map marks out the professional and technical skills that members of the Diaspora possess and the prospects by which they could be shared for creating partnerships, which strengthen economic development activities in their homeland.

More information about the GUYD can be found at any of the following links: http://www.guydproject.iom.int/ https://www.facebook.com/guydproject, http://www.linkedin.com/profile/ view?id=204154878&trk=hb_tab_pro_top, and http://www.twitter.com/guydproject .

sources of support funding from donor agencies, foundations, and the private sector.

The Guyanese government will be chiefly responsible for maintaining the online database according to the best standards practices of quality control with regard to data reliability, validity, and proper usage.

accounts for other Guyanese nationals. Likewise, United Nations statistics suggest thousands upon thousands of Guyanese migrants are living in countries around the world. GUYD’s mapping exercise would help ascertain solid numerical counts of Guyanese migrants working and living abroad.

During subsequent phases of this project, the Ministry of Foreign Affairs will ensure GUYD’s continuity so that it will become the central catalyst for engaging Guyanese overseas who are interested in investing

Indeed, there are many ways in which Diaspora members can be engaged with their homeland’s economy. Their

their time, resources, knowledge, and skills to assist in economic development activities at home.

participation can include sending remittances to relatives and friends, matching and transferring job and technical skills to relevant private and public sectors in the country, and facilitating communication networks that are essential in building an agile and responsive knowledge-based economy.

Similarly, the involvement of the IOM’s office in Guyana and the nation’s Ministry of Foreign Affairs constitutes an ideal partnership model necessary to sustain the project over the longer term and to assure that governmental policy is based

technical expertise for project activities as well as assist the government in identifying

effective data collection activities that will involve contacting eligible survey respondents in countries around the world.

Tobago. For example, in the United States alone, an estimated 250,000 Guyanese migrants are registered, according to the U.S. Immigration and Naturalization Service, but that total may easily exceed 500,000, once the American government

The survey results will help to fulfill the objective of having an empirically solid tool to profile the Diaspora that, in turn, will facilitate readily the subsequent objectives of engaging members of the Diaspora and for identifying the types of technical and skill support required to achieve the GUYD objectives in measurable economic value and benefits.

coordinate project management with the government and provide the specific

The Ministry of Foreign Affairs, with its diplomatic skills and field knowledge, will provide critical support for implementing

While Guyanese nationals are found in virtually every region of the world, the IOM believes that many of the most skilled and qualified professionals – such as teachers and healthcare workers, for example – are concentrated in the United Kingdom, United States, and Canada as well as the Caribbean countries of Barbados, Antigua, and Trinidad and

Given the potential for widening the scope to reach and engage more members of the Diaspora, GUYD staff members have developed an online survey for mapping the Guyanese Diaspora and analyzing available skills and resources that can be employed in Guyana. The survey is open to all Guyanese living abroad including children of Guyanese parentage.

on good quality data. IOM Guyana will

IN THE UNITED STATES ALONE, AN ESTIMATED 250,000 GUYANESE MIGRANTS ARE REGISTERED, ACCORDING TO THE U.S. IMMIGRATION BUT THAT TOTAL MAY EASILY EXCEED 500,000

Thus, the information shared will be dealt with in terms of the strictest confidentiality and will only be used for the purpose intended. The data derived from the survey will be used by GUYD representatives to compile data on persons that constitute the Guyanese Diaspora; where they can be found (i.e., state and country); what skills, resources and experiences they have and would like to share; where their interest lies, and what expectations they may have in sharing their skills in Guyana. The project will involve some of the world’s most widely used social media platforms including Twitter, Facebook, LinkedIn and other services that will make it easy, convenient, and practical for eligible individuals to participate in the mapping exercise. BUSINESS GUYANA 2013

WORKING IN GUYANA by the Ministry of Home Affairs

Most investors will find a business visa, valid for five years, to be their most suitable option and the process easily can be expedited.

or those individuals who are not citizens of Guyana but are looking to invest or work in Guyana, the country’s immigration rules and requirements are generally simple with easy-to-follow procedures.

VISA REQUIREMENTS CARICOM NATIONALS Residents who come from the member states of the Caribbean Community and Common Market (CARICOM) do not require a visa to enter Guyana and are automatically permitted to stay six months upon entry before needing to renew their papers.

NON-CARICOM NATIONALS The Immigration Services Department of Guyana’s Ministry of Home Affairs maintains an updated list of qualifying countries in which nationals do not need a visa to enter Guyana. This list is available upon request by contacting the ministry as indicated at the end of this article. Five categories of visas are available: business, employment, student, visitor and courtesy.

BUSINESS VISA Most investors will find a business visa, valid for five years, to be their most suitable option and the process can be easily expedited. All of the following requirements satisfy the conditions for a business visa application: • Two passport-size photographs of applicant; • Name of company, name of representative, nature of business and address of business contact(s) in Guyana; • Address, telephone number, and other relevant contact information regarding the intended location of accommodations while in Guyana; • Evidence from home country of business credentials. FEE: US$140* Five year business visa (first instance)

BUSINESS VISA EXTENSION All of the following requirements satisfy the conditions for a business visa extension application: • Completed form with all information noted; • Letter addressed to the permanent secretary of the Ministry of Home Affairs requesting business visa (extension of stay/ work permit and multiple entry visa, if required); • Registration of the business firm that the applicant is operating, along with a brief history and introductory prospectus of business activities; • Copy of income tax liability statement and National Insurance Scheme (NIS) compliance return (not required for newly established firms); • Copy of applicant’s passport, including all stamped pages of entry and passport control. FEE:

US$140* Renewal (additional five years) BUSINESS GUYANA 2013

More information about Guyana’s visa requirements and immigration rules can be found at www.moha.gov.gy or by email at homin@guyana.net.gy or minister@moha.gov.gy.

VISITOR’S VISA Visitor’s visas are also available for investors wishing to explore possible areas or markets of investment in Guyana. Visitor visas, with an initial period of 30 days, can be extended twice – upon approval by immigration authorities – with each extension not exceeding a one-month period. In other words, the maximum stay of a visitor’s visa can be 90 days. All of the following requirements satisfy the conditions for a visitor’s visa application: • • • •

•

Two passport-size photographs of applicant; Name and address of inviter/sponsor is to be provided upon arrival (or hotel, if visitor is a tourist); Letter of invitation from inviter/sponsor to be presented upon arrival; Telephone number and/or e-mail address of inviter/sponsor along with contact information regarding intended location of accommodations to be provided upon arrival; Evidence of finances to cover expenses for 30 days to be presented upon arrival.

EMPLOYMENT VISA For investors staying in the country and who are considering employing foreign nationals, employment visas are available for prospective workers. Employment visas are valid for three years and can be eligible for extension, as discussed later in this article. All of the following conditions for an employment visa must be satisfied before the individual arrives in Guyana and must be submitted to the Ministry of Home Affairs’ Immigration Services Department: • • •

Two passport-size photographs of applicant, as well as the name, gender, and address of applicant; Name, address, telephone number, fax and/or e-mail address of sponsor/employer; Place of Business/Employment must be an established business registered and in compliance with the National Insurance Scheme and the Guyana Revenue Authority’s rules/regulations.

FEE: US$140* Three year employment’s visa FEE:

US$25* One month visitor’s visa (first instance) US$25* Second Extension (additional month) US$25* Final Extension (additional month) Maximum of two extensions of one month each

WORK PERMIT Those who are considering long-term opportunities for working or developing business in Guyana should be mindful of visa requirements and their eligibility according to the nation’s immigration laws. For example, an applicant cannot possess initially a visitor’s visa and then request a work permit. Persons who have already acquired a visa and have entered the country and are looking to extend their stay for the purposes of securing a work permit will need to satisfy additional conditions for legal entry. These would include application for an extension of stay, work permit, and multiple entry visas. As for other nationals – such as those from CARICOM member states – who do not require a visa to enter Guyana but who also are looking to extend their stay for the purposes of work or business development, only two aspects of the visa application form would be needed to satisfy eligibility requirements: extension of stay and work permit.

