Over 36,000 new businesses registered, 1500+ companies incorporated last year

Citing the registration of over 36,000 new businesses and the incorporation of more than 1500 companies last year, Attorney General (AG) and Legal Affairs Minister Anil Nandlall emphasised the need to modernise the country’s corporate environment, inclusive of legislative changes.

During his programme “Issues in the News” on Tuesday, Nandlall disclosed that statistics from the Deeds and Commercial Registry Authority show that 36,251 new businesses were registered last year.

Regarding limited liability companies, he said 1516 were incorporated.

“These statistics demonstrate the confidence that people have in the economy of our country,” Nandlall remarked. Against this backdrop, he said the Government has to bring changes to the corporate environment in the country.

For instance, he said the Companies Act, which was enacted in 1991, is currently being reviewed.

“Thirty-five years ago, the Guyana corporate sector was radically different than it is now; the regulatory framework that governed a 1991 commercial economy in Guyana can’t be the same framework to govern corporate Guyana in 2025,” the AG asserted.

Finance Minister Dr Ashni Singh had previously noted that the updated legislation will follow the CARICOM model very closely to produce a more modern legal framework to govern the corporate sector.

Meanwhile, Nandlall also spoke about the need to introduce measures to better protect minority shareholders.

“We are going to have minority shareholders’ rights being protected properly; we’re going to have the corporate veil being able to penetrate if there is fraudulent conduct; we have to create robust beneficial ownership-type provisions; we have to make the commercial environment more sophisticated,” he added.

In 2024, Vice President Dr Bharrat Jagdeo had spoken about the need for stronger legislation that will better protect shareholders in public companies. During his press conference, Jagdeo had spoken about cases where small shareholders end up receiving the short end of the stick under certain circumstances. “We have to start looking at public companies and how we protect small shareholders’ rights. Either through tougher provisions in the Companies Act or through the Securities Council. And I’m just throwing that out there today… Sometimes small shareholders in public companies are being ripped off by unscrupulous management,” Jagdeo had expressed.

Meanwhile, during his programme on Tuesday, Nandlall also revealed that the stock exchange apparatus and framework will undergo review this term.

President Dr Irfaan Ali has already committed his Government to working with the private sector to modernise the stock exchange as part of broader efforts to reform Guyana’s financial sector. Part of this plan is also the creation of a junior stock exchange, which is specifically designed for smaller or emerging companies to raise capital, often under less stringent regulatory requirements than those of a main or senior stock exchange.

There are only about 15 local companies with publicly listed shares. Some public companies with the stock exchange market are Banks DIH, Caribbean Containers, Citizen’s Bank, Demerara Bank, Demerara Distillers Ltd, Demerara Tobacco Company, Guyana Bank for Trade and Industry (GBTI), Guyana Stockfeeds In, JP Santos and Sons, Property Holdings Inc, Republic Bank Ltd, Rupununi Development Company Ltd and Sterling Products Limited.
Guyana has already made considerable progress in modernising the banking sector, with persons now able to open accounts online at four major commercial banks.

President Ali has committed that the Government will implement measures to encourage more citizens to open bank accounts, noting that “we have to be able in the shortest time frame to ensure every Guyanese have a bank account.”