How to pay a US company legally from Guyana
Paying a US company from Guyana requires navigating the country's foreign exchange controls and withholding tax regulations. This guide explains the legal requirements, tax implications, and practical steps for Guyanese businesses to successfully remit funds to the United States.
The short answer
The fastest legal path to pay a US company from Guyana is via a SWIFT wire transfer through a commercial bank, though it requires strict documentation due to recent foreign exchange controls. Payments for services to non-resident US companies are generally subject to a 10% withholding tax, while dividends, interest, and royalties face a 20% rate.
Does Guyana have a US tax treaty?
Guyana does not have a bilateral income tax treaty with the United States. As a result, the standard statutory withholding tax (WHT) rates apply to payments made to US entities. Under Guyanese tax law, payments to non-resident companies for technical, professional, or management services are subject to a 10% withholding tax. Other payments, such as dividends, interest, and royalties, are subject to a 20% withholding tax. Practically, this means Guyanese businesses must deduct these amounts from their payments to US vendors and remit them to the Guyana Revenue Authority (GRA) within 30 days, unless the US company agrees to absorb the tax or gross up the invoice.
The central bank and FX rules
The Bank of Guyana is the central bank responsible for overseeing the national payments system and foreign exchange controls. In September 2025, the government introduced a strict 9-point foreign exchange control plan to manage the outflow of US dollars. Under these regulations, any request for foreign exchange to pay for imported goods or services must be backed by a commercial invoice and, where applicable, a bill of lading. Furthermore, businesses must obtain a compliance certificate from the Guyana Revenue Authority (GRA) before commercial banks can release the funds. All documentation is subject to verification by both the commercial bank and the Bank of Guyana through a single-window post-clearing system. Due to these stringent checks and ongoing foreign currency shortages, processing times for international transfers can be delayed, often taking several days to weeks depending on the availability of US dollars at the specific commercial bank.
Step-by-step: how to pay a US company
- Obtain the Invoice: Receive a formal commercial invoice from the US company detailing the goods or services provided.
- Calculate Withholding Tax: Determine the applicable withholding tax (e.g., 10% for services) and deduct it from the gross payment amount, or gross up the invoice if contractually required.
- Secure GRA Compliance: Submit the necessary documentation to the Guyana Revenue Authority to obtain a tax compliance certificate, proving that your business is in good standing.
- Submit Request to Bank: Present the commercial invoice, GRA compliance certificate, and any other required documents (like a bill of lading for goods) to your commercial bank in Guyana.
- Wait for Verification: The commercial bank and the Bank of Guyana will verify the documents through the central bank's reconciliation system.
- Fund the Transfer: Ensure your local account has sufficient Guyanese Dollars (GYD) to cover the USD equivalent plus any bank fees and wire charges.
- Complete the Wire: Once approved and foreign exchange is allocated, the bank will execute the SWIFT wire transfer to the US company's bank account.
- Remit Withholding Tax: Pay the withheld tax amount to the GRA within 30 days of making the payment to the US company.
Best payment rails for this corridor
- SWIFT Wire Transfer (Commercial Banks): The primary and most compliant method for large B2B payments. Fees typically range from $30 to $50 USD plus correspondent bank charges. Speed depends heavily on forex availability and document verification, taking anywhere from 3 days to several weeks.
- Wise Business / Payoneer: While excellent for receiving funds, funding these accounts directly from a Guyanese bank account in GYD is generally not supported due to local FX controls. They are best used if the Guyanese business already holds USD in an offshore account.
- Western Union Business Solutions: May offer B2B payment services, but still subject to the same Bank of Guyana forex controls and documentation requirements as traditional banks.
Common compliance mistakes
- Failing to withhold tax: Many founders forget to deduct the 10% withholding tax on service payments to US contractors or software providers, leaving the local company liable for the tax.
- Incomplete documentation: Submitting payment requests to the bank without the required GRA compliance certificate or a proper commercial invoice, leading to immediate rejection under the new 9-point forex plan.
- Using personal credit cards for business: Attempting to bypass forex queues by using personal credit cards for large business expenses, which commercial banks are now mandated to monitor and restrict.
- Ignoring the 30-day remittance rule: Failing to remit the withheld taxes to the GRA within the required 30-day window, resulting in penalties and loss of tax compliance status.
What Keystone Bridge clients in Guyana do
Keystone Bridge helps founders in Guyana set up a US LLC or C-Corp, allowing them to open a US business bank account. This structure enables them to receive international revenue directly in USD and pay US vendors , legally bypassing local foreign exchange shortages and complex central bank clearance processes for their global operations.
References
- Bank of Guyana - Overview of the Legal and Regulatory Framework
- Demerara Waves - Guyana introduces 9-point foreign exchange control plan (Sept 2025)
- IRS - United States income tax treaties - A to Z
- PwC Worldwide Tax Summaries - Guyana Corporate Withholding taxes
- Guyana Revenue Authority - Withholding Tax Guidelines
- US Department of State - 2025 Investment Climate Statements: Guyana
- Papaya Global - How To Pay Independent Contractors In Guyana
- Grant Thornton - Guyana Tax Summary