* Fee at date of publication

BUSINESS GUYANA 2013

EMPLOYMENT VISA EXTENSION As in all other instances, the criteria for visas are mandatory and not subject to revision. Individuals seeking to renew employment visas will need to satisfy the conditions for extension of stay, work permits, and multiple entry visas. However, for individuals who are nationals of CARICOM member states or other countries that do not require an initial visa, they will only need to satisfy the requirements for an extension of stay and work permit. All of the following conditions for extending an employment visa must be satisfied and submitted to the Ministry of Home Affairs’ Immigration Services Department: •

A letter from the company or sponsor addressed to the permanent secretary of the Ministry of Home Affairs’ Immigration Department requesting an extension of the employment visa (completion of forms for extension of stay/work permit and multiple entry visa, if required);

•

Place of Business/Employment must be an established business registered and in compliance with the National Insurance Scheme and the Guyana Revenue Authority’s rules/regulations.

• FEE:

US$140* Three year employment’s visa extension

Raj Singh Raj Singh, FCII,CPCU,ARM,AIT, is a chartered insurance practitioner and the chief executive officer of Raj Singh Insurance Brokers & Risk Management Consultants Inc. With broadly based experience in local and international markets, Singh has been in the insurance industry for nearly three decades. He is a current councillor of the Georgetown Chamber of Commerce of Industry & Commerce, a member of the Upper Corentyne Chamber of Commerce, chairman of the Fire Advisory Board, president of the Demerara Cricket Board, and executive committee member of the Guyana Cricket Board.

For the Nation

Moving D

uring the last decade, Guyana’s insurance industry has evolved gradually yet significantly enough to take on an even more pivotal role in economic development as well as positioning itself to expand its customer orientation.

Forward

Guyana’s insurance industry matures to meet global market demands

A key element has been the nation’s Insurance Act, enacted in 1998 and taking effect in 2002, which governs the practices of Guyana’s insurance companies, agents, brokers and other intermediaries. The Office of the Commissioner of Insurance (OCI) strictly regulates this Act. Following the regional collapse of Colonial Life Insurance Co. (CLICO) and the global financial crisis in 2008, the OCI was incorporated as a separate department under the auspices of the Bank of Guyana. While Guyana’s financial services industry traditionally has been viewed as being perhaps a little too conservative and even archaic at times but in this instance, BUSINESS GUYANA 2013

the OCI’s restructuring indicated a sound, prudent and justifiable approach to financial risk. Guyana’s insurance market was developed and structured in a traditional manner, with insurance products originally marketed only through insurance agents, but recently this has shifted with the emergence of brokers in the insurance market. Most of the older insurers still employ agents to market their businesses and products but they also now receive larger portions of their business through brokers. Meanwhile, some insurers employ no agents at all, being solely dependent on brokers for their business. Nevertheless, the trend is definitive as increasing numbers of insurers are dispensing with agents and developing their business base with brokers, due mainly to factors of cost efficiency. Undoubtedly, Guyana’s insurance industry is much smaller compared to larger markets in the developed world. In addition, larger insurance brokerages play a useful role by placing larger and more complex risks in the overseas marketplace. Most insurers have established reinsurance treaties through the London market that allows them to accept fairly large risks. The synergy between the Insurance Industry and the lending community is noteworthy because otherwise no private or commercial loans, mortgages, lines of credit, etc., would be financially feasible or even possible without the protection guarantees from certain risks. The strategic partnerships insurers have with lending institutions serve to reinforce the comfort zone for banks, investors and property owners. Guyana’s economy primarily comprises industries dependent on the utilization of natural resources (e.g., agriculture, mining, fishing and timber). Most products are exported, resulting in an economic performance relying heavily

BUSINESS GUYANA 2013

upon international market conditions and other factors such as weather, which can impact significantly agriculture and access to mining and timber resources. As such, the government has placed an increased emphasis on diversifying the economy, which shifts more broadly towards light manufacturing and services industries.

and stability of insurers, which includes the use of independent financial ratings. •Stronger mechanisms should be implemented to protect consumers and intermediaries against insurers regarding their claims settlement and other operational practices. This would be facilitated by more efficient arbitration procedures that cover all parties, as While Guyana’s relatively small population identified in the Act and supplementary and low per capita income create the codes of conduct. appearance of a small domestic market, •Incentives should be provided for higher the population’s per capita purchasing quality customer-oriented products to power is estimated to be greater than its be introduced into the marketplace by per capita income. This is largely due to insurers. remittances sent by Guyanese citizens •Some of the catastrophic exposures – abroad – particularly from the United such as crop and flood insurance – need States. Guyana also has significant levels to be dealt with by the government rather of cash-based transactions and emerging than the private insurance marketplace. businesses and has a robust informal Such provisions possibly could be made economy. mandatory for the high-risk areas. Thus, relevant agencies should make risk The OCI currently is conducting a complete mapping a routine process to augment revamp of the entire 1998 Insurance easier, more efficient access to insurance Act and, within the immediate future, coverage for more complex risks. widespread consultations will commence •Codes of conduct and ethics for all parties with all stakeholders where it is hoped (i.e., insurers, agents, brokers, agents, that some of the burning issues that will or adjusters, etc.) should be governed by the should be addressed. These are identified Act. These would include a Statement of as follows: General Insurance Practice, ABI General •More realistic statutory third-party limits Business Code of Practice, ABI General of liability for all motor vehicle users Insurance Claims Code, and others, as (especially public transport vehicles) are needed. needed. An option is a tiered system of limits for public and private transport The insurance Industry serves as the vehicles. This aspect is currently covered ‘security arm’ for any country’s financial under the Road Traffic Act but an industry sector and as a conduit for appropriate scheme could possibly be investment for the public and private incorporated herein. sectors. Thus, the insurance industry is an •New provisions should be made essential catalyst for the nation moving mandatory to cover workplace accidents forward to a higher standard of living involving employees. and reduced levels of poverty along with •Selective and/or unfair use of coverage developing a modern, globally competitive provisions and practices by insurers economy. should be actively discouraged with the implementation of fairer and more transparent policy provisions. •Stronger consumer protection measures should be enacted to ensure the strength

n acknowledging the significance of the innovative aspects of research and development in strengthening Guyana’s capabilities for diversifying its economy and attracting more international investors, the nation’s policy makers will have to craft a modern, progressive system of intellectual property (IP) laws. For emerging and developing countries like Guyana, the potential costs and consequences of a weak IP system may be far higher, and the impact much greater than in the rest of the world. For example, in many developing economies with a large pool of creative talent working to develop a music or entertainment industry in order to diversify its economic base, the future of their economic success rests with elected officials who shape the IP laws. Therefore, the impacts of a handicapped IP infrastructure could be felt most acutely in Guyana’s emerging creative industries that cover a wide range of commercial activities including advertising; design in

Intellectual

Property

The Case For Comprehensive Reform 72

BUSINESS GUYANA 2013

“The WIPO treaty obliges its signatories to provide adequate legal protection against the circumvention of copyright in digital” architecture, communications and fashion; film, video and photography; fine art illustration; handicraft; performing arts; publishing; software, computer games and electronic publishing, and radio and television. A fully modernised IP system of laws, regulations and guidelines most certainly will augment the nation’s capacity to take advantage of an unprecedentedly accessible and convenient spectrum of

digital and electronic technologies that have made it economically feasible for developing economies such as Guyana to compete effectively with other nations throughout the world. Just recently, Guyana’s newest enterprises in filmmaking already have attracted a good deal of attention in the international community of documentarians, producers, and directors. Guyana initially enacted IP legislation date in the 1930s but the most recent amendments were made in the 1970s. The nation’s principal laws dealing with IP include the Trade Marks Act, adopted in 1952, and amended in 1972. The Patents and Designs Act was authorised in 1937, and amended in 1972, while The Copyright Act of 1956 follows the United Kingdom Copyright Act, adopted in the same year. The nation’s IP legal framework will need to be reconciled with Guyana’s expanding international obligations. A member of the World Trade Organization (WTO), Guyana is a party to the WTO Agreement on TradeRelated Aspects of Intellectual Property (TRIPS), which provides a set of common international rules and covers five main areas: basic principles, protection, enforcement, dispute settlement, and special transitional arrangements.

