IN recent years, Guyana has been attracting significant attention from investors worldwide. With a rapidly growing economy, abundant natural resources, and a government committed to promoting local and international investment, Guyana presents a unique opportunity for those seeking to expand their business interests in the region.

The discovery of significant oil reserves off the coast of Guyana has been a game-changer for the country’s economy. Since the first major oil discovery in 2015, several more fields have been found, with estimates suggesting that Guyana could eventually become one of the world’s top oil producers.

This has attracted significant interest from major oil companies, including ExxonMobil, Hess, and CNOOC, who have invested billions of dollars in developing the country’s oil industry.

But it’s not just oil that’s attracting investors to Guyana. The country is also rich in other natural resources, including gold, diamonds, and timber. In addition, Guyana’s location at the northern edge of South America makes it an attractive gateway to the wider Caribbean region.

The PPP administration has been actively promoting foreign investment, with initiatives aimed at streamlining the investment process and improving infrastructure to support economic growth. The country’s political stability and strong legal framework have also helped to reassure investors, while tax incentives and other financial benefits have made it an attractive destination for companies seeking to establish a foothold in the region.

Investments in Guyana have caused rapid work to build the necessary infrastructure to support the growth of new industries.

As the country continues to develop, we will likely see more and more investment flowing into Guyana, making it an increasingly important player in the global economy.

The President Irfaan Ali administration has made it clear that diversifying Guyana’s economy and expanding business ties with the United States, Europe, the Middle East, and other regions is a top priority. To achieve this, the government has established a Diaspora Affairs Unit within the Ministry of Foreign Affairs and International Cooperation to encourage business ties with the Guyanese diaspora, particularly in the United States.

All companies operating in Guyana are required to physically register with the Registrar of Companies.

Newly registered businesses are encouraged to apply for a tax identification number (TIN) from the Guyana Revenue Authority (GRA) immediately. Companies that employ Guyanese workers must comply with the National Insurance Scheme. Those operating in sectors requiring specific licences, such as oil and gas, telecommunications, forestry, mining, and banking, must obtain licences from the relevant authorities before commencing operations.

The Guyana Office for Investment, provides facilitation services to foreign investors, particularly in completing administrative formalities such as commercial registration and applications for land purchases or leases.

Foreign and domestic investors have the same rights to purchase and lease land under the Status of Aliens Act. The Investment Act specifies that there should be no discrimination between foreign and domestic private investors or among foreign investors from different countries, and the authorities maintain that foreign investors have equal access to opportunities arising from the privatization of state-owned companies.

While the Government of Guyana is focused on attracting inward investment into Guyana, there are no restrictions for domestic investors to invest abroad.

Guyana has bilateral investment treaties with the United Kingdom, Germany, Cuba, China, Switzerland, South Korea, Indonesia, and several others.

The government’s emphasis on diversifying the economy and expanding business ties is encouraging and there is no doubt that Guyana has secured its place as a very attractive country.