SURINAME COST OF DOING BUSINESS IN. Establishing a Business One-man business Firm Foundation Limited Liability Company.

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1 COST OF DOING BUSINESS IN SURINAME c o n t e n t s Establishing a Business One-man business Firm Foundation Limited Liability Company Taxation in Suriname Corporation Tax Personal Income Tax Turnover Tax Human Resources Selected Wages & Salaries Utilities Electricity Telecommunication Water Telephone rates Mobile telephone rates Internet Transportation Seafreight Airfreight Selected Prices & Rates Useful Contact Information 1

2 COST OF DOING BUSINESS IN SURINAME Produced by the Entrepreneurship Support Center (ESC) Modifications: October Suriname Chamber of Commerce and Industry The ESC has been established with as its purpose: to stimulating and promoting entrepreneurship in Suriname. We try to guide our clients as much as possible when they are doing business in Suriname. OUR MISSION STATEMENT We stimulate entrepreneurship and provide with effective guidance / assistance & training to starters and entrepreneurs who want to develop themselves. This brochure is a handy data source in which the most important costs that entrepreneurs are facing every day are included. In this way we try to provide the business community (starters and established businesses) with information. CONTACT ADDRESS: Suriname Chamber of Commerce and Industry (KKF) P.O. Box 149 Head Office: Prof. W.J.A. Kernkampweg 37 Jaarbeursterrein (Trade Fair Complex) Paramaribo Suriname - South America Telephone: (+597) / Fax: (+597) chamber@sr.net Website: The costs in this brochure are meant to be a snapshot of the cost of doing business in Suriname; they are taken at a particular time and are subject to change. For further information, about doing business in Suriname, please contact the Entrepreneurship Support Center (ESC). 2

3 ESTABLISHING A BUSINESS All businesses in Suriname are mandatory to register at the Trade Register with exception of public enterprises and enterprises only conducting agriculture, horticulture and fishery or hunting unless they are Limited Liability Companies, societies and foundations and enterprises belonging to minors (Trade Register Ordinance 1936 No. 149) In Suriname we register different types of business, namely: One-man business Open partnership Limited Partnership Foundation Limited Liability Company Cooperative Association Foreign Company (Branch Office). The annual contribution of these different types of businesses will be determined on basis of the investment capital: Costs involved with the registration in the Trade Register: Investment Capital in SRD , , and more 100 Yearly contribution in SRD Certificate of Registration SRD Extract in Dutch 20 Extract in English 75 One Stop Window SRD Application for a license 550 Other SRD Certificate for notary public 100 Petitions 60 Letters of Recommendation (Dutch) 20 Letters of Recommendation (English) 25 Suriname Business Directory (minimum) From 100 3

4 ... ESTABLISHING A BUSINESS Costs for setting up a Limited Liability Company (LLC): Before registering a LLC at the Trade Register the following paperwork has to be in order. Registration in the Trade Register takes place with submission of the draft Articles of Association prepared by a Notary. Fees to be paid at the District Commissioner About SRD 50 Fees to be paid at the Accountancy and Finance SRD 350 Department of the Ministry of Justice & Police Drawing of the draft Articles of Association by the 500 notary public Every SRD 1,000 extra on the nominal capital 23 Turnover tax 8% and Costs for publication Min. SRD 1,000 SOURCE: SURINAME CHAMBER OF COMMERCE AND INDUSTRY (KKF) 4

5 TAXATION IN SURINAME SELECTED TAX RATES INCOME TAX Natural Persons Pure revenues in SRD 0 2,646 0% 2,646 14, % Tariffs 14, , % 21, , % Above 32, % Legal bodies Tariffs Regardless of the taxable income Fixed 36% Comment: this concerns the taxable income per year PERSONAL INCOME TAX (Taxable income is the pure revenue reduced with the tax-free sum) Salary in SRD Tariffs 0 2,646 0% 2,646 11, % 11, , % 19, , % Above 30, % OVERTIME (on monthly basis) % 500 1,100 15% Above 1,100 25% TURNOVER TAX Taxable services 8% Taxable goods 10% Luxury goods 25% Import & export of goods from and to Caricom 0% Source: Ministry of Finance (FIN), Tax Department 5