Member countries are required to ensure that national legislation complies with these international standards. Guyana was originally expected to be compliant by 2000 but has lagged behind her sister CARICOM countries including Jamaica, which passed its copyright laws in 1993, and Trinidad & Tobago, which followed suit in 1997. Similarly, Barbados updated its copyright legislation in 1998. Guyana also is a signatory of the World Intellectual Property Organization (WIPO) Copyright Treaty but it has yet to implement provisions similar to those adopted by the United States in the Digital Millennium Copyright Act of 1998. The WIPO treaty obliges its signatories to provide adequate legal protection against the circumvention of copyright in digital format. Thus, there are no current legal provisions in Guyana regulating the copyright protection of digital works. Guyana will have to step up its IP legal efforts in order to continue its current period of strong economic growth. Copyright issues regarding creative products highlighting Caribbean arts traditions and cultural identities – most evident in the music industry – point to problems of piracy and the collection of royalties. Amid an already highly developed but unofficial “piracy industry,” arts producers and creators in CARICOM countries are eager to see new legislation dealing with copyright protection, recourse to remedies and enforcement of rights and royalties under copyright legislation, and appropriate remedies for illegal use and breaches. Perhaps most urgently, laws should deal with matters of unauthorised copying and distribution via the Internet, which has become one of the most pressing global concerns. In addition, a comprehensive updating of the nation’s IP laws will embolden domestic and international creative and innovative individuals and firms with greater confidence to cultivate awareness of an IP framework that offers mutual benefits to producers and consumers. There is also a link between robust IP laws and Foreign Direct Investment (FDI). A progressive IP legal framework will help to encourage greater FDI, exports, and licensing flows from nations that acknowledge Guyana’s significant market opportunities. Likewise, additional IP protections will stimulate creative and innovative enterprises because originators can confidently reap legally merited benefits of economic incentives.

EXTRACTIVE EDUCATION

New Mining School and Training Centre to Play Major Role in Guyana’s Extractive Industries

cknowledging the economic role of Guyana’s mining sector which contributes $20 billion in investment, 20,000 jobs, and a lion’s share of export earnings, Guyana’s Ministry of Natural Resources and the Environment has collaborated with the Guyana Geology and Mines Commission (GGMC) to establish the Guyana Mining School and Training Centre Inc. (GMSTCI). The School, incorporated as a private limited liability company wholly owned by the GGMC, is intended to facilitate the ongoing achievements of the nation’s mining industry by expanding and developing a worldclass mining sector in Guyana staffed by a pool of skilled technicians and engineers. Established to give a new generation of Guyanese citizens the skills essential to lead the development of their country’s rapidly expanding mining industry, the school will focus on curriculum sequences in geology, mining methods, exploration technology, surveying, and computer applications for mining operations and mineral explorations. The Hon. Robert M. Persaud, MBA, MP; Minister of Natural Resources and the Environment, hailed the School’s initiative, adding; “at the end of the day we want to lift our game, improve profitability, sustainability and make the sector proud.”

BUSINESS GUYANA 2013

International partnerships and industry collaborations are key to helping the school build its foundational programmes. The GMSTCI is receiving assistance not only from the GGMC but also from the local mining industry, the Canadian High Commission and two Canadian universities, which are the College of the North Atlantic and the Fisheries and Marine Institute of Memorial University of Newfoundland. With the assistance of industry and educational partners, the school is on pace to develop the curriculum and deliver short-term courses in 2013. At the GMSTCI, students will learn hands-on science and engineering skills and be expected to complete an industry-standard report during the second year of their full-time studies.

the school, wholly owned by the GGMC, is intended to facilitate the ongoing achievements of the nation’s mining industry by expanding and developing a world-class mining sector in Guyana

The School’s establishment is timed ideally, as Guyana’s mining sector continues to make enormous contributions to the nation’s vigorous trend of economic growth and development. Production in the

nation’s mining sector currently accounts for approximately 58 per cent of Guyana’s total export earnings and 11 per cent of the total gross domestic product. The economic impact of the mining industry’s solid performance also has reverberated throughout other sectors of Guyana’s economy. Growth in local economies is being stimulated through the mining industry’s purchase of inputs locally, including food and catering services, electricity, transportation services, raw materials, and other items. Likewise, the positive effects have helped to fortify the basis for downstream processing and manufacturing industries including, for instance, smelting, refining, semi-fabrication, fabrication, and makers of industry-related products. Additionally, the employment impact generates positive results both in the numbers of direct and indirect jobs. Mining companies employ workers, who spend some of their disposable income on domestically produced goods and services, such as groceries, clothing, entertainment, and restaurant meals, to name a few examples. The government also receives significant tax revenues from mineral production, running approximately $5 billion annually. These revenues become available to fund the nation’s public programs in education, health care, roads, electric and other public utilities, and various forms of developmental infrastructure. The GMSTCI’s programmes are expected to be easily accessible for residents throughout the country. The school’s two campuses are expected to be located in Linden, Region 10, and Bartica, Region 7. School officials anticipate training opportunities to be extensive and highly diversified, capable of helping meet the business and technical needs of ventures ranging in size from small and medium to large.

BUSINESS GUYANA 2013

NATIONAL BUDGET IN A NUTSHELL

BUDGET2013

2013 SECTOR ALLOCATIONS

Education Health Security Roads and Bridges Electricity Drainage and Irrigation Housing Water Government ICT Sea & River Defense Agriculture Diversification Sugar Industry Sanitation Art and Sports Fund

2012 FACTS

G$B 28.7 19.2 17.5 12.3 11.2 6.5 3.1 2.7 2.0 1.9 1.9 1.0 0.6 0.1

% 26.4 17.7 16.1 11.3 10.3 6.0 2.9 2.5 1.8 1.7 1.7 0.9 0.6 0.1

Real GDP Growth

4.8%

Balance of Payments Surplus

US$12.4M

Inflation Rate

3.5 %

External Debt of

US$1.3B

External Reserves

US$862.2M

Current Revenues

G$130.2B

Exports

US$1.5B

Imports

US$2B

Current Account

US$394.8M

Net Inflows on Capital Account US$428.5M Foreign Exchange Transactions

US$6.8B

Central Government Revenues

G$129.4B

Value Added Tax & Excise

G$56.8B

Corporation Tax

G$19.6B

Income Tax (self-employed)

G$3.4B

(personal)

G$16.2

2013 MEASURES

Customs & Trade Taxes

G$12.9B

Non-Tax Revenues

G$11.1B

1. 2. 3. 4.

Net Domestic Credit From Banks

G$103.4B

Private Sector Credit

G$161.5B

Subsidy to GUYSUCO $1 Billion Subsidy for Linden and Kwakwani Electricity $2.9 billion Old Age Pension $12,500 Per Month 1% increase in National Insurance Scheme contribution- Government to subsidize this amount if employee does not earn more than $50,000 per month Property Tax on Companies: The first $10 million of net property will be taxed at zero percent, the next $15 million of net property will be taxed at 0.5 percent, and the remainder of net property will be taxed at 0.75 percent. Property Tax on Individuals: The first $40 million of net property will be taxed at zero percent, and the remainder of net property will be taxed at 0.75 percent. Mortgage Interest Relief: First time home owners who are holders of mortgage loans of up to $30 million granted to them by commercial banks or the building society will be permitted to deduct the interest they pay on such mortgages from their taxable income for the purposes of personal income tax. Personal Income Tax: Will be charged on income above the current threshold of $50,000 per month or $600,000 per annum at a rate of 30 percent instead of 33â&#x2026;&#x201C; percent.

Average Prime Lending Rate

1.08%

Small Savings Rate

1.69 %

91-day Treasury Bill Rate

1.45%

2013 TARGETS Budget Size

G$177.4 B

Real GDP Growth

5.3%

Inflation Rate

4.3 %

Balance of Payments Surplus

US$57.6M

Current Revenue

G$162.8B

Current Account Deficit

US$451.9 M

Capital Account Surplus

US$509.5 M

Central Government Revenues G$142.8 B Value Added Tax & Excise Customs & Trade Taxes Fiscal Deficit

G$61.3 B G$14 B G$29.1 B

BUSINESS GUYANA 2013 BUSINESS GUYANA 2013

77 77

It’s a great time to

ITEMS UNIT JAN-DEC JAN-DEC 2012 2011

INDUSTRIAL GOODS

AGRICULTURAL

We present a summary of selected commodities output for 2011-2012

BUSINESS GUYANA 2013

invest!

SUGAR tonne RICE tonne FORESTRY: TOTAL Cu M 1. TOTAL LOGS Cu M GREENHEART LOGS Cu M LOGS(OTHER SPECIES) Cu M 2. SAWNWOOD Cu M 3. ROUNDWOOD Cu M CHARCOAL CuMetre FIREWOOD CuMetre PLYWOOD CuMetre FISH tonne TOTAL SHRIMP tonne PRAWNS tonne SMALL SHRIMP tonne TABLE EGGS 000 POULTRY MEAT tonne

ITEMS UNIT LAUNDRY SOAP STOCKFEED CORRUGATED CARTON NEUTRAL ALCOHOL DETERGENT PAINTS PUTTY WHITE WASH OXYGEN ACETYLENE GAS NITROGEN INDUSTRIAL FLOUR

kg tonne ‘000 Sq.M ‘000 Lpa Kg Litre Kg. Kg. Litre Litre Litre tonne

218,070.0 236,506.0 422,057.0 401,904.0 369,644.5 385,501.8 277,426.5 294,628.6 49,601.6 43,126.4 227,824.9 251,501.3 75,586.7 76,117.4 16,631.3 14,755.8 12,433.4 12,516.8 24,254.2 23,348.9 10,577.0 13,316.5 27,097.0 23,755.0 25,999.0 21,217.0 512.0 375.0 25,487.0 20,842.0 21,234.3 23,508.3 30,412.8 25,573.5

JAN-DEC 2012

JAN-DEC 2011

48,234.0 55,824.0 56,811.7 54,087.9 4,285.3 4,186.6 130.4 3,111.8 1,113,966.0 1,089,545.0 2,744,779.0 2,862,128.1 1,077,868.4 420,058.1 59,212.2 59,548.1 86,659,522 81,880,374.5 8,034,477 11,286,217.5 6,713.0 5,965.0 279.9 207.2

MINING

ITEMS UNIT

JAN-DEC 2012

JAN-DEC 2011

TOTAL BAUXITE tonne 2,213,972 1,818,399 CALCINED (RASC) tonne 204,621 203,278 CHEMICAL (CGB) tonne 145,445 141,645 METAL GRADE (MAZ) tonne 1,542,627 1,298,236 TAILINGS tonne 321,279 175,241 TOTAL RAW GOLD DECLARED Kg. 13,643.7 11,293.4 TOTAL RAW GOLD DECLARED troy oz 438,645.4 363,083.2 DIAMONDS DECLARED M/Carats 40,763 52,273 SAND DECLARED tonne 637,886 361,389 CRUSHED STONE DECLARED tonne 446,551 500,543

JAN-DEC 2012

ITEMS UNIT JAN-DEC 2012 litre 489,024.4 TOTAL LIQUIDS 000 18,884.0 TABLETS TOTAL OINTMENTS Kg 7,696.2

JAN-DEC 2011

BOTTLED RUM MALTA WINE SHANDY VITA MALT BEER + STOUT

000 litres litre cases cases cases 000 litres

4,170.6 763,481.4 336,643.6 97,449.0 144,537.0 15,509.3

4,306.8 626,815.2 347,328.4 77,490.0 111,170.0 16,359.1

TOTAL AERATED MINERAL/DISTILLED WATER

000litres 000litres

51,494.4 21,423.0

45,246.5 19,777.5

EDIBLE ITEMS

ITEMS UNIT MARGARINE kg BUTTER kg BAKING FAT / LARD kg GHEE kg ICE CREAM litres FROSTEE POP (NOVELTY) litres SNACK FOODS kg BISCUITS ‘000 kg CEREAL kg FLOUR tonne WHEAT MIDDLING / BRAN tonne

JAN-DEC 2012

JAN-DEC 2011

441,510.6 18,273.9 10,987.7

BEVERAGES

ITEMS UNIT

PHARMACEUTICALS

JAN-DEC 2011

2,333,052.0 2,226,035.0 9,778.0 10,039.0 152,467.0 138,535.0 174,889.0 163,213.0 1,807,865.3 1,640,719.3 112,602.5 94,652.3 30,717.6 29,409.7 1,250.3 1,216.7 115,351.5 128,899.0 35,567.8 38,577.9 10,264.2 10,202.3

BUSINESS GUYANA 2013

ASHMIN’s

SHIP SAILING INTO DEMERARA HARBOUR PORT GEORGETOWN, GUYANA. ÂŠRYAN BEHARRY

Ram & McRae INVESTMENT SUPPLEMENT EXCLUSION OF LIABILITY & DISCLAIMER Neither in the text nor in any note in this article, is Ram & McRae offering any professional or legal advice. While every effort has been made to ensure that the information is accurate, Ram & McRae shall not be liable to any person or entity for any loss or damage caused or alleged to be caused directly or indirectly by use of any information or any error contained herein.

BUSINESS GUYANA 2013

INTRODUCTION The information contained in this section (pgs 84-92) is prepared by Ram & McRae, Chartered Accountants, to provide investors, both domestic and foreign, with a general overview of matters to consider in establishing and conducting a business in Guyana. It is intended to provide information to assist those persons to understand the business environment in Guyana, without making any specific recommendations on their choice of business activity or mode of operation. Of course, laws and regulations referred to are subject to change without notice. We have taken great care to ensure the accuracy of the information but since this represents a summary only it should not be considered an authoritative statement of any specific matters of law. To avoid any pitfalls but more especially to take maximum advantage of the opportunities offered by Guyanaâ&#x20AC;&#x2122;s developing economy, readers are advised to contact the firm for specific professional advice. While the countryâ&#x20AC;&#x2122;s tax laws are not particularly complex, they offer several opportunities to the investor. However, if tax planning is not done within the law and on the basis of sound professional advice, the risks of the tax authorities setting the transaction(s) aside is greater.

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Ram & McRae is a firm of Chartered Accountants with a distinct focus... the desire to provide a dedicated personalised service designed to meet the needs of our clients… services that adhere to the highest professional standards and provided at fees within the financial resources of our clients.

Ram & McRae Chartered Accountants Professional Services Firm 157 “C” Waterloo Street, Georgetown, GUYANA Telephone: (592) 226-1072 / 226-1301 / 226-0322 Facsimile: (592) 225-4221 E-mail: info@ramandmcrae.com Website: www.ramandmcrae.com Published: 30 April 2013 © Copyright Ram & McRae 2013. All rights reserved. No reproduction, copy or transmission of this publication, in part or in whole, may be made without prior written permission. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution or civil claims for damages.

The firm provides a full range of integrated services including: •Accounting •Audit and assurance •Business planning •Business and share valuation •Corporate services (including company formation, secretarial services) •Corporate tax compliance and planning •Individual and expatriate tax compliance •Payroll preparation and management •Paymaster, our in-house developed payroll software We also offer a unique compilation of business and tax legislation including our Consolidated Tax Acts of Guyana and other publications including our Value-Added Tax and Excise Tax Handbook. LinkedIn: bit.ly/ram_mcrae Accēdō Inc., a service company of Ram & McRae, was established on February 18, 2012 by the partners of the firm to offer a wide range of Human Resources services to bring potential employees and employers in contact with each other. Services offered by Accēdō include: •Search and Selection/Recruitment •Outsourcing •Temporary Staff •Work Permits and Visas •Compensation and Benefits Surveys •HR Consultancy LinkedIn: bit.ly/accedogy

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LEGAL AND ECONOMIC LANDSCAPE Guyana, a former British colony, attained independence within the British Commonwealth in May 1966 and became a Cooperative Republic in February 1970. Constitutionally Guyana has a mixed presidential and Westminster system of government while its judicial system reflects the country’s English Common Law heritage. Guyana operates under a “dualist” system of international law by which international agreements take legal effect through the enactment of implementing legislation. International agreements that have not been incorporated into domestic law cannot be invoked before the courts and have at best only persuasive effect under Guyanese law. The open economy is primarily based on agriculture, eco-tourism, forestry, fishery and mining of bauxite, gold and diamonds. Efforts continue to promote non-traditional agricultural produce and aquaculture, and a number of companies have begun exploration for oil and gas. Under a Low Carbon Development Strategy (LCDS) being promoted by the Government of Guyana, the economy offers attractive opportunities for businesses in new and expanding sectors that pursue environmentally friendly activities.

expanding the physical and social infrastructure, the Government in 2004 passed the Investment Act setting out the incentives and guarantees to both foreign and domestic investors. Guyana is a founder member of CARICOM, a regional trade and political bloc, giving its products wider access to the CARICOM market under the CARICOM Single Market and Economy (CSME) which creates a single economic space and provides for the eventual free movement of goods, services, capital and persons. It is also a beneficiary under the Caribbean Basin Initiative (CBI) through which many of its Guyana’s products gain preferential treatment into the US and enjoy duty-free treatment under the Generalised System of Preferences (GSP). Special access arrangements are also in place to the European Market under the Economic Partnership Agreement (EPA), to Canada through CARIBCAN, and to other countries through bilateral agreements. More recently, Guyana became a member of UNASUR, the grouping of South American nations.

