Investment Guide

SURINAME INVESTMENT GUIDE

Where Business equals Quality of Life INVESTMENT GUIDE SURINAME

Where Business equals Quality of Life PREFACE

In the last number of years, Suriname made significant steps to integrate its economy into the globalizing world economy. By becoming a member of the Caribbean Community in 1995, a process started which included regulatory reforms and trade liberalization with the purpose of modernizing the economy and cutting red tape. In 2004, the country was able to reach a positive trade balance.

For decades, the US and The Netherlands were significant trading partners of Suriname. Regional integration is an important policy aspect of the current Government which took office in August of 2010. By following a conscious strategy of integrating into non traditional markets and participating in the South American integration process, the country is opening doors to investors who will see opportunities in mining, a wide range of services, agriculture, cultural diversity, communications and value added products.

By deepening the relationship with traditional trading partners with investment modalities and implementing a South South strategy with nontraditional partners, the economy of Suriname is being transformed into an emerging market.

Suriname is a unique and safe place with the natural resources and geological characteristics of South America, the warmth of the Caribbean, a cultural diversity found nowhere else, and a constantly improving investment and business climate.

The Government makes serious effort to make Suriname a better place do to business and will treat all investors alike, according to the Most Favorite Nation principles.

This investment guide serves as a reference guide for local and foreign investors, who see Suriname as a potential place to do business.

The several Ministries of the Government of Suriname, our diplomatic posts and private sector institutions are ready to provide you with additional information.

Suriname welcomes your initiatives.

Winston Lackin Michael H.S. Miskin Minister of Foreign Affairs Minister of Trade and Industry

Republic of Suriname

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1. General Information ...... 7 1.1 Background information ...... 7 1.2 Constitution & policies ...... 8 1.3 Facts about Suriname ...... 8

2. Economic Development ...... 11 6. Main economic sectors ...... 41 2.1 Key economic indicators ...... 11 6.1 Agriculture ...... 41 2.2 Macro-economic review of Suriname ...... 11 6.2 Mining ...... 43 2.3 Economic outlook 2011 – 2012 ...... 14 6.3 Oil ...... 46 2.4 Breakdown of GDP by sector ...... 14 6.4 Outsourcing ...... 46 6.5 Tourism ...... 48 3. Business Environment ...... 17 6.6 Health care ...... 50 3.1 Professional services ...... 17 3.2 Business infrastructure ...... 18 7. International trade ...... 51 3.3 Financial reporting ...... 19 7.1 Imports ...... 51 3.4 Telecommunications ...... 19 7.2 Exports ...... 53 3.5 Utilities ...... 21 7.3 Regional agreements ...... 53 3.6 Money & banking ...... 24 3.7 Media ...... 26 8. Labor market ...... 55 3.8 Environment ...... 27 3.9 Business climate and hours ...... 27 8.1 Labor market structure ...... 55 8.2 Labor/Industrial regulations ...... 56 4. Establishing a Business ...... 29 8.3 Trade unions ...... 57 4.1 Benefits of establishing in Suriname ...... 29 4.2 Business startup procedures ...... 30 9. Quality of life ...... 59 4.3 Structuring the business ...... 31 9.1 Healthcare ...... 59 4.4 Restrictions on foreign investments ...... 33 9.2 Living ...... 59 9.3 Safety ...... 60 5. Taxation ...... 35 5.1 Corporate income tax ...... 35 5.2 Other taxes ...... 38 5.3 Import, export and excise duties ...... 39 5.4 Tax & non-tax incentives ...... 39 5

content

1. General Information ...... 7 1.1 Background information ...... 7 1.2 Constitution & policies ...... 8 1.3 Facts about Suriname ...... 8

2. Economic Development ...... 11 6. Main economic sectors ...... 41 2.1 Key economic indicators ...... 11 6.1 Agriculture ...... 41 2.2 Macro-economic review of Suriname ...... 11 6.2 Mining ...... 43 2.3 Economic outlook 2011 – 2012 ...... 14 6.3 Oil ...... 46 2.4 Breakdown of GDP by sector ...... 14 6.4 Outsourcing ...... 46 6.5 Tourism ...... 48 3. Business Environment ...... 17 6.6 Health care ...... 50 3.1 Professional services ...... 17 3.2 Business infrastructure ...... 18 7. International trade ...... 51 3.3 Financial reporting ...... 19 7.1 Imports ...... 51 3.4 Telecommunications ...... 19 7.2 Exports ...... 53 3.5 Utilities ...... 21 7.3 Regional agreements ...... 53 3.6 Money & banking ...... 24 3.7 Media ...... 26 8. Labor market ...... 55 3.8 Environment ...... 27 3.9 Business climate and hours ...... 27 8.1 Labor market structure ...... 55 8.2 Labor/Industrial regulations ...... 56 4. Establishing a Business ...... 29 8.3 Trade unions ...... 57 4.1 Benefits of establishing in Suriname ...... 29 4.2 Business startup procedures ...... 30 9. Quality of life ...... 59 4.3 Structuring the business ...... 31 9.1 Healthcare ...... 59 4.4 Restrictions on foreign investments ...... 33 9.2 Living ...... 59 9.3 Safety ...... 60 5. Taxation ...... 35 5.1 Corporate income tax ...... 35 10. Testimonials ...... 63 5.2 Other taxes ...... 38 5.3 Import, export and excise duties ...... 39 5.4 Tax & non-tax incentives ...... 39 7 General Information