6 HUMAN RESOURCES MONTHLY WAGES Normal working hours are eight hours per day, inclusive of a lunch break of half an hour. The wages are noted in Surinamese Dollars (SRD) WAGES AT COMPANIES WITHOUT A COLLECTIVE WAGE AGREEMENT POSITION / PROFESSION UNSKILLED LABOUR LABOUR ON ELEMENTARY LABOUR ON HIGH LABOUR ON COLLEGE SCHOOL LEVEL SCHOOL SCHOOL LEVEL LEVEL Administrative staff Messenger Bookkeeper Cashier Manager Production employee Secretary Shop manager Technical employee Cleaning person WAGES AT COMPANIES WITH COLLECTIVE WAGE AGREEMENT POSITION / PROFESSION UNSKILLED LABOUR LABOUR ON ELEMENTARY LABOUR ON HIGH LABOUR ON COLLEGE SCHOOL LEVEL SCHOOL SCHOOL LEVEL LEVEL Administrative staff Messenger Bookkeeper Cashier Manager Production employee Secretary Shop manager Technical employee Cleaning person 230 1, Source: Ministry of Labour, Technological Development and Environment Department Labour Market Note: This is only an indication of the different wages. Depending on the sector and the company these will vary. (2006) 6

7 TELECOMMUNICATION The state-owned telecommunication company TELESUR is currently the sole provider of fixed telephone services in Suriname. There are 3 mobile telephone services providers, including TELESUR. The international area code for Suriname is De telecommunication rates are noted in US$. FIXED LINES SUBSCRIPTION Fixed lines US$ 1.25 Wireless US$ 1.25 Cellullar Fixed US$ 5.00 RATES PER MONTH Non-recurring connection charges US$ TIME DURATION PER IMPULSE hours 1 minute hours 2 minutes hours 3 minutes LOCAL CALLS Fixed lines Mobile telephone: GSM Wireless connection Fixed, wireless, cellulair fixed to TELESUR Fixed, wireless, cellulair fixed to Digicel/ Uniqa RATE $ p/impulse $ 0.22 p/ min. $ p/min. Peak $ 0.18 / other $ 0.16 p/min. $ 0.20 p/ min. INTERNATIONAL CALL CHARGES PER MINUTE COUNTRY CALLS TO AIV TARIFF CALLING CARDS CELLULAIR CARDS PREPAID TARIFF PREPAID TARIFF The Netherlands fixed US$ 0.20 US$ 0.20 US$ 0.33 The Netherlands mobile US$ 0.28 US$ 0.28 US$ 0.28 Brazil fixed/ US$ 0.28 US$ 0.28 US$ 0.28 mobile China fixed/ US$ 0.16 US$ 0.16 US$ 0.22 mobile Guyana fixed/ US$ 0.35 US$ 0.35 US$ 0.35 mobile Netherlands Antilles fixed US$ 0.20 US$ 0.20 US$ 0.22 Netherlands Antilles mobile US$ 0.24 US$ 0.24 US$ 0.24 Trinidad & Tobago United States of America (USA) fixed/ mobile fixed/ mobile US$ 0.18 US$ 0.18 US$ 0.22 US$ 0.25 US$ 0.25 US$ 0.25 Digicel charges US$ 0.25 p/min. for all the above countries 7

8 ... TELECOMMUNICATION INTERNET CONNECTION TARIFF P/ MONTH IN US$ ADSL COMMERCIAL 1 YEAR 2 YEARS 3 YEARS ADSL package Bronze 128/ 64¹k $ $ $ ADSL package Silver 256/ 64¹k $ $ $ ADSL package Gold 512/ 128¹k $ $ $ ADSL PRIVATE PERSONS TARIFF P/ MONTH IN US$ ADSL package Bronze 128/64¹k $ ADSL package Silver 256/64¹k $ ADSL package Gold 512/128¹k $ Non-recurring connection charges $ Standard Modem US$ Modem including WiFi US$ DIAL-UP (FIXED LINES OR ISDN) PREPAID TARIFF IN US$ Monthly subscription $ Quarterly subscription $ Half yearly subscription $ Yearly subscription $ FIXED LINES (DIAL-UP TARIFF) hours hours hours ISDN DIAL-UP TARIFF TARIFF P/ IMPULSE IN US$ $ $ $ K TARIFF 128 K TARIFF hours $ 0.04 $ hours $ 0.04 $ hours $ 0.04 $ 0.08 The above prizes are excluded of 8% turnover tax OTHER SERVICES Local text messages International text messages MMS GPRS RATE $ 0.05/message $ 0.20/message $ 0.10/message 10MB - $ 2.00 per MB Source: Telecommunication Company Suriname (TELESUR), DIGICEL & UNIQA Note: TELESUR uses the exchange rate of: US$ 1 = SRD

