Testimonial
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting in a market like China. Understanding the market doesn’t mean you need to set up a company immediately.
5/5
An Employer of Record in Guyana can provide a low-cost, fast, and efficient entry into the country’s market. Often, global expansion is a long and arduous process, where your employees’ time is taken up by following multiple administrative steps instead of working on definable growth.
An Employer of Record (EOR) in Guyana can help you cut through the bureaucratic red tape that characterizes international company incorporation, so you can assemble a team and begin operations abroad in just a few days.
EOR services help you hire professionals, transfer workers, issue contracts, onboard new hires, ensure compliance with tax and labor laws, manage payroll, and administer workers’ benefits, through one point of contact. With a strategic partner handling HR administration and compliance with local tax and labor laws, you can focus on core business activities without distractions.
We stay up-to-date with Guyana’s local labor laws and regulations on your behalf, minimizing the risk of legal issues, penalties, and fines due to non-compliance.
Setting up a legal entity in Guyana is time-consuming and costly, involving legal fees and administrative overhead. But partnering with a local EOR helps companies avoid these expenses.
An EOR has the local expertise and labor market knowledge for hiring work talents in foreign markets like Guyana. EOR services offer quick and efficient hiring that helps you scale your operations and readily seize time-sensitive growth opportunities.
You can expand into various international markets by leveraging a global network with local expertise. With an EOR, it‘s also easy to integrate your Guyanese operations with those in 100+ other countries worldwide.
Free up valuable time and resources by outsourcing administrative and compliance obligations to an EOR. Guyana can be a tough market, but an expert EOR partner with local resources supports you in pursuing your expansion goals.
An Employer of Record agreement is a simpler alternative to establishing your branch office abroad. Company incorporation in Guyana may allow full control, but you are then responsible for ongoing compliance and administrative duties. Compliance errors are potentially disastrous for long-term growth and your business reputation.
However, an EOR in Guyana handles administrative and compliance obligations on your behalf.
You can ensure absolute agreement with all local employment and tax laws with an EOR partner providing legal support and a preestablished company structure.
Lastly, partnering with an EOR in Guyana affords companies flexibility and scalability to test the waters in various markets or perform project-based assignments without committing more time and resources than is necessary.
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting in a market like China. Understanding the market doesn’t mean you need to set up a company immediately.
Guyana may be a difficult market to navigate, but you can receive immediate support with an EOR agreement following these 4 steps:
An EOR and a Professional Employer Organization (PEO) in Guyana both provide companies with HR support and compliance assurance. However, the major difference between these two solutions is the level of legal responsibility they assume.
For example, an EOR in Guyana is fully liable for all your employment and compliance matters, including payroll, tax compliance, and employment contracts. An EOR assumes these responsibilities by signing a contract directly with the employees and becoming the legal employer.
In contrast, a PEO in Guyana shares employer responsibilities with you by maintaining a co-employment relationship. The employment contract is between you and your employees. A PEO enters an agreement to manage your company’s HR duties for you.
Therefore, EOR services help mitigate risks and enable flexible and quick market entry.
Hiring in Guyana requires an employment contract. Although Guyana’s employment laws allow oral and written agreements, we recommend you issue a written contract, providing these details:
When both parties sign the employment contract, the employer should register employees with the National Insurance Scheme (NIS) with their tax information.
The standard probation period in Guyana is 3 months unless both parties agree to a different duration. Either party can terminate the contract without notice during the probation period.
The notice period in Guyana depends on the length of employment, as described below:
Upon termination of the employment contract, a Guyanese employee who has completed one year or more of continuous employment with an employer is entitled to severance payment as described below:
The standard workweek consists of 40 hours spread over 6 work days. Employees work an average of 8 hours daily and take a 1-hour break. However, work hours may vary by industry.
Overtime is compensated at 1.5 times the regular rate. Work on holidays is paid at 2 times the standard rate.
Guyana does not have a national minimum wage but has industry-specific minimum wages.
Employees in Guyana are eligible for paid leave on the country’s 15 national public holidays:
Annual leave in Guyana is calculated as follows:
Guyanese employees are not entitled to paid sick leave, although they are eligible for social security payments. After the third day of sickness, eligible employees earn 70% of their typical weekly income for up to 26 weeks.
Employees in Guyana are entitled to 13 weeks of maternity leave, paid weekly or biweekly under the country’s social security system. In some circumstances, an additional 13 weeks may be granted, up to 26 weeks.
There is no statutory paternity leave in Guyana.