GENERAL Economic 1 INFORMATION Development Business Environment

In this time of renewed appreciation for the environment and attention to climate change, Suriname is probably best known for being one of the greenest nations a Business

on earth. With over 90% of its surface covered by forest, Suriname has extensive Establishing natural resources and an impressive biodiversity. Suriname is a commodity- based economy. Main exports include petroleum products, alumina and gold. Acknowledging the key role of foreign direct investments to achieve sustainable growth, the government of Suriname has made efforts to enhance the investment

climate of Suriname in order to attract foreign investors. Additionally, new sectors Taxation such as the (eco-) tourism industry are successfully emerging, strengthening the economy through diversification.

1.1 Background information Sectors

History Main Economic Suriname was colonized in 1650 by the British, and became a Dutch colony in 1667. After slavery was abolished in 1863 the Dutch brought over plantation workers from Indonesia and India. In the late 19th and early 20th centuries additional workers were shipped into Suriname from China and the Far East. In 1954, Suriname became Trade

autonomous, followed by independence from the Netherlands in 1975. The history International of Suriname accounts for the country’s highly diversified ethnic population.

Geography Suriname lies on the northeast coast of South America and is part of the Guiana’s. Labor This is a large area that includes all of Guiana, Suriname and French Guiana, as well Market as parts of Colombia, Venezuela and Brazil. Suriname borders on Guiana, French Guiana and Brazil and covers an area of 163,820 square kilometers (approximately 63,250 square miles). Over 80% of the land surface is covered by dense tropical rainforest. There is a nature conservation system comprising a network of 15

protected areas including the Central Suriname Nature Reserve, which cover more f Life Quality than 14% of the country’s surface. Testimonials 7 6 7 General General General Information Information

1.2 Constitution & policies religion. There is a small number of Buddhists, Jews, Bahai and other religions to which 3% of the population belongs. Around 5% claim no particular religion. Economic GENERAL Economic Development Suriname is a constitutional democracy. Elections for the National Assembly, Development which in turn elects the President and Vice-President, are held every five years. Language INFORMATION The ministers are appointed by the President. The country is divided into 10 The official language is Dutch, which is spoken by more than 60% of the population administrative districts, each headed by a district commissioner who is also as its first language. Sranan1 Tongo (Surinamese) is the lingua franca, while English appointed by the President. Members of the Ressort Council (comparable to a is also widely spoken. Most of the population also speak their ethnic language Business city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment habitants, with a very members for the District Council (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken continent.In this time of renewed appreciation for the environment and attention to climate change, Suriname is probably best known for being one of the greenest nations a Business a Business Establishing 1.3 Facts about Suriname Nationalon earth. With holidays over 90% of its surface covered by forest, Suriname has extensive Establishing Thenatural diverse resources history, and culture, an impressive ethnicity biodiversity. and religion Surinameof Suriname’s is a commodity-people are reflected Population and ethnicity inbased the varietyeconomy. of its Main national exports holidays: include petroleum products, alumina and gold. The last census was held in 2004, when 492.464 people were counted. The Acknowledging the key role of foreign direct investments to achieve sustainable Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of growth, the government of Suriname has made efforts to enhance the investment January 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a climate of Suriname in order to attract foreign investors. Additionally, new sectors Taxation very diverse ethnic heritage, consisting of native indigenous people (Amerindians), suchMarch as 1 the(varies) (eco-) tourism industryPhagwa are (Holi) successfully emerging, strengthening the maroons (direct descendants of former African slaves, still living traditionally in the economyApril 2 (varies) through diversification.Good Friday (Goede Vrijdag) hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) increasing numbers of immigrants from China and Brazil. The indigenous inhabitants 1.1May 1 Background informationLabor Day (Arbeidersdag) Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Sectors Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, HistoryAugust 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic as seen below: SurinameVaries each was year colonized in 1650End by of Ramadanthe British, (Id-Ul-Fitr) and became a Dutch colony in 1667. AfterNovember slavery 25 was abolished in Independence1863 the Dutch Day (Onafhankelijkheidsdag) brought over plantation workers from 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population IndonesiaDecember 25and India. In the lateChristmas 19th and (Kerstfeest) early 20th centuries additional workers were distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% shippedDecember into 26 Suriname from ChinaSecond and day the of Christmas Far East. (2 In Kerst) 1954, Suriname became Trade above categories. International International Creoles (Creolen) 19% autonomous, followed by independence from the Netherlands in 1975. The history International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% of Suriname accounts for the country’s highly diversified ethnic population. Javanese (Javanen, Indonesiërs) 15% Climate Mixed 13% Geography The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% Suriname lies on the northeast coast of South America and is part of the Guiana’s. Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% This is a large area that includes all of Guiana, Suriname and French Guiana, as well November to February, as well as two dry seasons, one from August to November Total 100% as parts of Colombia, Venezuela and Brazil. Suriname borders on Guiana, French and one from February to April. Suriname lies outside the hurricane and earthquake Guiana and Brazil and covers an area of 163,820 square kilometers (approximately Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) 63,250 square miles). Over 90% of the land surface is covered by dense tropical rainforest. There is a nature conservation system comprising a network of 15 Currency f Life Religion protected areas including the Central Suriname Nature Reserve, which cover more f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the than 14% of the country’s surface. SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 9 8 General General Information

