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FDI in Figures

According to the UNCTAD's 2021 World Investment Report, FDI inflows to Suriname declined from USD -20 million in 2019 to USD -27 million in 2020, due to the global economic and health crisis triggered by the COVID-19 pandemic. In 2020, the FDI stock was estimated at USD 2 billion. Nevertheless, Suriname is viewed as a "rising FDI star" according to various metrics analysed by Global Finance. Gold, bauxite and oil are the main sectors that attract FDI. Recent investments have also been made in palm oil. The main investing countries are the United States, Belgium, and the Netherlands. The country has traditionally turned to European investors, but currently seeks to develop new partnerships.  Over the past couple of years, there have been some significant investments made in the country, especially in the petroleum sector. Most notably, in 2019, Apache and Total formed a joint venture to develop a project off Suriname, after Apache discovered significant oil reserves offshore, with Total providing financing to further continue exploration. Also in 2019, Suriname and China announced that they would be working on a strategic partnership of cooperation in areas such as infrastructure construction, agriculture, forestry, fisheries, communications and energy, digital economy, tourism, and ocean economy. The Chinese government also said it encouraged more Chinese companies to invest in Suriname, so significant investments from China are expected in the coming years.

The World Bank's last Doing Business report, published in 2020, ranked Suriname as 162th out of 190 countries, a three-spot increase compared to the previous year. Except for the oil sector, Suriname has no economic or industrial policies that discriminate against foreign investors or foreign-owned investments; oil ownership, however, is restricted by law to the State Oil Company Suriname (Staatsolie). No law requires Surinamese nationals to own a share of foreign investments nor is there a requirement for said share of foreign equity to be reduced over time. Foreigners who consider investing in Suriname are required to send a signed letter to InvestSur, the governmental institute for investments, stating their clear intentions and objectives. Major investments, particularly in the mining sector, go through extensive negotiation processes to determine their terms. For the past two years, Suriname has been publishing macroeconomic data under the IMF's enhanced General Data Dissemination System (e-GDDS) with efficient technological data transmission, which enhanced transparency and is expected to foster goodwill with investors. The low level of investment in Suriname, despite its rich natural resources, can be explained by the country's poor business environment. While the government is committed to attracting more foreign investment, there is still a need for greater transparency and disclosure in public finances, as strengthening governance should support investor confidence and promote growth. Weak institutional accountability, discretionary spending and a lack of transparency erode public confidence in the legitimacy of government, but efforts are being made to create new laws that should improve the current situation.

 

Country Comparison For the Protection of Investors

  Suriname Latin America & Caribbean United States Germany
Index of Transaction Transparency* 1.0 4.1 7.0 5.0
Index of Shareholders’ Power*** 6.0 6.7 9.0 5.0

Source: Doing Business - Latest available data.

Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.

 
Foreign Direct Investment 201820192020
FDI Inward Flow (million USD) 119-20-27
FDI Stock (million USD) 2,042.22,031.02,011.8
Number of Greenfield Investments* 0.00.00.0
Value of Greenfield Investments (million USD) 000

Source: UNCTAD - Latest available data

Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.

 

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Tax Rates

Value Added Tax (VAT).
10% on goods and 8% on services. Luxury goods are taxed at 25%; whereas exports and imports from Caricom are zero-rated.
Company Tax
Flat rate of 36%
Withholding Taxes
Dividends: 25%; Interests: 0%; Royalties: 0%.
Bilateral Agreement
Suriname and Spain are not bound by a Double Taxation Agreement.
Social Security Contributions Paid By Employers
6.75%
Other Domestic Resources
Directorate of Taxes, in Dutch
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
 
 

Individual Taxes

Personal income tax Progressive rates from 0 to 38%
SRD 0 - 2,646 0%
SRD 2,647 - 14,002.80  8%
SRD 14,002.81 - 21,919.80 18%
SRD 21,919,81 - 32,839.80 28%
SRD 32,839.80 and over 38%
Solidarity tax for COVID-19 10% in addition to standard tax rate for individuals with taxable income exceeding SRD 150,000
 
 

Country Comparison For Corporate Taxation

  Suriname Latin America & Caribbean United States Germany
Number of Payments of Taxes per Year 30.0 28.2 10.6 9.0
Time Taken For Administrative Formalities (Hours) 199.0 327.5 175.0 218.0
Total Share of Taxes (% of Profit) 27.9 46.8 36.6 48.8

Source: Doing Business - Latest available data.

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Investment Opportunities

Tenders, Projects and Public Procurement
Inter-American Development Bank, Tenders in South America
DgMarket, Tenders Worldwide
Setting Up a Company
Consult Doing Business Website, to know about procedures to start a Business in Suriname.
Useful Resources
Contact the Spanish Embassy.
Contact the Embassy in Spain.
 

Business Setup Procedures

Setting Up a Company Suriname Latin America & Caribbean
Procedures (number) 8.00 8.00
Time (days) 66.00 25.22

Source: Doing Business.

 
 
 

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Latest Update: April 2022

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