THE Deeds Registry of the High Court has indicated that over 3,500 new businesses have started operations so far this year.

Some of them include Quality Mall (Camp Street, Georgetown), Sharon's Place (Charlotte Street, Georgetown) and the Harbour Bridge Mall (Bagotstown, East Bank Demerara), a GINA report stated.

“It is indicative of increased confidence in the Guyana economy, especially in the hardware, clothing, food, lumber and other retail sectors. There is high anticipation that these new businesses will have a positive impact on commerce and trade, and will also create employment.

“Concerns have been expressed over the number of recent business closures and companies that have been put into receivership by some commercial banks.

“These companies have experienced cash flow problems, have suffered losses, or have been unable to find joint venture partners to invest in their businesses and relieve them of crushing debt burdens.

“There were several business closures from January through November, this year, due to financial and management problems.

“Some of these businesses include well-known and established companies, such as Willems Timber and Trading Company Limited and Vinelli Industries Limited,” the GINA report stated.

It continued that in Guyana, there is a changing face to business to accommodate the consumer buying trends and demands.

“Businesses are forced to become competitive, as part of the globalisation process. As the world continues to thrive in a highly advanced technological era, more entities will have to consider and incorporate the new changes within the business sector.

“There have been new business openings in Demerara, Berbice and Essequibo, with the majority being in Demerara.

“The Registry pointed out that a new system was put in place on May 22 to register new businesses. Unlike the old system, where all businesses were registered in Georgetown, the new arrangement reveals the specific locations.

“Some of the recent additions are Gayle and Cheryl Catering Services and Jo Tel Variety (Linden), N. Ally and Sons Machine Workshop, International Administrative Services, Lady Di Salon, Brazo Workshop, JB and CB Imports and Exports, and Plaza Taxi Service (Georgetown), the Cosmetology Clinic (Essequibo Coast), and Liverpool's International Enterprise (Kwakwani Park, Berbice),” the GINA story concluded.