9 UTILITIES Electricity in Suriname is distributed by the state-owned Energy Company Suriname (EBS) 9

10 Source: Energy Company Suriname (EBS) per 2012 TARIFF GROUP 1 (DOMESTIC TARIFF) CONSUMPTION FIXED CHARGES P/Kwh 0 58 Kwh SRD 7.50 SRD Kwh SRD 10 SRD Kwh SRD SRD Kwh SRD 15 SRD Kwh SRD 50 SRD Kwh SRD 75 SRD > 800 Kwh SRD 100 SRD TARIFF GROUP 1 (NON - DOMESTIC) FIXED CHARGES P/Kwh 1 e phase connection SRD 30 SRD e phase connection SRD 120 SRD e phase connection SRD 140 SRD FIXED CHARGES P/Kwh Sport clubs SRD 15 SRD Social institutions SRD 15 SRD Churches & Schools SRD 15 SRD TARIFF GROUP 2 (COMMERCIAL AND INDUSTRIAL BUYERS WITH A CONNECTION LARGER THEN 25 KVA) Fixed charges SRD 140 Per Kwh (HT) SRD Per Kwh (LT) SRD Per Kva SRD TARIFF GROUP 3 (BUYERS WITH A HIGH VOLTAGE CONNECTION) Fixed charges SRD 140 Per Kwh (HT) SRD Per Kwh (LT) SRD Per Kva (HT) SRD Per Kva (LT) SRD 3.64 Surcharge labour factor per Kwh

11 ... UTILITIES Water services in Suriname are provided by the state-owned Surinamese Waterworks Company (SWM) Source: Suriname Waterworks Company (SWM) per May 31, 2006 TRANSPORTATION The ocean freight rates mentioned in the table below are average rates. The rates will, depending from the cargo and the season, strongly vary. Source: Renowned shipping companies in Suriname 11

12 ... TRANSPORTATION CODE TARIFF GROUP FIXED CHARGES AMOUNT MORE CONSUMPTION AMOUNT P/ M³ 20 Households (yard tap) till 8 m³ SRD m³ SRD m³ SRD 1.50 > 50 m³ SRD Households till 8 m³ SRD m³ SRD m³ SRD 1.50 > 50 m³ SRD Households (with swimming till 8 m³ SRD m³ SRD 1.30 pool) m³ SRD 1.70 > 50 m³ SRD Industrial / Commercial connection till 10 m³ SRD m³ > 25 m³ SRD 3.60 SRD 4 42 Social & Public connections till 10 m³ SRD m³ SRD m³ SRD 2.75 > 300 m³ SRD Building taps till 10 m³ SRD m³ SRD 3.60 > 25 m³ SRD 4 Meter rent Tariff 20, 30 & 31 SRD 1 Tariff 41, 42 & 60 SRD 2 The airfreight rates mentioned below only count for general cargo. Subject to changes at all times. Source: Surinam Airways (SLM) 12

13 OCEAN FREIGHT RATES DESTINATION 20 FT CONTAINER 40 FT CONTAINER Paramaribo Trinidad & Tobago US$ 1,150 US$ 1,600 Paramaribo Guyana US$ 950 US$ 1,400 Paramaribo Barbados US$ 1,600 US$ 2,087 Paramaribo USA US$ 2,400 US$ 3,200 Paramaribo The Netherlands US$ 1,800 US$ 2,800 Paramaribo India US$ 1,600 US$ 2,300 Paramaribo China US$ 1,400 US$ 1,900 Paramaribo Brazil US$ 2,100 US$ 3,000 DESTINATION 20 FT CONTAINER 40 FT CONTAINER Trinidad & Tobago Paramaribo US$ 1,100 US$ 1,500 Guyana Paramaribo US$ 1,100 US$ 1,500 Barbados Paramaribo US$ 1,700 US$ 2,100 USA Paramaribo US$ 2,900 US$ 4,800 The Netherlands Paramaribo US$ 2,450 US$ 3,650 India - Paramaribo US$ 5,100 US$ 6,200 China Paramaribo US$ 4,500 US$ 5,700 Brazil - Paramaribo US$ 4,300 US$ 5,800 SELECTED PRICES AND RATES Source: Index 2005 drawn up by the Association of Public Notaries and Candidate Public Notaries Note: Prices in the index are indicated in euro s. Selling prices are established according to the index value and the market value. Finalization costs vary between 0.5 % and 1 % Source: Commercial Banks in Suriname 13

