June 19, 2008

Investing in Destination Guyana

Guyana has got to be among the most frustrating place to do business. If you are a potential investor I caution you. If you are a young person going off on your own....again I caution you. I can now see why so many people are leaving Destination Guyana for Destination anywhere else...

The non-formal things you will need when considering investment in Guyana:

  1. Friends in high places that can give you a break or help you cut through the red tape
  2. Friends in low places that can give you a break or help you cut through the red tape
  3. Already having a business that is well known also helps (like a huge pool hall or the like)
  4. Having one of your parents as a minister also helps
  5. Drinking with a minister on Fridays or weekends or anyone else u can suck up to or kiss A** ....Join the grow more campaign
  6. Having a well known last name like correia for example
  7. Being of a certain color may be relavant unless you have alot of money or go to Jamaica to make music videos
  8. I see also spamming people has become popular "Dutch Bottle Cafe happy hour friday"
  9. and finally you MUST ensure you have a grand launch of your service, product or place inviting the creme de la creme of society. Make sure you have prawns, pleny coverage in the Guyana times and people with shirt Jacks on.

    Giving you some cold hard facts, not my opinion, as to how hard it is to do business in Guyana I will highlight some data from the DoingBusiness Guide of 2008.

    Regulations affecting 10 stages of a business’s life are measured: starting a business, dealing with Licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.

    Guyana's Ranking

    Guyana is ranked 104 out of 178 economies.

  • Ease of doing business: global rank is 104
  • Starting a business:84
  • Dealing with Licences: 69
  • Employing workers:71
  • Registering property: 53
  • Getting Credit: 158
  • Protecting investors: 64
  • Paying taxes: 100
  • trading across borders: 101
  • enforcing contracts: 73
  • Closing a business: 123

We have had NO reforms in doing business in 2008....none...positive or negative.

Look below for the amount of time alone you can take when just starting a business:Note this is the MINIMUM amount of time:

Starting a business:

  1. procedures: 8
  2. Duration (days): 44
  3. Dealing with licences:12 procedures
  4. Dealing with Licences: 222 DAYS?!

According to the World bank:
"Cumbersome entry procedures are associated with more corruption, particularly in developing countries. Each procedure is a point of contact—an opportunity to extract a bribe..." I rest my case....so be prepared....walk with extra money.

Ok, now onto One extra word of caution: If you are smart, qualified and experienced in the field you wish to open a business in... but have no money, no contacts and plenty of ideas ;don't even think about it...Don't go to IPED, don't go to goInvest....just go....preferably out of Destination Guyana

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