Economic Overview and Business Opportunities in Guyana
A small country that is located on the North Atlantic coast of South America, Guyana’s economic outlook and business potential attracts investors from all over the world. It may be small and populated sparsely, but Guyana still holds its own.
As the only country in South America where English is the official language, Guyana is one of the most in demand nations to start a business. As an oil producing nation, Guyana’s economy is on the cusp of experiencing major growth. Especially with the right investors on board helping to mold the country’s economy.
Besides oil, a lot of Guyana’s growth is attributed to tourism. It accounts for 7.8% of Guyana’s GDP growth, and there is more room for development.
Guyana’s strong and steady economy is also bolstered by the fact that it is one of the most significant exporters of bauxite and diamonds. In addition, it also has other notable reserves on hand. This includes semi-precious stones and metals. The more prominent ones include iron, copper, nickel, kaolin, soapstone, tungsten, and molybdenum.
Opportunities for Business
Since Guyana’s business environment is respectable, investors can invest with ease, knowing that their funds will be secure. With the right business plan in place, your business has the potential for massive growth. Oil, tourism, and mining are among the three business sectors with the biggest potential.
It is estimated that Guyana’s total oil reserves are approximately more than 9 billion barrels. ExxonMobile is the consortium that oversees a lot of what is going on in the oil sector. The Guyanese Government has announced that it is in search of a partner who can help the country market its share of oil offshore. There’s plenty of opportunity to be explored here.
As mentioned earlier, Guyana’s tourism sector has the potential for further growth. All it needs is the right investor to come along and pave the way for more opportunities. Developing this sector is going to be easy, helped along by Guyana’s stunning beaches and pristine rainforests. Guyana’s natural environment is enviable, and you only need to look at its renowned Kaieteur Waterfall to understand why.
Investors can consider getting a foothold in tourism and exploring the opportunity to develop its luxury and ecotourism sectors. The Guyanese Government is keen to help generate investments in these sectors.
At the moment, the country is sitting on a gold royalty rate of 8%. Should you choose to set up a gold mining company here, you will be taxed a discovery rate of 25% by the Government.
Set Up With Ease with 3E Accounting
Looking for someone to help you get your business off the ground? That’s what the 3E Accounting team is for. Our specialists are well-versed with all things company incorporation. With our local knowledge of Guyana and our expertise, your business is off to the best possible start.
For more information about company incorporation, get in touch with 3E Accounting.
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