Participating in the National Insurance Scheme in Guyana is compulsory. Contributions are at these rates and must be deducted by the employer and paid by the 15th day of the following month:
The insurable earnings ceiling is GYD (Guyanese dollar) 280,000 per month.
Individuals with chargeable yearly income less than GYD (Guyanese dollar) 1,560,000 pay income tax at a 28% rate. However, the income tax rate is 40%, where chargeable income exceeds GYD 1,560,000 annually.
Type of company | Corporate tax rate (%) |
Telephone companies | 45 |
Commercial companies | 40 |
Other companies (non-commercial) | 25 |
Both non-commercial and commercial | 25/40 |
Small businesses engaged in manufacturing and construction services and registered with the Small Business Bureau | 25 |
Sub Title Slider 4
VIEW DETAILS
Sub Title Slider 3
VIEW DETAILS
Sub Title Slider 1
VIEW DETAILS
No, it is necessary to use a local entity abroad to comply with each country labor law.
Foreign companies can either set up a local entity in each country or use the services a local PEO (Professional Employment Organization) to hire the staff on-site directly.
The employer of record is the legal entity liable for the staff employed in a specific country. In practice, a foreign company can either open a subsidiary to become the employer of record of its abroad employees or use a PEO to act as the employer of record.
It can take less than a week to have employees set up in Guyana using an existing PEO as the Employer of Record. On the other hand, incorporating a new subsidiary abroad can take from 4-12 months before you can get started.
A professional EOR service in Guyana costs a percentage of the worker’s monthly compensation. This price covers every HR-related task to ensure compliance with local employment laws.
Definitely. An EOR in Guyana is a safe, legitimate, and efficient way to handle employer responsibilities in the country without establishing a corporate structure.
An EOR service agreement in Guyana ensures your team members are paid accurately and on time each month. In addition, employees can access all Guyanese employee benefits and be protected by the law.
Independent contractors who interact with their clients using an EOR in Guyana will retain complete control of their work and may qualify for regular employee benefits.
Absolutely. Our team of recruitment consultants experts can find the best local talent in Guyana for your needs.
Yes. An EOR can tap into its online or offline pool of professional networks to help you find workers in various cities or regions in Guyana.
An EOR with recruitment capabilities like INS Global handles headhunting, interviews, and candidate selection in specific Guyanese cities or regions, depending on your needs.
As many or few employees as you need to achieve your goals. Unlike some PEO or EOR service providers, we have no minimum or maximum hiring requirements.
Such flexibility can favor your business strategy in Guyana, letting you scale up or down quickly at any time.
A PEO in Guyana eliminates the need for a local business address. However, it can be convenient for employees to work in a shared workspace whenever possible.
Absolutely. We can manage the necessary visa and work permit processes for foreigners in Guyana. Also, we can handle situations where the local employment laws, tax laws, or employee benefits differ for Guyanese and foreigners.
PEO and EOR services helps all types of company from SMEs to multinational corporations avoid cost-scaling difficulties when expanding abroad.
You can use staffing firms and umbrella corporations for hiring independent freelancers in Guyana.
The cost of hiring in Guyana should factor in expenses like salary, recruiting service fees, signing bonuses, and social security contribution payments.
Employers in Guyana manage payroll for all workers and are responsible for withholding amounts corresponding to employees‘ income tax and social security contributions.
Guyana does not have a national minimum wage but has industry-specific minimum wages.
These are some of the common visa types for employees in Guyana:
In Guyana, employers are responsible for organizing, withholding, and remitting employees‘ income tax payments and social security fund contributions every month.
Employees in Guyana are entitled to a state pension, public holidays, paid leaves (sick, annual, and maternity leave), and health insurance.
Guyana does not permit unilateral changes to an employee‘s contract. Instead, both parties must agree upon and sign such modifications to be effective.
The government operates Guyana’s primary public healthcare system and is funded through tax revenue and contributions to the National Insurance Scheme (NIS). This public healthcare system provides coverage through public hospitals, health centers, and nationwide clinics.
Employers in Guyana wishing to terminate an employee‘s contract must notify the employee in advance and then make severance payments.
Labor regulations in Guyana are regulated and enforced by the Ministry of Labour.
Employees in Guyana are eligible for paid leave on the country‘s 15 nationally recognized public holidays.
Level 39, Marina Bay Financial Centre Tower 2, 10 Marina Boulevard
Singapore 018983DOWNLOAD THE INS Expansion Insights
DOWNLOAD THE PDF
