As many local companies aspire to play a role in Guyana’s emerging petroleum industry, whether as a supplier or a partner in development, it is important to adhere to tax and labour laws, statutory obligations and industry regulations. This was the point made by Chairperson of the Guyana Office for Investment (GO-Invest), Patricia Bacchus as she addressed a packed room of business representatives at the Georgetown Chamber of Commerce and Industry’s (GCCI) Business Development Forum, held recently in Georgetown.
“Your compliance status will become more and more relevant in doing business,” Bacchus, the guest speaker of the event said.
She further explained that full disclosures on compliance will be required from businesses which are seeking to obtain licences from Government agencies, secure new markets or obtain financing. She added that it will be important to show that the business has filed taxes and is operating responsibly.
“Whatever you’re considering as your business development outcome –whether it is sales growth through more aggressive marketing efforts, or whether it is expanding your product range through additional capital investment via bank financing, your entity’s governance ideals play an integral role in successfully securing those outcomes,” Bacchus said.
She also pointed out the need for working systems and adhering to standards, or by extension, certification on a local, regional and global level.
Systems pertaining to management, operations, customer service and human resources should be clearly defined and frequently updated, she told those gathered, to ensure a functional and sustainable commercial entity.
Of equal importance is standards –an area which has received much attention since the first major oil find on the Stabroek Block, offshore Guyana in 2015. Bacchus said, “standards and certification inspire confidence in a business by telling the market that that business delivers its product in the best way possible.”
Bacchus is at the helm of an agency responsible for export promotion and investment facilitation, an entity which she pointed out has improved its efficiency to deal with increased investments resulting from the petroleum sector.
With a higher level of internet access which contributes to an interconnected world and more competition, business development is a sound approach to remaining relevant and competitive, she told the participants of the Business Development forum.
The event was also addressed by Jared Kissoon, Chief Operations Officer of Pomeroon Trading Inc. –a company located up the Pomeroon River which trades coconut and coconut products –who also supported the points made.
“Play by the rules, pay your taxes and submit your VAT (Value Added Tax) returns. Pay your workers a fair wage, pay their NIS and PAYE (Pay As You Earn –a type of withholding tax). Pay your workers on time,” he urged the business representatives gathered.