1.2 Constitution & policies 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal religion. There is a small number of Buddhists, Jews, Bahai and other religions (3%). Economic

Suriname is a constitutional democracy. Elections for the National Assembly, Around 5% of the population claims no particular religion. Development which in turn elects the President and Vice-President, are held every five years. The ministers are appointed by the President. The country is divided into 10 Language administrative districts, each headed by a District Commissioner who is also The official language is Dutch, which is spoken by more than 60% of the population appointed by the President. Members of the Ressort Council (comparable to a as its first language. Sranan Tongo (“Surinamese”) is the lingua franca, while English

City Council) are elected at the same time as the National Assembly. Based on the is also widely spoken. Most of the population also speak their ethnic language such Business Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded as Sarnami Hindi, Javanese, different Maroon and indigenous (Amerindian) languages. Official language is Environment habitants, with a very members for the District Council (District Raad). The Ressort and District Councils Brazilians speak mainly Portuguese, while recent Chinese immigrants speak mainly Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Mandarin in contrast to the older Chinese immigrants that generally speak Hakka. widely spoken Suriname is the only Dutch-speaking nation on the South-American continent. a Business

1.3 Facts about Suriname National holidays Establishing The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Population and ethnicity in the variety of its national holidays: The last census was held in 2004, when 492.829 people were counted. The Date National Holiday (Official name) population grows at an average rate of 1% per year. The people in Suriname are January 1 New Year’s Day (Nieuwjaarsdag)

generally described as being open and friendly. Taxation Suriname has a very diverse ethnic heritage, consisting of native indigenous people March 1 (varies) Phagwa (Holi) (Amerindians), Maroons (direct descendants of former African slaves, still living April 2 (varies) Good Friday (Goede Vrijdag) traditionally in the hinterland), mixed Afro Surinamese (Creoles), descendants of April 4 (Sunday) Easter (Pasen) immigrants from India, China, Indonesia, Europe and all possible mixes of these April 5 (varies) Second day of Easter (2e Pasen) groups, and an increasing number of immigrants from China and Brazil. May 1 Labor Day (Arbeidersdag) July 1 Freedom Day (Dag der Vrijheden) Sectors

The indigenous inhabitants (Amerindians) were the original inhabitants; all other August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic ethnic groups came later. The country consists exclusively of ethnic minorities, since Varies each year End of Ramadan (Id-Ul-Fitr) no ethnic group has a majority, as seen below: November 25 Independence Day (Onafhankelijkheidsdag) December 25 Christmas (Kerstfeest)

1 e

Ethnic group In % of the population December 26 Second day of Christmas (2 Kerst) Trade

East Indians (Hindoestanen) 29% International Tabel 1.2 National holidays Creoles (Creolen) 19% Maroons (Marrons, Bosnegers) 16% Climate Javanese (Javanen) 15% The daily average temperature for Suriname is around 27 °C year-round. The country Mixed 13% Labor

has a tropical climate with two wet seasons, one from April to August and one from Market 1. Note: In the official data the ethnicity of 7% was Amerindians 4% listed as “unknown”. By using estimates on ethnic November to February, as well as two dry seasons, one from August to November and distribution from alternative sources of population Other (Chinese, Brazilian, Caucasions) 4% data, the “unknown” were redistributed among the one from February to April. Suriname lies outside the hurricane and earthquake zone. above categories. Total 100%

Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), Currency G eneral Bureau of Statistics) The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The f Life

SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, Quality Religion 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates The diversity of the population is reflected in its culture and religion. Using the are published daily in the local news papers by the Central Bank of Suriname (Central 2004 ABS census data, 49% of the population is considered Christian. The largest Bank). More information is provided in chapter 3.6 about money and banking. denominations are Catholics and Moravians (Evangelische Broeder Gemeente), although in the past decades Pentecostals have grown into a sizeable group. About Testimonials 97 86 General General Information Information

1.2 Constitution & policies religion.23% of theThere population is a small is number Hindu and of Buddhists,16% Muslim, Jews, while Bahai 4% and adhere other to religions a tribal to whichreligion. 3% There of the is apopulation small number belongs. of Buddhists, Around 5% Jews, claim Bahai no particular and other religion. religions (3%). Economic Economic Development Suriname is a constitutional democracy. Elections for the National Assembly, Around 5% of the population claims no particular religion. Development which in turn elects the President and Vice-President, are held every five years. Language The ministers are appointed by the President. The country is divided into 10 TheLanguage official language is Dutch, which is spoken by more than 60% of the population administrative districts, each headed by a Districtdistrict commissionerCommissioner who who is is also also asThe its official first language. language Srananis Dutch, Tongo which (Surinamese) is spoken by is more the linguathan 60% franca, of thewhile population English appointed by the President. Members of the Ressort Council (comparable to a isas alsoits first widely language. spoken. Sranan Most Tongo of the (“Surinamese”) population also is speak the lingua their franca,ethnic languagewhile English Business Citycity council)Council) are are elected elected at at the the same same time time as as the the National National Assembly. Assembly. Based Based on on the the suchis also as widely Sarnami spoken. Hindi, Most Javanese, of the differentpopulation maroon also speak and indigenous their ethnic (Amerindian) language such Business Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages.as Sarnami BraziliansHindi, Javanese, speak mainlydifferent Portuguese, Maroon and while indigenous recent (Amerindian)Chinese immigrants languages. Official language is Environment habitants, with a very members for the District Council (District Raad).Raad). The Ressort and District Councils speakBrazilians mainly speak Mandarin mainly Portuguese,in contrast to while the olderrecent Chinese Chinese immigrants immigrants that speak spoke mainly Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Hakka.Mandarin Suriname in contrast is the to theonly older Dutch-speaking Chinese immigrants nation on that the generally South-American speak Hakka. widely spoken continent.Suriname is the only Dutch-speaking nation on the South-American continent. a Business a Business Establishing 1.3 Facts about Suriname National holidays Establishing The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Population and ethnicity in the variety of its national holidays: The last census was held in 2004, when 492.829492.464 people were counted. The Date National Holiday (Official name) population grows at an average rate of 1% per year. TheIn most people descriptions in Suriname of are January 101 New Year’s Day (Nieuwjaarsdag) Taxation generallySuriname describedthe people as are being described open and as beingfriendly. open and friendly. Suriname has a Taxation Surinamevery diverse has ethnic a very heritage, diverse ethnicconsisting heritage, of native consisting indigenous of native people indigenous (Amerindians), people March 1 (varies) Phagwa (Holi) (Amerindians),maroons (direct Maroons descendants (direct of descendants former African of slaves,former stillAfrican living slaves, traditionally still living in the April 2 (varies) Good Friday (Goede Vrijdag) traditionallyhinterland), mixedin the hinterland),Afro Surinamese mixed (Creoles), Afro Surinamese descendants (Creoles), of immigrants descendants from of April 4 (Sunday) Easter (Pasen) immigrantsIndia, China, from Indonesia India, andChina, Europe Indonesia, and all Europe possible and mixes all possible of these mixes groups, of these and April 5 (varies) Second day of Easter (2e Pasen) groups,increasing and numbers an increasing of immigrants number offrom immigrants China and from Brazil. China The and indigenous Brazil. inhabitants May 1 Labor Day (Arbeidersdag) Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Sectors Main Economic Thecountry indigenous consists inhabitants exclusively (Amerindians) of ethnic minorities, were the since original no ethnic inhabitants; group hasall other majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic ethnicas seen groups below: came later. The country consists exclusively of ethnic minorities, since Varies each year End of Ramadan (Id-Ul-Fitr) no ethnic group has a majority, as seen below: November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population 1 e Trade data, the “unknown” were redistributed among the EthnicEast Indians group (Hindoestanen) In % of the population29% December 26 Second day of Christmas (2 Kerst) Trade above categories. International International CreolesEast Indians (Creolen) (Hindoestanen) 19%29% International Tabel 1.2 National holidays MaroonsCreoles (Creolen) (Marrons, Bosnegers) 16%19% JavaneseMaroons (Marrons,(Javanen, Bosnegers)Indonesiërs) 15%16% Climate MixedJavanese (Javanen) 13%15% The daily averageaverage temperaturetemperature for for Suriname Suriname is is around around 27 27°C °C year-round. year-round. The The country country AmerindiansMixed 13%4% Labor Labor Market has a tropicaltropical climateclimate with with two two wet wet seasons, seasons, one one from from April April to to August August and and one one from from Market 1. Note: In the official data the ethnicity of 7% was OtherAmerindians (Chinese, Brazilian, Whites) 4% listed as “unknown”. By using estimates on ethnic November toto February,February, as as well well as as two two dry dry seasons, seasons, one one from from August August to to November November and distribution from alternative sources of population TotalOther (Chinese, Brazilian, Caucasions) 100%4% data, the “unknown” were redistributed among the oneand onefrom from February February to April. to April. Suriname Suriname lies outside lies outside the hurricane the hurricane and earthquake and earthquake zone. above categories. Total 100% Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), Currency general bureau of statistics) TheCurrency Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The f Life Religion f Life Quality SRDThe Surinamese is divided into Dollar 100 (SRD)cents. Thehas beenSurinamese the currency currency of includesSuriname coins since of 2004. 1, 5, 10,The Quality ReligionThe diversity of the population is reflected in its culture and religion. Using the 25,SRD 100 is dividedand 250 into cent 100 and cents. bank Thenotes Surinamese of 5, 10, 20, currency 50 and 100includes Dollar. coins Exchange of 1, 5, rates 10, The2004 diversity census ofdata, the 49% population of the ispopulation reflected is in believed its culture to andbe Christian. religion. UsingThe largest the Ik heb geen rechten are25, published100 and 250 daily cent in the and local bank news notes papers of 5, 10,by the20, Central50 and Bank100 Dollar. of Suriname Exchange (Central rates 2004denominations ABS census are data, Catholics 49% andof the Moravians population (Evangelische is considered Broeder Christian. Gemeente The largest), voor foto 2 Bank).are published More information daily in the is local provided papers. in chapter 3.6 about money and banking. denominationsalthough in the arepast Catholics decades andPentecostals Moravians have (Evangelische grown into Broeder a sizeable Gemeente), group. About although23% of the in thepopulation past decades is Hindu Pentecostals and 16% Muslim, have grown while into 4% aadhere sizeable to group.a tribal About Testimonials Testimonials 11 General Information

