Chapter 18:07 - CARICOM Enterprises Regime

Link to law: http://legalaffairs.gov.gy/information/laws-of-guyana/526-chapter-1807-caricom-enterprises-regime/file

L.R.O. 1/2012
LAWS OF GUYANA
CARICOM ENTERPRISES REGIME ACT
CHAPTER 18:07
Act
8 of 1991
1 – 26 ... 1/2012 (inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
LAWS OF GUYANA
2 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
Note
on
Subsidiary Legislation

This Chapter contains no subsidiary legislation.

LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 3
L.R.O. 1/2012
CHAPTER 18:07
CARICOM ENTERPRISES REGIME ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Agreement to have the force of law.
4. Financial provisions.
5. Amendment of Schedule.
6. Jurisdiction.
7. Regulations.
SCHEDULE
__________________________
8 of 1991 An Act to provide for the implementation by Guyana of the
Agreement for the establishment of a regime for
CARICOM Enterprises and for matters connected
therewith.
[25th March, 1991]
Short title.

Schedule.
Agreement to
have the force
of law.
Financial
provisions.
1. This Act may be cited as the CARICOM Enterprises
Regime Act.
2. In this Act “Agreement” means the Agreement for
the establishment of a regime for CARICOM Enterprises, the
text of which is set out in the Schedule and to which Guyana
is a party.
3. Subject to this Act, the Agreement shall have the
force of law in Guyana.
4. (1) All sums required to be paid by the
Government for
Interpretation.
LAWS OF GUYANA
4 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012

Amendment
of Schedule.
Jurisdiction.

Regulations.
the purposes of meeting the obligations of Guyana under the
Agreement are charged on the Consolidated Fund.
(2) All sums received by the Government under
the Agreement shall be paid into the Consolidated Fund.
5. (1) Where Guyana becomes a party to any
agreement to amend the Agreement the Minister may, by
order, amend the Schedu1e by including therein the
amendment.
(2) An order made under subsection (l) may
contain such consequential, supplemental or ancillary
provisions (including provisions amending this Act) as
appear to the Minister to be necessary or expedient for the
purpose of giving due effect to the amendment of the
Agreement as mentioned aforesaid.
(3) Where the Agreement in the Schedule is
amended pursuant to this section, any reference in this Act or
any other instrument to the Agreement shall, unless the
context otherwise requires, be construed as a reference to the
Agreement as so amended.
(4) Every order made under this section shall be
subject to negative resolution of the National Assembly.
6. Any judgment or order including an interim or
other judgment or order of a court of any Member State in
which a CARICOM ENTERPRISE is registered, may be
enforced by the High Court of Guyana as if the judgment or
order had been made or issued by the High Court of Guyana.
7. The Minister may make regulations for giving effect
to the provisions of this Act.
______________________

LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 5
L.R.O. 1/2012
SCHEDULE
AGREEMENT FOR THE ESTABLISHMENT OF A REGIME
FOR CARICOM ENTERPRISES
The Governments of the Member States of the Caribbean
Common Market,
HAVING REGARD to the provisions of the Common
Market Annex of the Treaty Establishing the Caribbean
Community and, in particular, to—
(a) Article 3 on the “Objectives of the
Common Market”;
(b) Article 35 on “Establishment” and Article 37
on “Movement of Capital”;
(c) Article 42 on the “Harmonisation of Laws”,
with respect to Company Law;
(d) Article 44 on “Ownership and Control of
Regional Resources”;
(e) Article 45 on the “Coordination of National
Development Planning”; Article 46 on
“Common Market Industrial
Programming”; Article 47 on “Joint
Development of Natural Resources”; and
Article 49 on “Rationalisation of
Agricultural Production”; and
(f) Article 59 on “Financial Assistance from the
More Developed Countries” to Less
Developed Countries;
COGNISANT of the urgent need to develop economic
activities in the Common Market on the basis of joint
enterprises between national investors (as hereinafter defined
LAWS OF GUYANA
6 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
in Article 1);
CONSCIOUS of the continuing need to develop and give
further scope for national and regional entrepreneurship,
management and technological capacity in the production of
goods and services on a regional basis for both the regional
and extra regional markets;
MINDFUL of the need to pool human, financial and
natural resources of the Region for the implementation of
high priority regional projects designed to benefit the people
of the Region;
EMPHASISING the need for the creation of machinery
whereby the movement of investment capital between
Member States, particularly from the More Developed
Countries to the Less Developed Countries may be
expeditiously effected in the interests of the development of
the Region;
AWARE of the crucial role which the private sector, on its
own or in partnership with the Region’s public sector or
suitable foreign investors, can play in the economic
development of the Region;
AGREE TO THE ESTABLISHMENT OF THE FOLLOWING
REGIME:
ARTICLE 1
Definitions
1. In this Agreement:
“Authority” means the Body established by Article 8 of this
agreement.

LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 7
L.R.O. 1/2012
“CARICOM ENTERPRISE” means, subject to this Agreement,
a regionally-owned and controlled company which—
(a) within such areas specified in Articles 46,
47 and 49 of the Treaty as the Council may
from time to time prescribe, engages in the
production of Common Market Origin
goods; or
(b) provides services—
(i) in areas specified in Articles 48 and 50
of the Treaty; or
(ii) in those sectors of the regional
economy specified in the Annex to
this Agreement and in such other
sectors of the regional economy as the
Council may, from time to time,
determine.
“Common Market Origin” has the same meaning as that
referred to in paragraphs 1, 2, and 3 of Article 14 of the
Annex to the Treaty.
“company” means a company incorporated under the general
statutes of any Member State relating to the formation of
such a legal company.
“Council” means the Caribbean Common Market
Council of Ministers established by the Treaty.
“Less Developed Country” means Antigua and Barbuda,
Belize, Dominica, Grenada, Montserrat, Saint Christopher
and Nevis, Saint Lucia or Saint Vincent and the
Grenadines.
“Member State” means a Member State which is a Member of
the Caribbean Common Market established by the Annex
LAWS OF GUYANA
8 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
to the Treaty and a Party to this Agreement.
“more Developed Country” means Barbados, Guyana,
Jamaica or Trinidad and Tobago.
“national” subject to paragraph 2 of this Article, has the same
meaning as that set out in paragraph 6 (a) of Article 35 of
the Annex to the Treaty and includes companies
controlled by such persons or by companies so
controlled as specified in the definition of “regionally
owned and controlled”.
“National Investor” means, subject to paragraph 2 of this
Article, a Member State or a national of a Member State
holding equity share capital of a Company.
“regionally owned and controlled” in relation to a company
means that the company is one in which in the
opinion of the Authority nationals of at least two
Member States exercise management and control by
beneficially owning shares carrying between them
directly or indirectly —
(a) the right to exercise more than one-half of
the voting power in that company; and
(b) the right to receive more than one-half
of any dividends that might be paid by
that company; and
(c) the right to receive more than one-half of
any capital distribution in the event of the
winding-up or of a reduction in share capital of that company;
or such greater proportion than is specified in paragraphs (a)
to (c) above as the Council may, from time to time, determine
in relation to any sector of the regional economy.
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 9
L.R.O. 1/2012
“Registrar” in relation to a Member State, means the
officer responsible for the registration of companies.
“Treaty” means the Treaty Establishing the Caribbean
Community and Common Market done at Chaguaramas
on the 4th July, 1973.
2. (1) The Caribbean Development Bank and the
Caribbean Food Corporation and other similar bodies that
hold equity share capital in a company shall, for the purposes
of this Agreement, be deemed to be National investors as well
as nationals of the Member State which is to be the
Headquarters State.
(2) Nothing in this Agreement shall be construed
as derogating from any rights, privileges and immunities
conferred on or accorded the Caribbean Development Bank
and the Caribbean Food Corporation by virtue of the
respective Agreements establishing them.
3. Nothing in this Agreement and, in
particular, the definition of CARICOM ENTERPRISE shall
entitle an enterprise to be registered as a CARICOM
ENTERPRISE unless it is approved as such by the Authority
in accordance with this Agreement.
ARTICLE 2
ESTABLISHMENT OF A REGIME
Member States undertake to establish a Regime for the in-
corporation and registration, operation, management,
winding-up and dissolution of a form of business enterprise
to be known as a CARICOM ENTERPRISE, for the legal
organization, purposes and scope of operation as is
hereinafter specified.

