Playing in the Big League: Compliance necessary for Guyanese businesses

Guyana’s oil boom, one of the world’s fastest growing frontiers, is expected only to accelerate in 2023. Following this outstanding achievement, the oil economy began to flow into all segments of the labour market, attracting foreign direct investment, and wider, the expansion of international companies and franchisees’ presence in local industries. With favourable break-even prices, incredible oil quality and a reliable production-sharing agreement, offshore Guyana rose to the degree of oil wealth comparable to international markets, creating domestic investment opportunities. To this regard, the Government of Guyana is committed to informing Guyanese businesses that their local participation is vital for competitive industries, and in the “big league” on a micro-level. This is according to Minister of Tourism, Industry and Commerce, Oneidge Walrond who is allotted responsibility to small businesses; under the Ministry’s subvention - the Small Business Bureau, the Government’s commitment was largely centred around ensuring businesses have the adequate knowledge and support to achieve compliance, essential to participating in “high stakes.” As per the encouraged compliance, taxes are payable to the Guyana Revenue Authority (GRA) and financial contributions to the National Insurance Scheme (NIS) adding structure to businesses internally and externally. “Where Guyana is going is big business. Consortiums are not possible if local businesses are not organised and structured and registered and compliant…this is the big league…” said Minister Walrond. In that, she reminded the public of the procurement laws which stipulate that only compliant businesses may access opportunities opened by the Government, and encouraged Guyanese businesses to become incorporated, and give consideration to strategic alliances.

Source(Image: Deposit Photos , Newsroom Year-end Exclusive 2022, Matthew Smith, OilPrice.com contributor)

---

31 Dec 2022 19:45 | by anaraine

| Professional Services, Public and Private Sector Organisations