ECONOMIC Economic 2 DEVELOPMENT Development Business Environment

2.1 Key economic indicators a Business Establishing

Year 2005 2006 2007 2008 2009E 2010E 2011E 2012E

Nominal figures Dimension Export of goods mln US$ customs value 854 1,205 1,381 1,429 1,491 1,618 1,769 1,893 Import of goods mln US$ customs value 874 906 1,125 1,538 1,452 1,652 1,743 1,809 Taxation Foreign direct investments mln US$ 117 138 141 169 142 209 268 272 Real GDP mln SRD 5,479 5,688 5,983 6,342 6,558 6,821 7,084 7,474 Real GDP mln US$ 1,971 2,046 2,152 2,281 2,359 2,454 2,548 2,688 GDP per capita SRD 10,963 11,257 11,712 12,291 12,454 12,807 13,266 13,841 GDP per capita US$ 3,943 4,049 4,213 4,421 4,480 4,607 4,772 4,979

Exchange rate SRD/US$ 2.78 2.78 2.78 2.78 2.78 2.78 2.78 2.78 Sectors

Change in % yoy (year over year) Main Economic Export of goods n/a 41.1 14.6 3.5 4.3 8.5 9.3 7.0 Import of goods n/a 3.7 24.2 36.7 -5.6 13.8 5.5 3.8 Foreign direct investments n/a 17.9 2.2 19.9 -16.0 47.2 28.2 1.5

Real GDP 4.4 3.8 5.2 6 3.4 4.0 4.8 5.5 Trade

Inflation 9.9 11.3 6.4 14.6 0.7 5.5 5.5 5.5 International

Table 2.1 Key economic indicators (source: IMF 2010 and Stichting Planbureau Suriname, (SPS))