LAWS OF GUYANA
10 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
ARTICLE 3
PURPOSES AND FUNCTIONS OF A CARICOM
ENTERPRISE
A CARICOM ENTERPRISE may be established for such
purposes within the areas specified in Articles 46—50 of the
Annex to the Treaty and such other sectors of the regional
economy as are specified in the Annex to this Agreement
and shall perform such functions as are by its Memorandum
of Association and the provisions of this agreement specified:
the Council shall keep the Annex under review and may
impose any conditions under which CARICOM
ENTERPRISES may operate.
ARTICLE 4
FORMAL ORGANISATION OF A CARICOM ENTERPRISE
1. The formal organization of a CARICOM
ENTERPRISE shall be that of a company which has been
established in accordance with this Regime.
2. The name of the Member State in which the
central management and control of the CARICOM
ENTERPRISE will be situated (hereinafter called “the
Headquarters State”) shall be stated in the Memorandum of
Association.
3. The shares shall be registered in the name of the
holder.
4. A CARICOM ENTERPRISE shall be incorporated
and registered in the Headquarters State.
ARTICLE 5
Law of Incorporation, Registration, Operation Management,
Winding-up and Dissolution of a CARICOM ENTERPRISE
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 11
L.R.O. 1/2012
The incorporation, registration, operation, management,
winding- up and dissolution of a CARlCOM ENTERPRISE
shall be governed by the provisions of this Agreement as well
as the company law and other relevant laws of the
Headquarters State and those other Member States in which
the CARICOM ENTERPRISE is registered.
ARTICLE 6
FORMATION OF A CARICOM ENTERPRISE
1. The status of a CARICOM ENTERPRISE may be
conferred on a company formed for the purpose and in the
manner provided by this Article. However, a Company not
so formed for the purpose may acquire the status of a
CARICOM ENTERPRISE if it is qualified therefor and its
objects are confined to those of such an Enterprise.
2. The Memorandum of Association, Articles of
Association and other constituent documents that are
required for the incorporation of a Company (hereinafter
referred to as “the constituent documents”) together with
programmes of activities of a proposed CARICOM
ENTERPRISE for the first five years of its operation, shall
be submitted to the Authority for its approval in writing and
any material alteration of any such programme shall be submitted to the Authority forthwith for its approval.
3. In the case of a Company not formed for the
purpose of becoming a CARICOM ENTERPRISE that desires
to obtain such status, the programme of activities together
with certified copies of its registration certificate and its
constituent documents must similarly be submitted to the
Authority for its approval in writing.
4. The written approval for the registration of the
Company as a CARICOM ENTERPRISE, upon its
incorporation or otherwise, shall be attached to duly
authenticated copies of the constituent documents and
LAWS OF GUYANA
12 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
submitted to the Registrars of the Headquarters State and
such other Member States as voted under paragraph 4 (a) of
Article 8 of this Agreement for conferment of the status of a
CARICOM ENTERPRISE on the Company, for incorporation,
if necessary, of the Company in the Headquarters State and
its registration as a CARICOM ENTERPRISE in the
Headquarters State and those other Member States.
5. The Registrars of the Headquarters State and those
other States referred to in paragraph 4 of this Article
upon receipt of the constituent documents together with
the written approval of the Authority shall register the
Company as a CARICOM ENTERPRISE in the
Headquarters State and in those other Member States,
respectively.
6. Any proposed alteration of the objects of a
registered CARICOM ENTERPRISE shall similarly be
submitted to the Authority for its approval and dealt with in
the manner provided by paragraphs 4 and 5 of this Article.
7. Within fourteen days of the registration of the
CARICOM ENTERPRISE in the Headquarters State, the
Registrar of the Headquarters State shall notify the Registrars
of each Member State, other than those referred to in
paragraph 4 of this Article, of the registration of the
CARICOM ENTERPRISE.
8. The Registrar of each Member State, other than
those referred to in paragraph 4 of this Article, shall without
payment of any fee enter the name of the CARICOM
ENTERPRISE in a special record kept for the purpose.
9. Where a Company is registered as a CARICOM
ENTERPRISE by any Member State under this Agreement, it
shall pay such fees, levies and other dues, if any, as are
prescribed by the laws of the Member State concerned.

LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 13
L.R.O. 1/2012
ARTICLE 7
EFFECT OF REGISTRATION
1. Registration of a Company as a CARICOM
ENTERPRISE under paragraphs 4 to 6 of Article 6 of this
Agreement shall confer the status of a CARICOM
ENTERPRISE on such Company and entitle the CARICOM
ENTERPRISE to the benefits provided for by this
Agreement.
2. Where pursuant to Paragraph 8 of Article 6 of this
Agreement the name of a CARICOM ENTERPRISE is entered
in the special record of a Member State, such Enterprise may
at any time thereafter apply to be registered as a CARICOM
ENTERPRISE in that Member State, and on such application
the Registrar of such Member State shal1 on the receipt of the
constituent documents and payment of any prescribed
fee, register such CARICOM ENTERPRISE accordingly,
whereupon the provisions of paragraph of this Article shall
apply.
ARTICLE 8
ESTABLISHMENT, VOTING, MEETING AND PROCEDURE
OF THE CARICOM ENTERPRISE AUTHORITY
1. For the purposes of this Agreement, there shall
be a CARICOM ENTERPRISE Authority which shall
comprise one representative of each Member State, one
official of the Caribbean Community Secretariat, one official
of the Caribbean Development Bank and one representative
of the body or institution representing the private sector
designated as a member of the Joint Consultative
Group of the Common Market Council of Ministers.
2. Each Member of the Authority, other than the
official of the Caribbean Community Secretariat, the official
of the Caribbean Development Bank, and the
representative of the private sector referred to in paragraph,
shall have one vote.
LAWS OF GUYANA
14 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
3. Except as otherwise provided for in this Agreement,
a decision of the Authority shall be by a simple majority vote
of the Members of the Authority present and voting.
4. (a) In considering an application for the
approval of the establishment of a CARICOM ENTERPRISE,
only the representative of the Headquarters State, the
representatives of Member States in which the CARICOM
ENTERPRISE is to be registered and the representatives
of those Member States, the nationals of which are members
of the Enterprise, shall vote. The quorum shall be all the
Member States, the nationals of which are members of
the Enterprise. A decision of the Authority on any such
application shall he by unanimous vote.
(b) In exercising any of the powers set out in
Article 10 (d) (ii) of this Agreement, the affirmative vote of at least two-thirds of the representatives entitled to vote under
sub-paragraph (a) of this paragraph shall be necessary.
5. The Authority shall meet in any Member State
it considers convenient from time to time and as often as
it is necessary for the conduct of its business and. without
prejudice to the foregoing, at least on two occasions in each
calendar year.
6. The quorum for meetings to decide all matters,
except these set out in paragraph 4 of this Article, shall be
one-third of the Members of the Authority.
7. The Members of the Authority shall elect a
Chairman from among their number.
8. The Authority may establish sub-committee and
may co- opt any expert for the use of such of his services as it
may require for the purpose of performing its functions under
this Agreement.
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 15
L.R.O. 1/2012
ARTICLE 9
MANAGEMENT OF A CARICOM ENTERPRISE
A CARICOM ENTERPRISE shall normally be managed in its
day-to-day operations by nationals of the Member States
of the Caribbean Common Market but where it is not
possible to secure the services of such nationals, the
CARICOM ENTERPRISE may secure the services of other
nationals provided the Authority is notified and approves of
their engagement.
ARTICLE 10
FUNCTIONS AND POWERS OF THE AUTHORITY
1. The Authority:
(a) shall receive—
(i) applications accompanied by other
constituent documents for approval
as are set out in Article 6, paragraph 2,
of this Agreement;
(ii) such information as may, from time to
time, be sent to it by any Member
State for the purpose of ensuring that
a CARICOM ENTERPRISE is owned
and controlled by nationals or for
deciding whether a CARICOM
ENTERPRISE is in gross or persistent
violation of the provisions of this
Agreement;
(iii) such information as shall be
submitted to it, at its request, by a
CARICOM ENTERPRISE for the
purpose of determining whether the
operations of that CARICOM
LAWS OF GUYANA
16 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
ENTERPRISE are within the purposes
and scope of the Regime;
(iv) Such other information as may be
submitted to it by any Member State
or CARICOM ENTERPRISE and
which may be of use to it for the
effective performance of its functions
and exercise of its powers;
(b) shall grant or refuse applications for
approval to proceed to registration of a
CARICOM ENTERPRISE as set out in
Article 8 of this Agreement;
(c) may require from a CARICOM
ENTERPRISE immediately upon its
registration that it shall pro vice the
Authority with information on such matters
as its current shareholdings, loan
agreements, management contracts
consultancy contracts, and assets, if any,
held outside the Caribbean Community.
Such a request may stipulate a period or
regular periods within which the
information shall be supplied;
(d) may determine—
(i) whether the operations of a
CARICOM ENTERPRISE are within
the purpose and scope of this
Agreement and may make reports to
any Member State or the
CARICOM ENTERPRISE affected and
recommendations based thereon;

LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 17
L.R.O. 1/2012
(ii) whether a CARICOM ENTERPRISE
has been carrying on business in gross
or persistent violation of this
Agreement and shall state its findings
and at the same time make a report
on them to the Headquarters State
and the CARICOM ENTERPRISE
affected:
Provided, that the Authority shall afford the CARICOM
ENTERPRISE an opportunity to make representations before
making a determination under this provision of this sub-
paragraph:
(e) shall take all necessary steps to ensure
that a CARICOM ENTERPRISE is, as far as
possible, managed by nationals of the
Member States of the Caribbean Common
Market only, except to such extent as the
Authority has allowed.
2. Notwithstanding anything in this Article, the
Authority may make such other reports and
recommendations to Member States and submit copies
thereof to the CARICOM ENTERPRISES concerned as it
considers necessary for the purpose of ensuring that
CARICOM ENTERPRISES comply with the provisions of this
Agreement.
ARTICLE 11
SUPERVISION OF THE CARICOM ENTERPRISE
1. The supervision of a CARICOM ENTERPRISE shall
be undertaken by the Authority and the Registrars of Member
States (performing their statutory functions) or such other
body or person as each Member State may designate for the
purpose.

LAWS OF GUYANA
18 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
2. Member States undertake to assist the Authority by
taking such action as may be necessary to ensure—
(a) that CARICOM ENTERPRISES
carry on their business within the
purposes and scope of the Regime;
(b) that, subject to Article 9, all
CARICOM ENTERPRISES are
managed and controlled by nationals
of Member States;
(c) that CARICOM ENTERPRISES are
not in cross or persistent violation
of the provisions of the Regime.
3. The Headquarters State shall, upon a finding by the
authority that a CARICOM ENTERPRISE has been carrying
on its business in gross or persistent violation of this
Agreement, strike off the name of the CARICOM
ENTERPRISE from its register of CARICOM ENTERPRISES.
Such a CARICOM ENTERPRISE shall immediately cease to
enjoy all the benefits provided for in Article 12 of this Agreement.
4. The Registrar of the Headquarters State shall
forthwith inform all Member States in which the CARICOM
ENTERPRISE is registered that its name has been so struck off
the register and every such Member State shall thereupon
remove the name from its register or its special record, as the
case may be.
5. A CARICOM ENTERPRISE which has been
struck off from the CARICOM ENTERPRISE register may
operate as a company under the national laws of the
Headquarters State. Its name may be restored not earlier
than twelve months after its name has been struck off the
register of CARICOM ENTERPRISES if it successfully;
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 19
L.R.O. 1/2012
applies to the Authority or reinstatement.
ARTICLE 12
BENEFITS TO BE ENJOYED BY CARICOM ENTERPRISES
1. A CARICOM ENTERPRISE shall have full legal
personality in every Member State in which it is registered as
such, as if it were a company incorporated and registered
under the general statutes relating to the incorporation,
registration and management of companies.
2. In the exercise of its legal personality in any
Member State in which it is registered, a CARICOM
ENTERPRISE shall not be regarded as having a separate
personality from that which it enjoys in another Member State
in which it is also registered, and accordingly Member States
will provide—
(a) that the public documents of a CARICOM
ENTERPRISE must reflect the indivisibility
of the legal personality of the enterprise and
any rights and obligations acquired by or
imposed on the enterprise; and
(b) that the appropriate courts of any Member
State in which the CARICOM ENTERPRISE
is registered shall have full and concurrent
jurisdiction over the affairs and all the
assets of the enterprise wherever situated
in those Member States; and
(c) that the judgements and orders of any such
courts will be enforced in accordance with a
common procedure.
3. Each Member State shall in accordance with the
Exchange Control laws in force in its State permit a
CARICOM ENTERPRISE registered as such in its State to:

LAWS OF GUYANA
20 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
(a) keep such foreign accounts including
portfolio securities in another Member State
in which the CARICOM ENTERPRISE is
registered, as are required for the fulfilment
of its objects;
(b) subject to any exchange control
considerations, remit dividends and
repatriate—
(i) assets on a winding-up; or
(ii) capital on reduction of its share
capital on no less favourable terms
than those accorded to any investor
in that State who is not a national.
4. Each Member State undertakes to:
(a) grant to a CARICOM ENTERPRISE
registered in its territory on terms no less
favourable than is accorded to any other
similar enterprise of that Member State all
licences and permissions necessary for the
proper conduct of the affairs of any
CARICOM ENTERPRISE registered as such
in its State;
(b) grant to a CARICOM ENTERPRISE
registered in its territory treatment no less
favourable than is accorded to any other
similar enterprise of a Member State in
respect of State purchase or use of goods
and services;
(c) allow to a CARICOM ENTERPRISE in the
Member States in which it operates, access
to long, medium and short-term credit
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 21
L.R.O. 1/2012
which is relevant to its operations on terms
no less favourable than is accorded to any
other similar enterprise of a Member State:
(d) treat a CARICOM ENTERPRISE, if
necessary, as if it had been incorporated in
its territory for the purpose of the
conferment of benefits under the Scheme
for the Harmonisation of Fiscal Incentives to
Industry as set out in Article 3 of that
Agreement;
(e) accord preferential treatment to a
CARICOM ENTERPRISE as against a non-
regional enterprise when granting incentives
under the Scheme for the Harmonisation of
Fiscal Incentives to Industry,
(f) consider a CARICOM ENTERPRISE for the
granting of such fiscal incentives as the
Member State may think fit in respect of
agriculture, tourism and forestry that are
mutually agreed by Member States;
(g) consider the product of a CARICOM
ENTERPRISE for protection by quantitative
restrictions or other forms of protection
imposed at a uniform level by the Member
States against imports from third countries
on terms no less favourable than those
which may be accorded to the product of
any other similar enterprise.
ARTICLE 13
TAXATION OF CARICOM ENTERPRISES
1. The corporate profits of a CARICOM ENTERPRISE
shall be subject to tax except that where the equity capital is
wholly- owned by Governments of Member States those
LAWS OF GUYANA
22 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
Governments may agree otherwise.
2. Dividends and other distributions paid by a
CARICOM ENTERPRISE in respect of equity capital owned
by Governments of any of the Member States shall not be
subject to tax.
3. Governments of participating States may by mutual
agreement, waive the taxes on profits made by CARICOM
ENTERPRISES that engage solely in the business of intra- or
extra regional transport and communications.
4. Nothing in this Agreement shall prevent a
CARICOM ENTERPRISE from being eligible for fiscal
incentives under the Scheme for the Harmonisation of Fiscal
Incentives to Industry.
ARTICLE 14
NAME OF CARICOM ENTERPRISE
The name of a CARICOM ENTERPRISE shall contain the
letters (C.E.) at the end thereof.
ARTICLE 15
UNDERTAKING AS TO IMPLEMENTATION
Member States undertake to introduce measures including
the amendment of their municipal legislation so as to conform
to this Agreement and enable this Regime to be established
as soon as practicable.
ARTICLE 16
SETTLEMENT OF DISPUTES
Disputes of an international character arising under this
Agreement shall be settled under and in accordance with the
procedure set out in Articles 11 and 12 of the Common
Market Anew to the Treaty.
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 23
L.R.O. 1/2012
ARTICLE 17
SIGNATURE OF AGREEMENT
This Agreement is open for signature by any Member State.
ARTICLE 18
RATIFICATION
1. This Agreement and any amendments thereto,
shall be subject, to ratification by Member States in
accordance with their respective constitutional procedures.