To confirm its commitment to fostering a favourable environment for growth and creating opportunities by improving its political climate, maintaining a stable macroeconomic environment, modernising the traditional growth sectors and rehabilitating and

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ESTABLISHING A LEGAL PRESENCE IN GUYANA A decision to do business in Guyana requires the investor to consider the appropriate form of the business unit from both a legal and tax standpoint. The tax laws generally favour the corporate form rather than the unincorporated entity. If the investor is a corporate entity established in another jurisdiction the issue will be whether to incorporate a new company or register as an external company. Guyanese investors have the option of incorporation, partnership or sole traders. The latter two do not constitute a separate legal entity but require registration under the Business Names (Registration) Act. Companies are regulated under the Companies Act which is modelled after the Canadian Business Corporations Act.

CONSTITUTING UNDER THE COMPANIES ACT 1991 INCORPORATION Incorporation is effected when one or more persons or entities or a combination thereof agree to form a company in Guyana by filing Articles of Incorporation and, optionally, Byâ&#x20AC;&#x201C;Laws. On the issue to it of a Certificate of Incorporation, the company becomes a legal entity in the eyes of the law.

REGISTRATION Registration is effected where a company incorporated or formed under the laws of another country chooses not to incorporate locally but to register as an external company under the Companies Act. This requires the filing with the Registrar of Companies a statement containing specified information about the company. Registration does not create a separate legal entity but effectively provides legal recognition of the company in Guyana, giving it a right to sue in the courts of Guyana. Duties on both a fixed and ad valorem basis are payable on incorporation or registration.

AVENUE OF THE REPUBLIC GEORGETOWN, GUYANA. ÂŠVISHNU PRASAD

LIABILITY TO TAX Resident individuals and companies are subject to tax on the world income basis. However, in the case of individuals who have earned income arising outside of Guyana, only that portion that is received in Guyana is subject to tax. A non-resident person or corporation carrying on trade or business is only liable to tax on income derived from Guyana regardless of where the income is received. A temporary resident individual or corporation is not liable to tax on income arising abroad whether received in Guyana or not. Residence and non-residence is determined by the location of the mind and management in respect of companies.

DOUBLE TAXATION TREATIES Double taxation treaties are in force with Canada, member states of CARICOM (except Suriname), and the United Kingdom. Double taxation agreements with other countries are reportedly under negotiation. These treaties are intended to mitigate the effects of double taxation, eliminate tax evasion and encourage trade and investment. Under the various treaties, the standard 20% rate of withholding tax applicable to dividends, rentals, royalties, management charges, etc. may be reduced, while the income earned by an entity may be limited to tax in the country in which such income was earned or a tax credit available in the other country.

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INDIVIDUAL INCOME TAX Income is defined in the Income Tax Act as any gains or profits from any trade, business, profession or vocation for whatever period of time it may have been carried on or exercised in Guyana. Individuals are taxed at the rate of 30% on income in excess of $600,000 per annum or $50,000 per month. Individuals who are employed pay taxes by payroll deduction on the pay-as-you-earn (PAYE) basis. Selfemployed individuals are required to pay taxes quarterly in advance on the first day of April, July and October and December 31 of each year. Tax returns are to be filed by, and any balance of tax payable becomes due on, April 30 in the following year.

CORPORATION TAX All companies and branches of foreign companies are subject to tax on the income reported in the company’s financial statements subject to certain adjustments required under the tax laws. The rate of tax for commercial companies (see definition below) is forty percent (40%) and for non-commercial thirty percent (30%). Telephone companies are taxed at the rate of forty-five percent (45%). Where the taxes payable by a commercial company for any year is less than two percent of its turnover, minimum corporation tax (MCT) of 2% of turnover is payable. MCT is recoverable in those subsequent years when the taxes payable are greater than 2% of turnover. A commercial company is defined as ‘a company that derives at least seventy-five percent (75%) of its gross income from goods not manufactured by it, or if it is engaged in telecommunication, banking or insurance other than long-term insurance’. Corporation Tax is payable in advance quarterly instalments on the preceding year’s tax liability. Advance tax payments are due on the 15th of March, June, September and December of the calendar year prior to the tax year. However, the Commissioner-

General may require the company to calculate the payments based on estimated income for the current year. Tax returns are to be filed by, and any balance of tax payable become due on, April 30 in the following year.

DEDUCTIBILITY OF EXPENSES The Act allows for tax purposes the deductibility of all expenses of a revenue nature wholly and exclusively incurred in the production of income. The principles of deductibility are generally similar to those which apply in North America and the United Kingdom. Deductions for administrative, technical, professional or other managerial service fees paid to a non-resident company or branch, referred to in the Act as “head office expenses”, may not exceed one percent (1%) of annual turnover. Charitable donations are not deductible unless these are made under a deed of covenant.

LOSSES Losses may be carried forward indefinitely to be recovered in future years’ profits. The loss recovered in any one year may not reduce the tax payable by more than fifty percent (50%) or, in the case of commercial companies, to less than 2% of turnover. The tax laws do not allow for loss carry backs. BUSINESS GUYANA 2013

LIABILITY TO TAX (continued) OTHER MATTERS Special provisions are applicable to Gold and Diamond mining companies, companies with petroleum operations, insurance companies, non-resident shipowners and several other types of companies.

PROPERTY TAX Resident individuals and companies and non-residents with net property in Guyana who own property as defined in the law are liable to Property Tax. Property includes tangible and intangible property, cash, receivables and other rights. Liabilities are deductible in arriving at net property. The rates and bands applicable are as follows: â&#x20AC;˘Individuals: No property tax is payable on net property below $40,000,000 while the remainder is taxed at 0.75%. â&#x20AC;˘Companies: No property tax is payable on net property below $10,000,000 while the next $15,000,000 is taxed at 0.5% and remainder is taxed at 0.75%. For property acquired prior to January 1, 2011 the value for property tax purposes is the value at that date plus subsequent additions at cost, less allowances for wear and tear. The filing and payment deadline for property taxes is April 30 of the following year.

CAPITAL GAINS TAX Capital Gains Tax at the rate of 20% is payable on the net chargeable gains on the disposal of capital assets. Gains derived on capital assets acquired and disposed within twelve (12) months are taxed as ordinary income. Gains derived from the disposal of assets held for more than twenty-five years or on the transfer of shares or stock held in a public company are exempt. The filing and payment deadline for capital gains taxes is April 30 of the following year.

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EXCISE TAX AND VALUE-ADDED TAX Value-Added Tax applies to all taxable supplies of goods and services made by a taxable person in Guyana and to all imports other than exempt imports. The standard rate is 16% whilst certain goods and services specified in Schedule I of the VAT Act are taxable at zero rate and others specified in Schedule II are exempt. All persons making taxable supplies in excess of $10,000,000 are required to register and once registered will be considered taxable persons. Returns and remittance of VAT collected are due monthly by the fifteenth working day of the following month. VAT paid (input VAT) is deducted from VAT collected (output VAT) to arrive at the amount of VAT payable or refundable for the month. VAT paid on passenger vehicles (under ten seats), accommodation, entertainment, and subscription to associations and clubs of a sporting, social, or recreational nature are not deductible as input VAT. Excise Tax is imposed on specific imported or home-produced goods. These are Petroleum products, Tobacco products, Alcoholic beverages, and Motor vehicles. The filing of returns and the payment deadline for value-added taxes is fifteen working days after the period end while for Excise taxes, it is fifteen calendar days.

WITHHOLDING TAX Distributions and payments to nonresidents are subject to withholding tax at the rate of 20%. The tax is to be deducted by the person making the payment and remitted to the Guyana Revenue Authority within thirty days. A distribution or payment subject to withholding tax is not liable to any other income tax. Payments include interest on any debt, other than a temporary bank loan or trade account; rentals; royalties; management

charges or charges for the provision of personal services and technical and managerial skills; commissions, fees and licences; discounts, annuities or other annual or periodic payments. Insurance premiums, other than for long term insurance, paid to foreign companies are subject to withholding taxes at the rate of 10% (or 6% where the company has established a place of business in Guyana). A person making a payment to any nonresident company on account of any contract undertaking must deduct and pay over withholding tax at the rate of 10% of the amount paid to the Guyana Revenue Authority. Unlike withholding taxes under the Income Tax Act, the amount deducted in respect of a contract undertaking is not a final tax but is creditable against the corporation tax liability of the nonresident contractor.

