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Local Content Bill 2021 Series Pt 4

Dec 23, 2021 News

Local Content Bill 2021 Series Part 4…

By Kiana Wilburg

Kaieteur News – Once the PPP/C Government’s Local Content Bill 2021 is passed, shell companies and schemers of the industry will find it nearly impossible to disguise themselves as legitimate local firms.
Paving the way for this is a robust definition for what constitutes a “Guyanese company.”
The Bill proposes that a “Guyanese company” must mean more than just being incorporated under the Companies Act.
A firm would only be considered local if it is:
-BENEFICIALLY OWNED BY GUYANESE NATIONALS WHO ULTIMATELY EXERCISE, INDIVIDUALLY OR JOINTLY, VOTING RIGHTS REPRESENTING AT LEAST 51 PER CENT OF THE TOTAL ISSUED SHARES OF THE COMPANY
-HAS GUYANESE NATIONALS HOLDING AT LEAST 75 % PERCENT OF EXECUTIVE AND SENIOR MANAGEMENT POSITIONS
-AND HAS AT LEAST 90 % OF NON-MANAGERIAL AND OTHER POSITIONS

These three major protective layers therefore ensure that oil companies only use authentic Guyanese companies.

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