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Suriname’s Businesses Face Regulatory Hurdles to Comply with International Standards
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Starting a business or setting up a branch office in Suriname requires companies to navigate a complex web of registration and approval requirements, according to officials from the Suriname Chamber of Commerce and Industry (KKF). While the average time it takes to start a business is 66 days, as reported by the World Bank Ease of Doing Business Report, the local chamber claims it can be done in less than 30 days.
Obtaining a Business License
Businesses operating in certain sectors must also obtain a business license from the Business Licenses Department at the Ministry of Economic Affairs. This process typically takes three months to complete, with licenses being issued approximately 21 days after approval is granted. The waiting time from application to approval can be lengthy, but officials are working to streamline the process.
Intellectual Property Rights (IPR)
Despite its membership in the World Intellectual Property Organization (WIPO) and signing various international intellectual property rights (IPR) treaties, Suriname still has some way to go before fully integrating these requirements into its national legislation. Currently, IPR laws provide protection for:
- Patents
- Copyrights
- Trademarks
However, they do not provide protection for:
- Industrial designs
- Utility models
- Geographical indications
- Layout-designs of integrated circuits
- Undisclosed information
Government Procurement Process
The government procurement process is also not fully in line with international standards. The lack of a stand-alone law on procurement and the presence of numerous exceptions have contributed to this situation. However, tenders financed by multilateral banks are published in local newspapers and on their websites, providing some transparency in the process.
Conclusion
As Suriname continues to work towards improving its business environment, companies operating in the country will need to be aware of these regulatory requirements and take steps to ensure compliance with international standards.