PENALTIES AND INTEREST Failure to comply with the tax laws including the filing of returns, to pay taxes on or before the due dates, to make a false return and to deduct and pay over employee and withholding taxes carry significant penalties and interest.

BOOKS AND RECORDS Under the Companies and Tax Acts, adequate accounting records to give a true and fair view of the state of the entity’s affairs are to be maintained. For companies, registers must be kept for Share and Debenture Holders, Directors and Officers along with minutes of meetings and resolutions of Directors and Shareholders. Financial statements filed with annual and tax returns must comply with International Financial Reporting Standards and the Companies Act 1991, and be accompanied by an audit report issued by a practising member of the Institute of Chartered Accountants of Guyana (ICAG).

FISCAL INCENTIVES The Guyana’s Constitution recognises and protects private property and provides for the payment of prompt and adequate compensation, including interest. On the request of the private sector, in 2004 the Government of Guyana passed the Investment Act to reinforce the Income Tax (In Aid of Industry) Act, the principal incentive legislation. The Investment Act forbids discrimination between private foreign and domestic investors, or among investors from different countries. It specifies that investment enterprises may be wholly owned by foreign investors and allows unrestricted repatriation of profits after tax obligations have been met, both for companies and the net earnings of foreign personnel working in Guyana. With respect to the protection of property rights, the Act limits the circumstances under which the Government may compulsorily acquire any investment enterprise or the assets of an investor.

Certain investments in identified sectors and in particular regions will almost automatically qualify for tax holidays for up to 10 years, while certain types of activities will benefit from a range of fiscal concessions. Fiscal incentives include:

-Tax holidays; -Waivers of import duty on specified machinery, equipment and raw materials;

-Certain goods and services are completely exempt from Value Added Tax while a whole range are taxed at a zero rate, including output of companies operating under an investment agreement entered into with the Government;

-Generous capital allowances under the Income Tax (In Aid of Industry) Act to certain key trades and businesses. These are in addition to the normal wear and tear allowances given for tax purposes. To enhance the application and approval process, the investment promotion agency, the Guyana Office for Investment (GOINVEST), has been given wide powers and charged with facilitating new domestic and foreign investments that are consistent with the country’s development thrust.

INVESTMENT GUARANTEES All investors in Guyana are guaranteed the full protection of the Constitution and the Investment Act. In this regard, Guyana is a signatory to the International Convention on the Settlement of Investment Disputes between States and Nationals of other States (ICSID) and to the Multilateral Investment Guarantee Agreement (MIGA). In addition, Guyana qualifies for insurance of United States investments in accordance with the scheme operated by the Overseas Private Investment Corporation (OPIC).

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WORK PERMITS The laws of Guyana require that nationals of certain countries hold a visa permitting them entry into Guyana. On the other hand the nationals of CARICOM countries falling within certain professional groups or holding a skills certificate under the CSME enjoy certain privileges. Foreign Nationals are required to obtain a work/residence permit from the Ministry of Home Affairs if desirous of being employed in Guyana. It is the obligation of the employer to apply for the work permit by providing the prescribed information in a timely manner. The process can take between 3-6 weeks.

SOCIAL SECURITY NATIONAL INSURANCE The National and Social Security Act Cap. 36:01 provides for the compulsory participation in the National Insurance Scheme. There is no provision which would allow the employee, the employer or a self-employed person to exempt him/herself from participation. The Scheme provides for the payment of short-term, long-term and cash benefits on the basis of the number and level of contributions made by the employed person and his employer or by himself if self-employed. Contributions at the following rates are compulsory and must be deducted by the employer and paid over by the 15th of the month following the month for which the deduction is made: Employee: 5.6% of insurable earnings Employer: 8.4% of insurable earnings Where an employee earns below $50,000 per month, the rates of 5.2% and 7.8% respectively will apply with the Government paying 1%. Only the employer is required to contribute - at the rate of 1.5% - where the employee is below 16 or above 60 years of age. The self-employed contributes at a rate of 12.5% of insurable earnings. The maximum amount of insurable earnings on which contributions are payable is $150,628 or its equivalent weekly or fortnightly amounts.

FOREIGN EXCHANGE ISSUES Guyana has abolished all exchange controls and the Guyana Dollar floats freely according to market conditions. Bank and non-bank cambios easily facilitate the conversion and payment of foreign currency and business houses readily accept payment via foreign currency cheques, wire transfers or credit cards. The Customs Act requires a declaration to the Comptroller of Customs when bringing in or taking out of Guyana more than ten thousand US dollars or its equivalent in any other currency. The Bank of Guyana Act 1998 provides that all monetary obligations or transactions in Guyana (whether imposed or authorised by a law or otherwise) are deemed to be expressed and recorded, and shall be settled, in Guyana dollars unless otherwise provided for by law or agreed between the parties. But such an agreement requires the permission of the Bank of Guyana after consultation with the Minister.

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Non-resident companies require permission of the Minister of Finance to borrow funds locally. Under the Foreign Exchange Miscellaneous Act 1996, the permission of the Minister of Finance is required for: the lending to or borrowing from any person in Guyana other than an authorised dealer of any gold or foreign currency; the act of any person resident in Guyana which involves, is in association with, or is preparatory to borrowing any gold or foreign currency from, or lending any gold or foreign currency to any person outside Guyana; the operation of a foreign currency account; and the lending by a person in Guyana of money or securities to a company resident in Guyana but controlled by a person resident outside Guyana.

ATTRACTING FOREIGN INVESTMENT Generally, the foreign investments in which Guyana is interested are those which, among other things: strengthen the infrastructure, with particular reference to services such as financial services, tourism, telecommunications, airport and airline services, shipping and port facilities, hydropower and other electricity generation, housing and hotel accommodation; increase exports and foreign exchange earnings; save expenditure of foreign exchange on imports; develop the countryâ&#x20AC;&#x2122;s natural resources in an environmentally sustainable manner; promote the development and transfer of technology; and promote employment growth and development through the strategic location of economic activities.

OWNERSHIP OF INVESTMENTS There are, in general, no restrictions on the proportion of private or foreign ownership of any enterprise or asset. A foreign investor could choose to invest alone, or in partnership with other foreign/ local investors and entrepreneurs under the Companies Act 1991. However, under section 333 of the Act, an external company shall have the power to hold land as may be authorised by licence of the President of Guyana. There are also certain restrictions on the size of mining and forestry concessions which foreign investors may hold. The Investment Act 2004 also allows for the repatriation of interest, capital and income by foreign companies and their personnel. The repatriation of capital out of Guyana is not subject to taxation.

LICENSING A variety of licensing and other regulatory requirements are in place with the following being the principal agencies and their areas of responsibility:

AGENCY

AREA OF RESPONSIBILITY

BANK OF GUYANA

BANKING AND FINANCE, INSURANCE, MONEY TRANSFER, FOREIGN CURRENCY DEALING, CREDIT REPORTING

GUYANA SECURITIES COUNCIL

PUBLIC COMPANIES, SECURITIES OFFERED TO THE PUBLIC, UNIT TRUSTS, STOCK BROKERS

FINANCIAL INTELLIGENCE UNIT

MONEY LAUNDERING

REGISTRAR OF COMPANIES

COMPANY FORMATION, MAINTENANCE

REGISTRAR OF FRIENDLY SOCIETIES

FRIENDLY SOCIETIES (CHARITIES)

OCCUPATIONAL SAFETY AND HEALTH AUTHORITY

OCCUPATIONAL SAFETY AND HEALTH

ENVIRONMENTAL PROTECTION AGENCY

ENVIRONMENTAL IMPACT ASSESSMENTS

CENTRAL HOUSING AND PLANNING AUTHORITY

PROPERTY DEVELOPMENT, BUILDING CODES

GUYANA REVENUE AUTHORITY

TAXES, MISCELLANEOUS LICENCES (SHOPS, LIQUOR, TOBACCO,

NATIONAL INSURANCE SCHEME

SOCIAL SECURITY

GUYANA GEOLOGY AND MINES COMMISSION

MINING AND EXPLORATION

GUYANA FORESTRY COMMISSION

FORESTS, LOGGING, TIMBER EXPORTS

PESTICIDE AND TOXIC CHEMICALS CONTROL BOARD

PESTICIDES AND TOXIC CHEMICALS

GUYANA NATIONAL BUREAU OF STANDARDS

GOODS AND SERVICES STANDARDISATION

CHIEF CO-OPERATIVES DEVELOPMENT OFFICER

CO-OPERATIVE SOCIETIES, CREDIT UNIONS

TRANSPORT & HARBOURS DEPARTMENT

VESSELS, PORTS, BRIDGES

CIVIL AVIATION AUTHORITY

AIR TRANSPORT, NAVIGATION

GUYANA ENERGY AGENCY

PETROLEUM AND PETROLEUM PRODUCTS

GUYANA TOURISM AUTHORITY

TOURIST FACILITIES, TOUR GUIDES

The process and fees vary with each agency. Investors are urged to ensure that appropriate approvals and licenses are in place before commencement of activities as the costs of correcting breaches in the laws and regulations could be excessive.