2.2 Macro-economic review of Suriname Labor Market

Suriname has a fairly open economy. This means that international developments often have impact at the local level. In recent years, Suriname’s economy was able to retain growth and stability as measured by several key economic indicators. Suriname registered 4% average annual growth of its Real Gross Domestic Product (GDP1)

from 2005 to 2009. Increased activity in mining, construction, transport, warehousing, f Life Quality agriculture, trade and tourism are the main drivers behind Suriname’s economic growth. Despite the global economic downturn in 2009, Suriname’s economy still attained 3.4%2 GDP growth relative to 2008. The 2009 growth rate was lower than the five-year average due to lower commodity prices (alumina and oil) and a decline in the alumina 1. GDP data is corrected by inflation and includes estimates of the informal sector sector. The gold and construction sectors contributed positively to the 2009 growth. 2. Source: Stichting Planbureau Suriname (SPS) Testimonials 7 6 11 General General Information Information

1.2 Constitution & policies religion. There is a small number of Buddhists, Jews, Bahai and other religions to which 3% of the population belongs. Around 5% claim no particular religion. Economic ECONOMIC Economic Development Suriname is a constitutional democracy. Elections for the National Assembly, Development which in turn elects the President and Vice-President, are held every five years. Language DEVELOPMENT The ministers are appointed by the President. The country is divided into 10 The official language is Dutch, which is spoken by more than 60% of the population administrative districts, each headed by a district commissioner who is also as its first language. Sranan2 Tongo (Surinamese) is the lingua franca, while English appointed by the President. Members of the Ressort Council (comparable to a is also widely spoken. Most of the population also speak their ethnic language Business city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment habitants, with a very members for the District Council (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken continent.2.1 Key economic indicators a Business a Business Establishing 1.3 Facts about Suriname National holidays Establishing TheYear diverse history, culture, ethnicity and religion of Suriname’s2005 people2006 are reflected2007 2008 2009E 2010E 2011E 2012E Population and ethnicity in the variety of its national holidays: Nominal figures Dimension The last census was held in 2004, when 492.464 people were counted. The ExportDate of goods mlnNational US$ customs Holiday value (Official name)854 1,205 1,381 1,429 1,491 1,618 1,769 1,893 population grows at an average rate of 1% per year. In most descriptions of ImportJanuary of 10 goods mlnNew US$ Year’s customs Day (Nieuwjaarsdag)value 874 906 1,125 1,538 1,452 1,652 1,743 1,809 Taxation Suriname the people are described as being open and friendly. Suriname has a Taxation Foreign direct investments mln US$ 117 138 141 169 142 209 268 272 very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Real GDP mln SRD 5,479 5,688 5,983 6,342 6,558 6,821 7,084 7,474 maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) Real GDP mln US$ 1,971 2,046 2,152 2,281 2,359 2,454 2,548 2,688 hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) GDP per capita SRD 10,963 11,257 11,712 12,291 12,454 12,807 13,266 13,841 India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) GDP per capita US$ 3,943 4,049 4,213 4,421 4,480 4,607 4,772 4,979 increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors Exchange rate SRD/US$ 2.78 2.78 2.78 2.78 2.78 2.78 2.78 2.78 Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, ChangeAugust 9 in % yoy (year over year)Day of the Indigenous people (Dag der Inheemsen) Main Economic Varies each year End of Ramadan (Id-Ul-Fitr) as seen below: Export of goods n/a 41.1 14.6 3.5 4.3 8.5 9.3 7.0 November 25 Independence Day (Onafhankelijkheidsdag) Import of goods n/a 3.7 24.2 36.7 -5.6 13.8 5.5 3.8 1. Note: In the official data the ethnicity of 7% was Ethnic group1 In % of the population December 25 Christmas (Kerstfeest) listed as “unknown”. By using estimates on ethnic Foreign direct investments n/a 17.9 2.2 19.9 -16.0 47.2 28.2 1.5 distribution from alternative sources of population e Trade December 26 Second day of Christmas (2 Kerst) Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% Real GDP 4.4 3.8 5.2 6 3.4 4.0 4.8 5.5 above categories. International International Creoles (Creolen) 19% Inflation 9.9 11.3 6.4 14.6 0.7 5.5 5.5 5.5 International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Table 2.1 Key economic indicators (source: IMF 2010 and Stichting Planbureau Suriname, (SPS)) Javanese (Javanen, Indonesiërs) 15% Climate Mixed 13% The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% 2.2 Macro-economic review of Suriname Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% November to February, as well as two dry seasons, one from August to November Total 100% Suriname has a fairly open economy. This means that international developments and one from February to April. Suriname lies outside the hurricane and earthquake often have impact at the local level. In recent years, Suriname’s economy was able to Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) retain growth and stability as measured by several key economic indicators. Suriname registered 4% average annual growth of its Real Gross Domestic Product (GDP1) Currency f Life Religion from 2005 to 2009. Increased activity in mining, construction, transport, warehousing, f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the agriculture, trade and tourism are the main drivers behind Suriname’s economic growth. SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Despite the global economic downturn in 2009, Suriname’s economy still attained Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), 3.4%2 GDP growth relative to 2008. The 2009 growth rate was lower than the five-year voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About average due to lower commodity prices (alumina and oil) and a decline in the alumina 1. GDP data is corrected by inflation and includes estimates of the informal sector 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal sector. The gold and construction sectors contributed positively to the 2009 growth. 2. Source: Stichting Planbureau Suriname (SPS) Testimonials Testimonials 12 13 General Information

