The World Bank's International Finance Corporation has issued a report, "Doing Business 2014: Understanding Regulations for Small and Medium-sized Enterprises".
The document "sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers."
Regarding ease of doing business, the World Bank compares Guyana to 188 other countries. The easiest country to do business in is ranked #1 and the most difficult, #189. Guyana is placed at #115.
Globally, Guyana stands at 94 in the ranking of 189 economies on the ease of starting a business. It takes 1 day to search for a company name and reserve proposed name, 2 days to obtain declaration of compliance, 7 days to register a company with the Registrar of Companies, 1 day to file for tax identification number (TIN) with the Revenue Authority, 1 day to register for PAYE, 5-7 days to register for Value Added Tax [VAT], 7 days to register employees for soc ial security, and 1-2 days to make a seal.
What does it take to obtain a new electricity connection in Guyana? According to data collected by Doing Business, getting electricity there requires 8 procedures, takes 109 days and costs 479.5% of income per capita.
Here's the general picture:
