Company Formation in Suriname
Updated on Sunday 06th August 2023
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Our consultants can offer professional company incorporation services in many countries around the world, including in Suriname. Our services include preparing the incorporation file, intermediating notary public procedures, addressing local institutions and many others.
Suriname, a country situated on the north-eastern coast of Latin America, one of the safest investment locations in the world, has its economy based on aluminum oxide export and also on bauxite and gold mining.
Suriname, a country situated on the north-eastern coast of Latin America, one of the safest investment locations in the world, has its economy based on aluminum oxide export and also on bauxite and gold mining.
Therefore, in recent years, more and more foreign investors choose to set up companies in Suriname. If you are interested in establishing a business, feel free to contact our company formation experts.
Legal structures in Suriname
In order to decide which type of company best suits your business plans, our company formation team can help you choose from a range of possibilities, such as: the limited liability company (LLC), the limited partnership or to open one or you can choose to create a branch office for an existing parent-company overseas.
The most convenient and popular legal entity amongst foreign entrepreneurs is the limited liability company; these are the requirements to be met in order to open such a company in Suriname:
- minimum share capital of SRD 1000 ($130);
- minimum 1 director;
- at least 1 shareholder;
- the company can be 100% foreign-owned.
What are the characteristics of a NV in Suriname?
A NV refers to the limited liability company. The NV is the acronym for Naamloze Vennootschap, the Dutch term for the private limited company (or the limited liability company, as there are more synonyms for this term, which can also be found in any place available for offshore company formation).
The terms referring to the legal entities available in Suriname are defined in Dutch and codified as such in the country’s Commercial Code as the country used to be a Dutch colony in the past. As such, the Dutch influences are still maintained in the local culture (the official language of Suriname is Dutch).
The main requirements for company formation in Suriname that must be followed for the registration of a NV are the following:
- the company’s name must be unique at a national level;
- the abbreviation NV must be reflected in the company’s name (the English version – LLC – is also allowed);
- the statutory documents must state that the shareholders have limited liability for the company’s debts (limited to the amount of capital invested by each shareholder);
- some business activities must obtain business permits and licenses and if so, formalities have to be completed in this sense;
- there aren’t any limitations when it comes to the nationality or the residency of the company’s founders (the same rule applies in countries where offshore company setup is possible, as opposed to many jurisdictions where residency requirements apply).
As mentioned above, investors can open a company in Suriname with only 1 shareholder. Where this applies, the shareholder can also become the director of the company (he/she must appoint himself/herself for this function).
This procedure can be done regardless of the residency/nationality of the shareholder, as in Suriname there aren’t requirements concerning the residency of the directors as well. However, one of the obligations during the process of company formation in Suriname is to have a company secretary.
Procedures for company registration in Suriname
The first step in forming a company in Suriname is to verify if the name you have chosen for your company has not already been used. This must be done at the Chamber of Commerce and Industry. Then you must open a bank account and deposit the minimum capital you have to pay.
Third step of the company registration process in Suriname is obtaining the nationality and extract declaration from the Civil Registry. Every founder of the company has to do so. Paying a stamp duty fee is also a demand and it has to be completed at the Accounting and Finance Department of the Ministry of Justice and Police.
This procedure, as well as the other ones, can be easily completed by our experts in company incorporation in Suriname. Another fee must be paid at the District's Commissioner and the articles of association need to be notarized at a notary's office.
Then you need to apply for a company registration with the Chamber of Commerce and Industry. Some documents need to be submitted, namely a draft of the statutes, ID copies of each founder and their passport pictures.
Last, you must obtain an approval of the act at the Cabinet of President and then also register for taxes with the tax office, at the Ministry of Finance.
The process should not take more than four weeks to complete. For further information on how to open a company in Suriname, or in other parts of the world, feel free to ask for the help of our specialists in company formation.
What are the taxes charged to companies in Suriname?
During the process of company registration in Suriname, you will be asked to register with the tax authorities and to set up a corporate bank account (having a corporate bank account is necessary regardless of the country and the company type, one has to open an offshore bank account in offshore jurisdictions as well).
The transactions of the company will be concluded through the bank account and all the transactions obtained from business activities developed here and elsewhere will be taxed in Suriname, according to the law, as the company is incorporated as a resident business.
The company is liable to various corporate taxes. The current corporate income tax is charged at a rate of 36%. The country also modified its tax system to include the value added tax (VAT).
Up until 2022, the country did not charge the VAT as another similar tax was applied (the sales tax). The VAT has been introduced starting with 1 January 2023, following the issuance of the Value Added Tax Act 2022 in the Official Gazette of 14 October 2022.
The legislation established that those who will open a company in Suriname will be charged with a standard VAT rate of 10%. However, many services (such as childcare, funeral services, the care of elderly, patient transportation, etc.) will be charged with a VAT of 0%.
VAT exemptions are usually customarily in countries that allow offshore company formation, where investors can benefit from tax exemptions on most of the taxes charged to businesses.
Please mind that the sale of electronic services is also charged with the VAT starting with 1 January 2023. The rule applies to non-resident businesses as well, which sell their electronic services to local consumers. VAT registration becomes mandatory for such businesses if they exceed SRD 500,000 on a yearly basis.
We invite you to contact our consultants in company registration in Suriname for additional information on the current tax obligations of local and foreign businesses.