Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698069050473.pdf (Guyana)
INVESTMENT CODE Preamble to the Investment Code Guyana has diversified natural resources.

developed human resources and its strategic location providine access to the Caribbean and the Americas holds enormous potential for investors, both domestic and foreign.

The Government welcomes investors.

Since 1989.

Guyana has implemented wide-ranging reforms to improve the business and economic environment for private sector investment.

In particular.
In particular.

the Government has maintained a sound macroeconomic framework which, has resulted in price and exchange rate stability.

lower fiscal deficit and sustainable balance of payments.

Further, the Government has introduced far-reaching regulatory reforms and will be completing its privatisation program in 2002.

The Government has also introduced generous fiscal incentives and strengthened the institutional framework of the financial sector.
The Government is also implementing far-reaching reform.

to improve land administration and judicial system.

A stock exchange will become fully operational in 2001 and a comprehensive Information Communication Technology (ICT) strategy with immense potential for job creation and productivity gains ss ill be implemented in 2002.

To provide a level of comfort to investors, the Government has prepared this Investment Code \\ Iiieh in addition.
to the existing Investment Guide brings together the incentives.

the regulations.

the lac and the protection of private capital.

both domestic and foreign in Guyana.

Objectives: l he objectives of this Code are to further the socio-economic des elopment attracting and facilitating.
investment through: ny a by al providing legal protection for investment: hi increasing the predictability, stahilik and tran.parenc \ of the legal regime ior Investment: e) promoting the development of international best practices regarding investment: and (.1) pros iding a frame \\ ork for fiscal incentive.

for Invest ors.
for Invest ors.

LOCOUlliocloont to ill\ estMellt: I he Government inf o idifik or legal entitle... to ins est capital in Guyana ti c .-ee'r.• to t.oilaate nultu,., benefit \ .

f ( ana and nacinational treaties or agICCIIIC111.-.

 HIRI' 'I Luc; Fields ofaeitvity open to investors: Investor, \ inse,l III :and opeiaie COIL:11)11,c> ni JO lassitll economic actis its including in particular.

but not limited.

to agriculture.

fisheries and line>us.


manufactur Mg. energy.

mineral extraction, handicralt.. communications and transport.

construction tourism.

trade.

and professional services.

 elds of activity closed to investors: Investors shall not invest in or operate Investment Enterprises, which are prejudicial to national security, or detrimental to the natural environment, public health or the national culture, or which contravene the laws of Guyana.
Forms of investment: Investors may invest equity in an Investment Enterprise in either of the two forms listed hereunder!

: I, a Joint Venture Enterprise between two or more domestic Guyanese Investors; between two or more Foreign Investors; or between one or more Foreign Investors and one or more Domestic Investors; or 2. a Wholly-Owned Enterprise, whether foreign owned or owned by citizens of Guyana.
Joint Ventures The organization, management and activities of a Joint Venture and the relationship between its parties shall be governed by the contract between its parties and the Joint Ventures Articles of Association, in accordance with the laws of Guyana.

Contribution of capital to Foreign Joint Ventures Investors who invest in a Joint Venture may contribute any portion of the total equity investment in that Venture.
If a Joint Venture has a Foreign Investor or Investors, for the purposes of establishing value, the contribution of the Venture's Foreign Investor or Investors shall be converted in accordance with the laws of Guyana into Guyanese currency at the exchange buying rate then prevailing on the date of the equity payment(s), as quoted by the Bank of Guyana.
Incorporation, registration or establishment The incorporation, registration, or establishment of an Investment Enterprise shall be in accordance with the Companies Act 1991. or the Partnership Act, or the Business Names (Registration) Act, or'the Friendly Societies Act of Guyana.
Legal forms of Investment enterprise Investors shall establish any Investment Enterprise in one of the following forms: a) the Registered Office of an Investor; b) a Registered Business Name Enterprise; c) a partnership; dJ a private or public company with limited liability for the shareholders tinder Inc ( omp nies Act. '

The rights of portfolio investors are contained in the Securities Act.

Ownership regulations: An Investment Enterprise may be wholly owned by either Foreign or Domestic Investors.
There is no requirement that a Domestic Investor shall own any shares in any Investment Enterprise.

Notwithstanding the foregoing, the Government may: reserve the right to own some or all of the shares in an Investment Enterprise as agreed under the terms of the relevant Investment Agreement concluded with the Government in relation to such Investment Enterprise.
Government protection of investment: The Government shall protect investments and the property of Investors in accordance with the laws of Guyana.
► Compulsory acquisition by Government: The Government shall not compulsorily acquire or take possession of any Investment Enterprise, or any asset of an Investor except: a) for a purpose which is in accordance with the Laws of Guyana: b) on a non-discriminatory basis; c) d) e) in accordance with the procedures provided by law: there is prompt payment of adequate and effective compensation: and there is a right of access to the High Court by any person claiming such compensation for the determination of any interest in or right over the Investment Enterprise or assets thereof and the amount of compensation in accordance with the constitution of Guyana.
Leasing and owning land: In vestors stay purchase or lease privatelv.owned land and dispose of or transfer their interests in the land: Investors may also hold State lands bv.grant.

lease or license from the State under the State Lands Act.