Instruments of Ratification shall be deposited with the
Secretary-General of the Caribbean Community (hereinafter
referred to as “the Secretary General”) who shall transmit
certified copies to the Government of each Member State.
ARTICLE 19
ENTRY INTO FORCE
This Agreement shall enter into force upon the deposit of the
fourth Instrument of Ratification in accordance with Article is
of this Agreement.
ARTICLE 20
AMENDMENTS
1. This Agreement may be amended by three-
fourths of the Member States including two of the More
Developed Countries.
2. Any such amendment shall come into force upon
deposit with the Secretary-General of the last of the
Instruments of Ratification required in accordance with this
Agreement and paragraph 1 of this Article.
3. The Secretary-General shall notify other Member
LAWS OF GUYANA
24 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
States of the entry into force of any such amendment.
ARTICLE 21
ACCESSION
Any new Member or Associate Member of the Common
Market or any Member of the Caribbean Community may
accede to this Agreement on the terms and conditions
determined by the Conference of Heads of Governments of
the Caribbean Community.
ARTICLE 22
WITHDRAWAL
1. A Member State that withdraws from membership
or associate membership of the Common Market in
accordance with Article 69 thereof shall, if a Party to this
Agreement be deemed to have withdrawn from this
Agreement with effect from the expiration of the time
limited by the said Article 69.
2. Without prejudice to paragraph 1 of this Article, a
Party to this Agreement may withdraw from its Agreement
by giving notice in writing to the Authority which shall
promptly notify the other Parties to this Agreement; such
withdrawal shall take effect twelve months after receipt of the notice by the Authority.
3. A Party to this Agreement undertake to honour any
financial obligations duly assumed while it continues to be a
Party to this Agreement.
IN WITNESS WHEREOF the undersigned. being duly
authorised by their respective Governments, have affixed
their Signatures to this Agreement.
Done in a single copy which is deposited with the Secretary-
LAWS OF GUYANA
Caricom Enterprises Regime Cap. 18:07 25
L.R.O. 1/2012
General of the Caribbean Community who shall transmit
certified copies to all Parties to this Agreement.
Signed by Hugh Marshall
For the Government of Antigua and Barbuda on 1st
February, 1988 at Royal Antigua, St. John’s Antigua.
Signed by Evelyn Greaves
For the Government of Barbados on 6th February, 1988 at
Dover Convention Centre, Barbados.
Signed by ..........................................................................................
For the Government of Belize on .................................................
at ........................................................................................................
Signed by Charles Maynard
For the Government of Dominica on 3rd March 1988 at
Georgetown, Guyana.
Signed by Felix Alexander
For the Government of Grenada on 6th February, 1988 at
Dover Convention Centre, Barbados.
Signed by Carl Greenidge
For the Government of Guyana on 22nd December, 1987 at
Georgetown, Guyana.
Signed by Ryal Peralto
For the Government of Jamaica on 28th January, 1988 at
Georgetown Guyana.
Signed by John Osborne
For the Government of Montserrat on 5th July 1988 at Deep
Bay Antigua.

LAWS OF GUYANA
26 Cap. 18:07 Caricom Enterprises Regime
L.R.O. 1/2012
Signed by Fitz Roy Jones
For the Government of Saint Christopher and Nevis on 14
March, 1988 at Basseterre, St. Kitts/Nevis.
Signed by George Mallet
For the Government of Saint Lucia on 3rd March, 1988 at
Georgetown, Guyana.
Signed by Marcus De Freitas
For the Government of Saint Vincent and the Grenadines on
6th February, 1988 at Dover Convention Centre, Barbados.
Signed by Sahadeo Basdeo
For the Government of Trinidad and Tobago on 8th June,
1988 at Port-of-Spain, Trinidad and Tobago.
ANNEX
SECTORS OF THE REGIONAL ECONOMY
IN WHICH CARICOM ENTERPRISES MAY OPERATE
Air and Sea Transportation
Banking and Financial Services
Construction and Engineering Services
Consultancy Services
International Marketing
--------------------
Read Entire Law on legalaffairs.gov.gy