In addition to fiscal incentives, investors would benefit from duty-free access to foreign markets under preferential trade agreements such as the Caribbean Basin Initiative (USA), the Lomé Convention (Europe), Caribcan (Canada) and special arrangements with Colombia and Venezuela.

In the services sector, informatics is an area of vast potential and higher valued information technology services with the possibility of developing a full-fledged technology park. Very attractive incentives are available for this sector.

Also, because of the vast and undeveloped terrain of the country, the government is encouraging investment in areas such as construction and engineering, inland road, air and shipping services.

The Guyana Office for Investment (GoInvest), a semi-autonomous body, was established in 1994 to promote and facilitate local and foreign investment by, among other duties, serving as the primary contact for investors and being the liaison with government agencies throughout the process. The agency also advises the government of Guyana on policy undertakings necessary for attracting both domestic and foreign investment. At present, the government of Guyana is emphasizing export-led growth and import replacement related to the development of its natural and human resources.

The Guyana Export Promotion Council has recently been merged with GoInvest to facilitate the efficient coordination of the investment process. GoInvest, in addition to its investment facilitation and promotion role, has now been expanded to help exporting companies improve their export performance and promote their products in overseas markets.

GoInvest has produced a comprehensive investment guide for Guyana, which is readily available in hard copy and will be on its website: www.goinvest.gov.gy by Aug. 1, 2000.

Why is Guyana attractive to the investor?

Strategic geographic location on the Northeast Coast of South America outside the hurricane zone, with duty-free access to the Caribbean Community and Common Market countries and ready and preferential access to the South American export markets.

• Bountiful mineral and other natural resources, e.g. gold, diamonds, bauxite, petroleum, forests
• Duty-free concessions on a wide range of plant and equipment in various sectors

• Highly literate, English-speaking and easily trained workforce
• Tax holidays for pioneering industries, e.g. informatics and aquaculture
• Efficient, privately owned and operated telecommunications and electricity systems
• Competitive wage rates
• Stable political and economic system
• Presence of international banks and accounting firms
• Easy and unrestricted remittance of and access to foreign currency
• Preferential market access to United States, Canada and European Union
• Government commitment to the private sector-lead development of the country
• A detailed incentive regime is in place
• Incentives available to investors are wide and varied. They can however be captured in general areas.
• Tax holidays for pioneering activities such as new locations and new products
• Zero-rate on custom duty and consumption tax on most items of plant, machinery and equipment

• Zero-rate on custom duty and consumption tax on raw materials for registered companies
• Preferential access to markets through CARICOM, Lomé IV and the Caribbean Basin Initiative
• Double taxation treaties with the United States and Canada
• Unlimited loss carryover from previous years
• Accelerated depreciation on plant and equipment
• Export allowance for non-traditional exports to ex-CARICOM destinations - granted as a percentage of export profits and varies from 25 percent to a maximum of 75 percent.

The comprehensive investment guide is located at the following website:www.sdnp.org.gy/goinvest. Hard copies of the guide and any other information pertaining to investment in Guyana can be obtained from the Guyana Office for Investment at:

Starting and operating a business in Guyana also facilitated through GoInvest

Advantageous tax polices, government programs that support private enterprises, low production and operational costs, together with an easily trainable work force, a high level of productivity and preferential access to world markets are some of the advantages of starting and operating a business in Guyana.

Investors have several options open to them in conducting business in Guyana, including sole proprietorship, partnership and registration as an external company under the Companies Act No. 29 of 1991. Foreign investors use incorporation under the Companies Act, although a number of them elect to operate as a branch of their overseas parent company.

Partnership and joint ventures with indigenous Guyanese are encouraged

Generally, no regulations govern the proportion of ownership by partners or joint ventures. The individual concerned has the right to choose whether to invest alone or have partners and to determine the form of relationship. A number of indigenous Guyanese companies are willing to share and invest their knowledge of the local business environment with joint venture partners.

There are no restrictions regarding the nationality of the subscribers in shareholding.

To form a private incorporated company, there should be at least one and a maximum of twenty shareholders.

The Capital structure may comprise more than one class of shares

The capital structure may comprise more than one class of shares including redeemable preference shares, with such conditions as the articles may provide. Shares in a company are without nominal or par value.