Export and import of both goods and services have increased in recent times. The In 2000, the United States Geological Survey (USGS) concluded that the Suriname export of goods, mainly alumina, gold, and petroleum (over 90% of all exports) part of the Guiana sedimentary basin could contain about 15 billion barrels of Economic

increased significantly over the past few years. Both export and import of goods undiscovered oil. This information attracted several oil companies to Suriname and Development increased (by 15% and 14% respectively) from 2005 till 2009. The most important resulted into offshore production-sharing contracts with Repsol YPF, Noble Energy, export destinations are Canada, The Netherlands, Belgium and The United States of Maersk Oil, Teikoku, and Murphy Oil. America3. Source countries for imports are primarily the United States, Trinidad & Other sectors do not require state or local ownership. A foreign company, however, Tobago, The Netherlands and China4. has to be registered in the Trade Register of the Chamber of Commerce & Industry

to operate in Suriname. Examples of major foreign investors are Repsol YPF (Spain), Further economic Business Thanks to Suriname’s economic growth, unemployment rates dropped significantly CAMBIOR and IAMGold (both Canadian companies), Murphy Oil, Newmont and stimulation Environment by over 10% compared to the 2000 level. The Suriname Planning Office Alcoa, all three U.S. companies and Tullow Oil (British). &monetary (Stichting Planbureau Suriname (SPS)) estimated unemployment at 9.5% in 2007. Growth & Stability 400% stabilization Unemployment rates, however, differ within Suriname. More rural areas suffer from 369% 300% higher unemployment. For example Paramaribo, where almost 50% of the total 200% a Business

population lives, has significantly less unemployment (around 8.4%) than a rural 99% Establishing 100% 23% area such as the District of Sipaliwini (around 46.5% unemployment). 6% 15% 6% 0% -1% -100% 5% 5% Government 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011E 2013E 8% Trade Inlation (% change yoy) Agriculture Taxation 9% 45% Construction Figure 2.2: Inflation from 1991 till 2013E (source: IMF 2010 and ABS) Production 12% Mining In 1999 inflation decreased significantly due to lower international food and fuel Other 16% prices. Over the last 4 years inflation averaged around 8.6%. As shown in figure 2.2 Suriname’s economy registered outliers of almost 370% in 1994 and -1% in 1996. Since 2004 inflation has remained below 15%. Inflation is expected to remain Sectors Figure 2.1: Working population by sector (source: ABS) stable after 2009. Prudent monetary policy led to more stability in terms of inflation Main Economic over the past few years and is expected to continue to remain stable. However, The last census in 2004 counted a total working population of 156,705. Yearly Suriname’s exchange rate regime might distort this stability. Official and commercial 4. Source: Multi Annual Planning 2006 -2011, figures are given by ABS for the Districts of Paramaribo and Wanica. As shown in Government of Suriname (GOS) and interviews with 3. Source: Asycuda market exchange rates at the so-called “cambio’s” sometimes differ (in the past Ministry of Transport, Communication and Tourism, The 4. Source: ABS figure 2.1, the most important employer is the Government, employing 45% of Ministry of Agriculture, Animal husbandry and Fishery significantly) from one another. Trade the total working population. The second biggest employer is the trade industry with 16%, followed by agriculture with 12%. Only 5% of the working population works International Suriname’s credit rating was also increased in 2007. Standard & Poor’s raised in the mining sector. Suriname’s credit rating from B to B+ based on improved macro-economic and monetary stability and efforts on the legislative and institutional fronts to preserve Foreign Direct Investments (FDI) show a sharp decline in 2009 due to global this stability. Fitch Ratings reaffirmed its rating in 2007 at B. Fitch Ratings appraised Labor

negative investment sentiment. On average, however, FDI increased with Market Suriname’s low level of external and public sector indebtedness, debt service approximately 6% annually from 2006 to 2009. This means that foreign ownership requirements and economic prospects as favorable. The public finance management of productive assets, such as factories, mines or land, has increased. In Suriname system and the implementation of structural reforms were viewed as unfavorable. there is no economic or industrial strategy to discriminate against foreign-owned investment. All sectors, except the oil sector, which by law is state-owned, are open to foreign ownership and investments. Access to the oil sector is possible through f Life

exploration and production-sharing agreements with the state-owned oil company Quality (Staatsolie Maatschappij Suriname N.V., short Staatsolie). Testimonials 7 126 13 General General Information Information