14 ...SELECTED PRICES AND RATES AIR FREIGHT RATES IN US$ DESTINATION MINIMUM < Paramaribo - Amsterdam Amsterdam - Paramaribo DESTINATION MINIMUM < Paramaribo Aruba Paramaribo Belem Paramaribo Curacao Paramaribo Port of Spain Paramaribo - Miami DESTINATION MINIMUM < Aruba Paramaribo Belem Paramaribo Curacao Paramaribo Port of Spain Paramaribo The rates of Aruba and Curacao are stated in respectively the Aruba guilders and Antilleans guilders. For this booklet they have been converted with the following exchange rate: 1 AWG/ ANG = US$ DESTINATION MINIMUM < Miami - Paramaribo Source: Hotels / apartments in Suriname Source: Renowned car rental companies in Suriname Source: Ministry of Foreign Affairs (BUZA) 14

15 ...SELECTED PRICES AND RATES AVERAGE PRICES OF REAL ESTATE DISTRICT RESORT STREET / RATES PER M² IN PLACE-NAME EURO Paramaribo Centre Domineestraat 350 Steenbakkerijstraat 250 Blauwgrond Plutostraat 40 Mr. R.W. Thurkowstraat 60 Tammenga Leysweg 30 Kasabaholoweg 20 Para South Maabostraat 8 East Onverdachtstraat 7 Wanica Koewarasan Welgedacht A 8 Lelydorp Lelydorperweg 8 Commewijne Meerzorg East-West connection 15 Alkmaar Taniweg 5 Saramacca Jarikaba Mr. P. Chandie Shawweg 12 Groningen Tibitiweg 8 AVERAGE INTEREST RATES TYPE OF CREDIT SRD EURO US$ Current account credit 12-15% 8-10% 8-10% Credit commission 4-5% 2-3% 2-3% Investment credit 16-21% 8-10% 8-10% 15

16 Source: Renowned insurance companies in Suriname AVERAGE PRICES FOR ACCOMMODATION RATES FOR HOTELS SINGLE ROOM DOUBLE ROOM Paramaribo (per night) US$ 60 US$ 120 US$ 70 US$ 130 Nickerie (per night) US$ 18 US$ 60 US$ 20 US$ 70 RATES FOR APARTMENTS IN PARAMARIBO PRICE PER DAY Single room apartment US$ 40 US$ 80 Double room apartment US$ 50 US 125 Service charge (8 15%) and Sales tax (8%) are being calculated above the price. The rates are per night and depending on the season, they could vary. OPENING HOURS * Only a few shops in Paramaribo are longer open, the rest still closes at about hours. AVERAGE RENT PRICES FOR TRANSPORT IN EURO TYPE OF CAR PRICE PER DAY DEPOSIT Passenger car SRD 84 SRD 140 SRD 336 SRD 560 All terrain car SRD 140 SRD 336 SRD 672 SRD 1,400 FOREIGN POLICY REQUIREMENTS FOR APPLICATION OF A VISA: o Passport (valid for at least six months) o Copy passport o Itinerary o 2 passport photos COSTS (VISA IS VALID FOR ONE MONTH/ SINGLE ENTRY): Business visa: US$ 45 Tourist visa: US$ 30 Since November 2011 the tourist card can be obtained by the following persons: a. Foreigner of Suriname origin and b. Holders of the nationalities of the following countries: 1. Netherlands; 2. France; 3. Canada; 16

17 USEFUL CONTACT INFORMATION 17

18 ... USEFUL CONTACT INFORMATION General Bureau of Statistics (ABS) Klipstenenstraat 5 Telephone: (+597) / / Fax: (+597) info@statistics-suriname.org Website: Surinaamse Waterworks Company (SWM) Henck Arronstraat 9 11 Telephone: (+597) Fax: (+597) swmdir@sr.net Website: Customer service: before hours tel.: (+597) after hours tel.: (+597) Energy Company Suriname (EBS) Noorderkerkstraat 2 12 Telephone: (+597) Fax: (+597) direktie@cq-link.sr Website: Fault Clearing Service: (+597) / (between and hours) Telecommunication Company Suriname (TELESUR) Vaillantsplein Telephone: (+597) / Fax: (+597) telesur@sr.net Website: Customer Service: (+597) 152 Fault Clearing Service: (+597) 107 Digicel Suriname N.V. Henck Arronstraat Telephone: (597) Fax: (597) Website: Customer service: 100 UNIQA - Intelsur Bonistraat 114 Telephone: (597) / Fax: (597) Website: Customer service: