Understanding how to open a corporate bank account in Guyana is a decisive step for entering this market successfully. It provides financial stability and smooth international transactions. As an attractive destination for foreign investors, the country boasts a selection of reputable banks. Read on to learn how to open a corporate bank account as part of company formation in Guyana.
Key takeaways to open a corporate bank account in Guyana
| Necessary documents | A large list, see below for full details. Includes: Personal information for the owner Company records and details Character records |
| Online opportunity | Sometimes possible, but in person is more normal |
| Minimum deposit | Usually around GYD$5,000 (USD$25) |
| Access to the account | Can be designated to trusted individuals |
| Banking secrecy | Present in all accounts |
4 Steps to follow to open a bank account in Guyana
Once you have chosen a provider to bank with, you are ready to begin the process of opening a corporate account. To open a bank account in Guyana you must follow these steps:
- Gather your documents
- Go to a bank branch in person
- Wait for the bank to verify your documents
- Make a minimum deposit, usually around GY$5,000.
Below is more information on each of the steps outlined above.
Gather your documents
See below for full details, but be advised that there is an extremely lengthy list of documents you will have to have in order. They are largely fairly straightforward, so should not be a problem but the sheer number ay cause delays. Be aware that any that are not in English will likely have to be translated by an official translator.
Go to the branch in person
Appointments are not usually made ahead of time, although it is possible. Many banks close at 2pm, so make sure you do not go too late. If you cannot go in person yourself, you can delegate this to a legal representative with Power of Attorney (POA).
Wait for the bank to verify your documents
The bank will go through your documentation to make sure everything is in order. This may take some time, so be prepared to wait and stay attentive in case they have any queries.
Make a minimum deposit
This varies from bank to bank, but is usually around GYD$5,000 (around USD$25), so effectively a token deposit.
Can a foreigner open a bank account in Guyana?
With the appropriate documentation and an initial investment, foreign nationals can open a corporate bank account in Guyana. If you are considering opening a bank account in Guyana, it is important to seek the assistance of international specialists who can provide expert guidance throughout the process. It’s important to point out that the language for documentation in Guyana is English.
What Do You Need to Open a Corporate Bank Account in Guyana?
To open a corporate bank account in Guyana, you will be required to complete a detailed application and provide the following information:
- Identification Card, Guyana’s New Plastic Driver’s Licence, or Passport for each Signatory, Director, Secretary, and Beneficial Owner of the Company.
- Proof of Address for each Signatory, Director, Secretary, and Beneficial Owner of the Company.
- TIN Certificate for each Signatory, Director, and Secretary if they are taxpayers in Guyana.
- Two Character References for each Signatory, Director, and Secretary from reputable individuals.
- Proof of Address for the Company.
- Audited Financial Statements for the two years preceding the year of the new account application.
- Cash Flow Projection for two years for newly incorporated companies.
- TIN Certificate for the Company (TIN can also be obtained from the VAT or Excise tax certificates).
- Tax Compliance Certificate.
- Company Documents, including Certificate of Incorporation, Articles of Incorporation, Declaration of Compliance, Notice of Secretary, Consent to Act as Secretary, Notice of Directors, Consent to Act as Directors, Notice of Registered Office/Address, Number of Shareholders and Allotment of Shares, By-Laws, Resolution.
- Resolution from the Board of Directors indicating the names of signatories and their signing instructions.
- A letter stating Known Agents authorized to transact business, along with copies of their Identification Cards or Passports.
- License/Permit from the issuing agency for applicable businesses.
- Local Incorporation Documents from the commercial registry are required for Foreign Companies.
- Confirmation of Overseas bank account for Foreign Companies.
Partner with a Local Expert to Streamline the Process
Engaging with law firms or consultants is the optimal approach to start the bank opening procedure. Opening a corporate bank account in Guyana is not straightforward, certain aspects warrant consideration. Therefore, collaborating with a local partner becomes crucial, ensuring comprehensive support throughout the process.
Match Your Business Needs with the Right Bank in Guyana
Banks offer tailored solutions to meet your company’s unique needs, whether it involves establishing investment accounts, accommodating flexible payment methods, or facilitating international transfers. It’s crucial to select a bank that perfectly matches your business needs.
Below are five of the leading banks in Guyana:
- Scotia Bank Guyana: A prominent commercial banking entity with branches situated in Georgetown, New Amsterdam, Berbice, and Parika. As a Canadian-based bank with a global presence, it has been serving Guyana since 1968, offering an extensive array of retail and commercial banking services, encompassing electronic cash management and merchant services. Additionally, Scotiabank caters to the banking needs of small and medium-sized enterprises, providing services like online banking and electronic cash management.
- Bank of Baroda: Bank of Baroda Inc. ranks among Guyana’s leading financial institutions and is recognized as one of the premier commercial banks in the Caribbean. Originating in Western India in 1908, it has since expanded its presence to 24 countries worldwide. In Guyana, it was established in March 1966, shortly after the formation of the Bank of Guyana. This bank caters to a wide spectrum of banking needs, whether you’re an individual, a small business, or a large corporation.
- Republic Bank: A wholly-owned subsidiary of Republic Bank Group (Guyana), this bank is part of a widespread banking network spanning Guyana and various international locations. The bank’s headquarters are situated in Trinidad and Tobago. It boasts a branch presence in multiple regions, including Guyana, Barbados, Anguilla, the British Virgin Islands, the Cayman Islands, Ghana, Grenada, St. Vincent, Dominica, and the Grenadines. Among the top-tier Republic banking services offered are loans, savings and checking accounts, online banking, mortgages, investments, and more.
- Guyana Bank for Trade and Industry (GBTI): A government-owned financial institution in Guyana. Originally established as the Guyana Development Bank in 1959, it transitioned into a commercial bank in 1984 and expanded its services to include consumer banking products in 2001. GBTI currently offers a diverse array of financial services to its Guyanese clientele, including personal savings, business, and investment accounts, along with housing and business loans. The bank also extends the convenience of Visa international debit and credit cards to its customers.
- Citizens Bank of Guyana: One of Guyana’s long-established financial institutions, providing a comprehensive range of retail and commercial banking services. While its primary branch is located in Georgetown, it maintains a presence in several other key areas, including Linden, Essequibo, Parika, New Amsterdam, Berbice, and additional branches in Georgetown, Guyana. Opening an account with this esteemed financial institution offers a multitude of benefits. Citizens Bank is well-equipped to cater to your requirements, whether you aspire to realize your dream of homeownership, acquire a vehicle, or embark on your entrepreneurial journey.
FAQs on a corporate bank account in Guyana
Based on our extensive experience, these are the common questions and doubts of our clients about opening a company bank account in Guyana:
Can I open a corporate bank account online in Guyana?
You can with some banks that operate in the territory.
What documents do I need to open a company bank account in Guyana?
To open a corporate bank account in Guyana, you will be required to complete a detailed application and provide the following information:
Confirmation of Overseas bank account for Foreign Companies.
Identification Card, Guyana’s New Plastic Driver’s Licence, or Passport for each Signatory, Director, Secretary, and Beneficial Owner of the Company.
Proof of Address for each Signatory, Director, Secretary, and Beneficial Owner of the Company.
TIN Certificate for each Signatory, Director, and Secretary if they are taxpayers in Guyana.
Two Character References for each Signatory, Director, and Secretary from reputable individuals.
Proof of Address for the Company.
Audited Financial Statements for the two years preceding the year of the new account application.
Cash Flow Projection for two years for newly incorporated companies.
TIN Certificate for the Company (TIN can also be obtained from the VAT or Excise tax certificates).
Tax Compliance Certificate.
Company Documents, including Certificate of Incorporation, Articles of Incorporation, Declaration of Compliance, Notice of Secretary, Consent to Act as Secretary, Notice of Directors, Consent to Act as Directors, Notice of Registered Office/Address, Number of Shareholders and Allotment of Shares, By-Laws, Resolution.
Resolution from the Board of Directors indicating the names of signatories and their signing instructions.
A letter stating Known Agents authorized to transact business, along with copies of their Identification Cards or Passports.
License/Permit from the issuing agency for applicable businesses.
Local Incorporation Documents are required for Foreign Companies.
Who can have access to a company bank account in Guyana?
Bank account access can usually be granted by the account owner through the virtual platform of the bank with a physical security token device.
What is the best bank in Guyana for foreign companies?
In most cases, we recommend using one of the larger banks which have significant experience with international commerce, provide a broad service offering, and have a large number of branches and ATMs. Scotia Bank is a good example of this.
Why do companies open bank accounts in Guyana?
A bank account is a must for all companies in Guyana. The bank account will allow you to complete operations, including paying taxes, payroll, local suppliers, and all domestic transactions.
Does Guyana have banking secrecy?
Yes, it does.
Biz Latin Hub can help you open a corporate bank account in Guyana
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in major cities in the region.
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As well as knowledge about how to open a corporate bank account in Guyana, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.
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