With more investors, both local and foreign, becoming interested in doing business in Guyana, you can expect a tight but excitingly competitive market. Before you can join in on the fun, however, you must first have to deal with the comprehensive process of setting up shop.
You can expect to have to go through a lot of steps, and it can all get intimidating and overwhelming fast, especially if it’s your first time doing it. If you want to start your business according to the timeline you’ve set, then you’re going to have to do each step as concisely as possible so that there won’t be any delays.
For this, it is highly recommended that you seek the help of a commercial lawyer. They would know the rules governing businesses in Guyana, as well as the requirements you’ll need to meet in order to be approved for a business license.
Here are some more ways that a commercial lawyer in Guyana can help you make your dream business come true.
Give Counsel on Which Type of Business to Apply for
There are four types of legal entities recognized in Guyana. When starting a business, the first thing you need to do is determine what kind of an entity your business is going to be. There’s a sole proprietorship, private limited liability company (PLLC or LLC), public liability company (PLC), or partnership.
In a sole proprietorship, you can enjoy the ease of setup it provides. However, the potential downside is that the owner is going to be held accountable for all debts and assets. It’s practically the same for a partnership, except that in this kind of entity, the liability is shared among the partners themselves.
As for whether you should instead go for a private or public LLC, the difference ultimately rests on the number of directors appointed. A private LLC needs only one, and then has shareholders, while a public LLC has to have at least two directors. A public LLC also means that the ownership is divided into shares that are then listed and publicly traded on the stock exchange.
There are many more minute details to consider, which can be easily overwhelming to the uninitiated. That is why hiring a commercial law lawyer is necessary; they can give guidance as to what kind of entity should your business. They will make an assessment of your company based on the profile that you provide, and then determine what’s going to be most beneficial and advantageous for your venture.
Filing the Paperwork
Between finalizing business plans and submitting requirements, it’s so easy to get lost in the chaos of it all. Some end up cutting corners, taking shortcuts with the procedures, thinking that it’s going to be faster for them. But then they realize too late that skipping out on processes only causes more problems for them.
You want to start your business on the right foot, which is why it’s crucial that you meet all the requirements promptly. Some of the things you’ll need to set up are the tax identification number (TIN), value-added tax (VAT) registration, business permit, and more.
Your lawyer will not necessarily be the one completing these requirements for you, but they can help ensure that you have everything you need, and that you’re doing it according to the proper steps. Any anomaly in your application can set you back greatly in your timeline, so it’s best to be prudent and efficient when filing the paperwork and submitting your documents.
Have Legal Representation
As a business, you will be entering into, initiating, executing, and even terminating a lot of contracts. A lawyer can help you with these, among many other legal matters that can affect your business. Whether it be at the negotiating table or in court, you would want a commercial law lawyer knowledgeable and experienced in Guyana commercial laws, such as Robin Stoby.