Right to profit distribution: The Government hereby guarantees the right of Investors and Investment Enterprises.

regardless of form.

to freely determine the distribution of all profits or dividends.
and the right of Investors to recek c their total share in such profits or dividends providing the corresponding tax obligations of the Investors and Investment Enterprise are satisfied Transfer of funds abroad: Subject to the liability for the payment of all applicable lases due.

Investors mav freely, unconditional Is and A allow hindrance: a) repatriate (In idends.
earnings and capital torn their Inve,uncni b) remit the proceeds in the event of sale or liquidation of an Enterprise or the interest attributable to an investment; c) pay interest on international loans: d) pa‘ for import.

3 e) pay fees for trademarks, royalties, and management and other fees; and 0 pay licensing fees for franchising agreements to their own home countries or to third countries through a corporate body licensed to carry on banking business in Guyana under the Banking Act.
Limitations on the right to transfer funds abroad: Notwithstanding the guarantees on transfer of funds, the Government may prevent a transfer of funds through the equitable, non-discriminatory and good faith application of Acts relating to: a) bankruptcy, insolvency.
or protection of the rights of stockholders or creditors: b) if criminal or penal offences against the Investor or Investment Enterprise are outstanding before the courts; or c) to ensure compliance with orders or judgements in legal proceedings Employment of foreign personnel: Investors shall give priority to citizens of Guyana in recruiting and hiring their employees.
However, investment enterprises have the right to employ skilled and expert foreign personnel when necessary and with the approval of the competent authority of the Government of Guyana in compliance with the Immigration and Labour Acts of Guyana.

Investors have an obligation to upgrade the skills of their Guyanese employees through such techniques as training within Guyana or elsewhere.

Entry and exit: The Government shall facilitate the entry into.

stay in.
stay in.

and exit from Guyana of Investors, their foreign personnel.

and their irinnediate family members in accordance with the Immigration Act.

All such persons are subject to and must obey the laws of Guyana while they are in Guyana.

Work permits: The Government shall facilitate Foreign Investors and foreign personnel of Investors in obtaining work permits in accordance with the Immigration Act.
Right of personnel and dependants to transfer funds abroad: Foreign personnel of Investment Enterprises and their families may also repatriate their earnintts_ after payment of (Myanese personal income taxes and all other taxes due.
Dispute resolution: In the event of disputes between foreign parties within an investment, or beksccn Foreign Investors and Guyanese parties, or between Guyanese partners, or between the Investors and the Government with respect to an investment enterprise, the parties to the dispute shall first seek to settle their differences through consultation or mediation to reach an amicable settlement.
4 In the event that the disputants fail to resolve the matter, they may then: ,Ar b) invoke the jurisdiction of the courts of Guyana; or a) submit their dispute to arbitration under the Arbitration Act of Guyana: or c) adopt such other procedure provided for in the Articles of Association of the Investment Enterprise.

Obligations of investors to adhere to environmental, health, and safety laws: Investors shall at all times conduct their operations in accordance with the laws of Guyana.
In particular.

Investors shall take all measures necessary and appropriate to ensure that the facilities, factories, products and activities of their Investment Enterprises protect: a) b) the natural environment under the Environmental Protection Act: and the health and safety of the workers and the general public under the Factories Act.

Occupational Safety and Health Act 1997. the Accidents and Occupational Diseases Notification Act, and the Steam Boiler Regulations Act.
Obligation of investors to adhere to the National Standards of Guyana: In accordance with the Guyana National Bureau of Standards Act.

Investors shall comply %%int the standards of the Guyana National Bureau of Standards in their importation of products and investment equipment and in their outputs.
Union representation, social insurance, and welfare: In accordance with the Trade Union Recognition Act of 1997, Investors shall grant union representation at any site of employment if the majority of their employees indicate the desire for union representation.

In estment Enterprises shall contribute to the social insurance and welfare programs for their workers in accordance with the National Insurance Act.

Accounting standards and audit: In the management of their investment enterprises.
Investors shall utilize the national system of financial accounting of (Imam).

Their accounts shall be subject to periodic audit consistent with international practices and in accordance \n ith the applicable accounting regulations in operation in Guyana.

Taxation: Investors shall pay applicable 'axe>.

except a.

()Mem ise specifically agreed to beh%een the niverrunent and the Investor Sovereign immunity: In accordance with the provisions of the State Liability and Proceedings Act.
the Government shall not assert or claim any right of sovereign immunity in relation to its activities as a Domestic Investor.

or its commercial activities in respect of an Investment Enterprise.

or in relation to any investment or commercial dispute.

'4 _ : cation of incentives granted: The Government shall publish an investment guide with full , ,ormation on fiscal incentives granted to specific sectors.
Agency responsible for Investment: The Guyana Office of Investment or any other agency so designated by the Government shall have the responsibility of administering the investment regime and facilitate investors.

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