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ANTI-MONEY LAUNDERING The Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 addresses money laundering, terrorism, serious offences, and requirements for reporting entities. The Act is regulated by the Financial Intelligence Unit of the Ministry of Finance. Among the offences listed as “serious” in the Act are terrorism, trafficking in persons, drugs, ammunition, sexual exploitation, corruption and bribery, counterfeiting, smuggling and insider trading. The Act provides for unlawful proceeds from such crimes to be identified, traced, frozen, seized and forfeited. Reporting entities are required to establish and maintain records as set out by the Act and to report suspicious transactions to the Financial Intelligence Unit. Such entities include banks, money transfer agencies, cambios, pawn-broking entities, credit unions, casinos, used car and car parts dealers, insurers and unit trusts. Attorneys-at-law, notaries, other independent legal professionals and accountants are considered reporting entities in respect of certain clients’ transactions, namely, buying and selling real estate, managing client monies, etc.

LABOUR The law provides for the compulsory recognition by the employer of a union which has the support of the majority of the entity’s employees. Trade Unions are therefore common and in some sectors they are particularly effective. Even in the absence of a trade union, legislation provides for working hours, the payment of overtime, holidays with pay, occupational health and safety, termination of employment and severance or redundancy pay.

COMPETITION AND FAIR TRADE This Competition and Fair Trading Act 2006 seeks to promote competition in trade practises and prohibit anti-competitive business conduct in the interest of consumers. The Act is regulated by the Competition and Consumer Affairs Commission which is empowered, inter alia, to investigate businesses practices including anti-competitive agreements, abuses of dominant positions, resale price maintenance arrangements, bid-rigging, and misleading advertising.

CONSUMER PROTECTION The Consumer Affairs Act 2011 seeks to promote and protect consumer interests in relation to the supply of goods and services. This Act is also regulated by the Competition and Consumer Affairs Commission. The Act addresses duties of suppliers in matters such as displaying prices, refunds and warranties, unfair trade practises such as dual pricing, pyramid selling and tied goods or services, unfair contracts, electronic sale transactions, and defective and unsafe products.

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EMBASSIES & CONSULATES IN GUYANA

Embassy of the Argentine Republic 66 Brummel Place, Stabroek Georgetown Tel: (592) 231-9521/22 Email:eguya@mrecic.gov.ar

Embassy of the Republic of Cuba 46 High Street, Kingstown Georgetown Tel: (592) 225-1881; 226-8842 Fax: (592) 226-1824 Email: emguyana@networksgy.com

Embassy of the Russian Federation 3 Public Road, Kitty Georgetown Tel: (592) 227-1738; 226-9773 Fax: (592) 227-2975 Email: consrus.guyana@mail.ru

Embassy of the Federative Republic of Brazil 308 Church Street, Georgetown Tel: (592) 225-7970/226-9693 Fax: (592) 226-9063 Email: brasemb.georgetown @itamaraty.gov.br

Delegation of European Commission 11 Sendall Place Stabroek, Georgetown Tel: (592) 226-4004/5424 Fax: (592) 226-2615 Email: delegation-guyana @eeas.eurota.eu

Consulate of Norway 364 Omai Street Prashad Nagar Georgetown Tel: (592) 223-5096

British High Commission 44 Main Street, Georgetown Tel: (592) 226-5881-4 Fax: (592) 225-3555 Email: bhcgeo@networks.gy.com

Indian High Commission 307 Church & Peter Rose Sts. Georgetown Tel: (592) 226-3996/8965 Fax: (592) 225-7012 Email: hoc.georgetown@mea.gov.in

Embassy of the Republic of Suriname 171 Peter Rose & Crown Streets Tel: (592) 226-7844; 225-2631 Fax: (592) 225-0759 Email: surnmemb@gol.net.gy

Canadian High Commission High & Young Street Kingston, Georgetown Tel: (592) 227-2081-2 Fax: (592) 225-8380 Email: grgtn@international.gc.ca

Embassy of Mexico 44 Brickdam, Stabroek Georgetown Tel: (592) 226-3987-90 Fax: (592) 226-3722 Email: mexicoembassygy@gmail.com

Embassy of the United States of America 99-100 Young & Duke Sts. Kingston, Georgetown Tel: (592) 225-4900-9 Fax: (592) 225-8497 Email: usembassy@yahoo.com

Embassy of the Peopleâ&#x20AC;&#x2122;s Republic of China 2, Mandela Avenue, Georgetown Tel: (592) 227-1651 Fax: (592) 225-9228 Email: chinaguyana@yahoo.com

Consulate General of the Netherlands 24 Water Street , Georgetown (in care of John Fernandes) Tel: (592) 227-3344 Email:catheryn.carew@hotmail.com

Embassy of the Bolivarian Republic of Venezuela 296 Thomas Street, Georgetown Tel: (592) 226-1543/226-6749 Fax: (592) 225-3241 Email: embve.gygto@mppre.gob.ve

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GUYANA’S DIPLOMATIC & CONSULAR REPRESENTATIVES BELGIUM His Excellency Dr. Patrick I. Gomes Ambassador Extraordinary & Plenipotentiary 12 Avenue du Bresil 1050 Brussels, Belgium Tel: (32) 2-675-6216 Email: embassy9.guyana@skynet.be BRAZIL Mr. Cel. Paulo Gomes dos Santos Filho Honorary Consul Rua Lauro Muller Nr. 116 Grupo 2604 Torre do Rio Sul Botafogo - Rio de Janeiro 22290-160, Brazil Tel: (21) 25429595/25410191 E-mail:oficial.chancelaria@ consuladoguianario.com.br CANADA His Excellency Mr. Rajnarine Singh High Commissioner 151 Slater Street Suite 309 Ottawa KIP 5H3 Canada Tel: (613) 235-7249/235-7240 Email: guyanahcott@rogers.com PEOPLE’S REPUBLIC OF CHINA Ms. Anyin Choo, Charge d’Affaires No. Xiu Shui DongJie Jaing Guo Men Wai Beijing People’s Republic of China Tel: (861) 532-1601/532-2066 E-mail: guyemb@public3.bta.net.cn CUBA Her Excellency, Mrs. Mitra Devi Ali Ambassador Calle 17, No. 506 Entre Avenidas 5ta y 7ma Miramar Havana - Republic of Cuba Tel: (537) 204-2094 E-mail: embguyana@enet.cu

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GREECE & MIDDLE EAST His Excellency Mr. George Hallaq Presidential Envoy Arithmos Stavros 3 & Makka 1 Emplokib, Athens Greece 11503 Tel: (301) 813-73-20/1 E-mail: guyanamissiongr@gmail.com INDIA His Excellency Mr. Ronald Gajraj High Commissioner B-3/20 Vasant Vihar New Delhi - 110057 India Tel: (9) 111-4166-9717/8 E-mail: hcommguy.del@gmail.com JAPAN Mr Tasuku Hasemura Honorary Consul Nissho Iwai Building 4-5 Akasaka 2 Chome Ninato - KU Tokyo 107 Japan Tel: (81) 3-3406-3363 KOREA Ms. Seon Ryun Shin Honorary Consul 104 Dong Byucksan Apts. 11102 Hongeun-Dong Seodaemoon-Kv Korea RUSSIA Mr. Oleg Viktorovich Krivonogov Honorary Consul Consulate of Guyana 13/1 Nikoloyamskaya Str. Moscow 109240 Russia Tel: (007) 095-728-4910

SOUTH AFRICA Mr. Kojo Parris Honorary Consul SPESA 1 West Street Houghton Estate Johannesburg 2198 South Africa Tel: (27) 11-771-4000 Email: kojo@socialprivateentrepreneur.com SURINAME His Excellency Mr. Keith George Ambassador Gravenstraat No. 82 P.O. Box 785 Paramaribo - Republic of Suriname Tel: (597) 477-895/472-509 E-mail guyembassy@sr.net SWEDEN Mr. Per Goran Eklund Honorary Consul Consulate of Guyana Odengatan 33 SE-11351 Stockholm, Sweden Tel: (46) 8 408 27 853 Email: pereklund20@yahoo.com TURKEY Mr. Erol K. Makzume Honorary Consul Consulate of Guyana Veko Giz Plaza, 2nd Floor No. 3-4 Meydan Sokak 34398 Maslak Istanbul, Turkey Tel: (90) 212-290-2950/212-223-5047 Email: guyanaconsulate.tr@makzume.com erolmakzume@makzume.com UNITED KINGDOM His Excellency Mr. Laleshwar Singh High Commissioner 3 Palace Court Bayswater Court London W2 4LP - United Kingdom Tel: (44) 171-792-1178/171-229-7684; Email: guyanahc1@btconnect.com

GUYANA EMBASSY & PERMANENT MISSION TO THE ORGANIZATION OF AMERICAN STATES - WASHINGTON, DC, UNITED STATES OF AMERICA His Excellency Mr. Bayney Karran Ambassador Extraordinary & Plenipotentiary 2490 Tracy Place N.W Washington, D.C. 20008 USA Tel: (202) 265-6900/265-3834 Email: guyanaembassydc@verizon.net GUYANA PERMANENT MISSION TO THE UNITED NATIONS His Excellency. Mr. George Talbot Permanent Representative 801 2nd Ave #501 New York, NY 10017 Tel: (212) 573-5828-9 Email: Guyana@un.int GUYANA CONSULATE GENERAL - NEW YORK, USA Mr. Brentnol Evans Consul General Consulate General of Guyana 370 7th Avenue 4th Floor Seven Penn Plaza New York, N.Y. 10001 Consul General: (212)-947-5115 Passport Section: 212-947-5112 Tel: (212) 947-5110/947-5111 VENEZUELA His Excellency Mr Geoffrey Da Silva Ambassador Extraordinary & Plenipotentiary Quinta Los Tutis, Segunda Avenida entre Novena y Decima Transversal, Altamira, Chacao, Caracas, Venezuela Tel: (58) 212-267-7095 E-mail: embguy@cantv.net

BUSINESS GUYANA 2013

BUSINESS contacts PRIVATE SECTOR ORGANISATIONS

CHAMBERS OF COMMERCE

BUSINESS ORGANIZATION

PRIVATE SECTOR COMMISSION

GEORGETOWN CHAMBER OF COMMERCE AND INDUSTRY 156 Waterloo Street, N/Cummingsburg Georgetown Tel: (592) 227-6441 or 225-5846 Tel/Fax: (592) 226-3519 Email: gtchambe@networksgy.com / gccicommerce2009@gmail.com Website: www.gccigy.org

CONSULTATIVE ASSOCIATION OF GUYANESE INDUSTRY 157 Waterloo Street, N/ Cummingsburg, Georgetown Tel: (592) 226-4603, 225-7170 Fax: (592) 227-0725 Email: ramchancagi@gol.net.gy

Umbrella organization for most private sector business and employer organizations. Most major companies are also members.

157 Waterloo Street, N/Cummingsburg Georgetown Tel: (592) 225-0977 Fax: (592) 225-0978 Email: office@psc.org.gy Website: www.psc.org.gy FOREST PRODUCTS ASSOCIATION OF GUYANA 157 Waterloo Street, N/Cummingsburg Georgetown Tel: (592) 226-9848 Fax: (592) 226-2832 Email: fpasect@guyana.net.gy GUYANA MANUFACTURING & SERVICES ASSOCIATION 157 Waterloo Street, N/Cummingsburg Georgetown Tel: (592) 223-7405/06 Fax: (592) 225-5615 Email: gma_guyana@yahoo.com Website: www.gma.org.gy GUYANA ASSOCIATION OF TRAVEL AGENTS Wm Fogarty Building 34-37 Water Street, Georgetown Tel: (592) 227-7225 Fax: (592) 225-2513 Email: debra.barron@laparkan.com GUYANA RICE PRODUCERS’ ASSOCIATION Block X, Crane, West Coast Demerara Tel: (592) 254-2012/13 Email: rparice1946@yahoo.com

BERBICE CHAMBER OF COMMERCE AND DEVELOPMENT 12 Chapel Street, New Amsterdam, Berbice Tel: (592) 333-3324 Email: bccda@guyana.net.gy LINDEN CHAMBER OF INDUSTRY, COMMERCE & DEVELOPMENT 97-98 Republic Avenue, McKenzie, Linden Tel: (592) 444-2901 Email: infolindenchamber@gmail.com RUPUNUNI CHAMBER OF COMMERCE AND INDUSTRY Block ‘A’ Takatu Drive, Lethem, Rupununi Region 9 Tel: (592) 772-2213 Email: rupununircci@yahoo.com UPPER CORENTYNE CHAMBER OF COMMERCE & INDUSTRY 157 Line Path ‘B’ Corriverton, Berbice Tel: (592) 339-2935 Fax: (592) 335-3738 Email: uccci_9@yahoo.com/ hemchand@ yahoo.com

INSTITUTE OF PRIVATE ENTERPRISE DEVELOPMENT 253-254 South Road, Bourda, Georgetown Tel: (592) 225-8949/226-4675 Fax: (592) 226-4675 Email: iped@ipedgy.com Website. www.ipedgy.com

CENTRAL CORENTYNE CHAMBER OF COMMERCE 65 A Public Road, Rose Hall Town, Corentyne Berbice Tel: (592) 337-4778/5120 Email: central_chamber@yahoo.com

TOURISM & HOSPITALITY ASSOCIATION OF GUYANA 157 Waterloo Street, N/Cummingsburg Georgetown Tel: (592) 225-0807/0817 Fax: (592) 225-0817 Email: thag.secretariat@gmail.com Website: www.exploreguyana.org

WEST DEMERARA/EAST BANK ESSEQUIBO & ISLANDS CHAMBER OF COMMERCE AND INDUSTRY Ocean View Dr. Ruimzeight, West Coast Demerara Tel: (592) 269-0020 /30 Fax: (592) 269-0022 Email: westdemerara__chamber@yahoo.com

BUSINESS GUYANA 2013

GOVERNMENT OFFICES & AGENCIES MINISTRY OF TOURISM INDUSTRY & COMMERCE 229 South Road, Lacytown, Georgetown Tel: (592) 226-2505 Fax: (592) 225-9898 Email: wmilton_ps@yahoo.com MINISTRY OF FOREIGN TRADE & INT’L CO-OPERATION 254 South Road, Bourda, Georgetown Tel: (592) 227-7726 Fax: (592) 223-0900 Email: moftic@moftic.gov.gy GUYANA OFFICE FOR INVESTMENT (GO-INVEST) 190 Camp & Church Streets, Georgetown Tel: (592) 225-0658/3, 227-0653 Fax: (592) 225-0655 E-mail: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy GUYANA RICE DEVELOPMENT BOARD 116-117 Cowan Street, Kingston, Georgetown Tel: (592) 225-8717 Fax: (592) 225-6486 Website: www.grdb.gy / grdb@gol.net.gy GUYANA TOURISM AUTHORITY National Exhibition Centre, Sophia, Georgetown Tel: (592) 219-0094-6 Fax: (592) 219-0093 Email: info@guyana-tourism.com Website: www.guyana-tourism.com

REGIONAL ORGANISATION CARIBBEAN COMMUNITY SECRETARIAT (CARICOM) P.O. Box 10827, Turkeyen, Greater Georgetown Tel: (592) 222-0001-75 Fax: (592) 222-0171 Email: registry@caricom.org Website: www. caricom.org