Export1.2 andConstitution import of both goods & and policies services have increased in recent times. The religion.In 2000, Therethe United is a small States number Geological of Buddhists, Survey (USGS) Jews, Bahaiconcluded and other that the religions Suriname to export of goods, mainly alumina, gold, and petroleum (over 90% of all exports) whichpart of 3%the ofGuiana the population sedimentary belongs. basin Aroundcould contain 5% claim about no 15particular billion barrels religion. of Economic Economic Development increasedSuriname issignificantly a constitutional over thedemocracy. past few Electionsyears. Both for export the National and import Assembly, of goods undiscovered oil. This information attracted several oil companies to Suriname and Development increasedwhich in turn (by elects15% and the 14%President respectively) and Vice-President, from 2005 till are 2009. held Theevery most five important years. Languageresulted into offshore production-sharing contracts with Repsol YPF, Noble Energy, exportThe ministers destinations are appointed are Canada, by the The President. Netherlands, The Belgiumcountry isand divided The United into 10 States of TheMaersk official Oil, language Teikoku, andis Dutch, Murphy which Oil. is spoken by more than 60% of the population Americaadministrative3. Source districts, countries each for headed imports by area district primarily commissioner the United States,who is Trinidadalso & asOther its firstsectors language. do not Sranan require Tongo state (Surinamese)or local ownership. is the Alingua foreign franca, company, while however,English appointedTobago, The by Netherlands the President. and Members China4. of the Ressort Council (comparable to a ishas also to bewidely registered spoken. in Mostthe Trade of the Register population of the also Chamber speak their of Commerce ethnic language & Industry Business city council) are elected at the same time as the National Assembly. Based on the suchto operate as Sarnami in Suriname. Hindi, Javanese, Examples differentof major maroonforeign investorsand indigenous are Repsol (Amerindian) YPF (Spain), Further economic Business Environment Around 492,000 Thanksnumber to of Suriname’s Ressort Council economic (Ressort growth, Raad) unemployment members, political rates partiesdropped are significantly awarded languages.CAMBIOR andBrazilians IAMGold speak (both mainly Canadian Portuguese, companies), while Murphyrecent Chinese Oil, Newmont immigrants and Officialstimulation language is Environment habitants, with a very bymembers over 10% for comparedthe District to Council the 2000 (District level. TheRaad) Suriname. The Ressort Planning and OfficeDistrict Councils speakAlcoa, mainlyall three Mandarin U.S. companies in contrast and to Tullow the older Oil (British). Chinese immigrants that spoke Dutch,&monetary English is (Stichtingare important Planbureau democratic Suriname institutions (SPS)) at estimated the local andunemployment regional level. at 9.5% in 2007. Hakka. Suriname is the only Dutch-speaking nation on the South-American diverseGrowth ethnic & Stability heritage 400% widelystabilization spoken Unemployment rates, however, differ within Suriname. More rural areas suffer from continent. 369% 300% higher unemployment. For example Paramaribo, where almost 50% of the total 200% a Business a Business Establishing population1.3 Facts lives, has about significantly Suriname less unemployment (around 8.4%) than a rural National holidays 99% Establishing 100% 23% area such as the District of Sipaliwini (around 46.5% unemployment). The diverse history, culture, ethnicity and religion of Suriname’s6% 15% people are reflected6% 0% -1% Population and ethnicity in the variety of its national holidays: -100% The last census5% was held in 2004, when 492.464 people were counted. The 5% 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011E 2013E Government Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of 8% Trade JanuaryInlation 10 (% change yoy) New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as beingAgriculture open and friendly. Suriname has a Taxation 9% March 1 (varies) Phagwa (Holi) very diverse ethnic heritage,45% consisting of nativeConstruction indigenous people (Amerindians), Figure 2.2: Inflation from 1991 till 2013E (source: IMF 2010 and ABS) April 2 (varies) Good Friday (Goede Vrijdag) maroons (direct descendants of former AfricanProduction slaves, still living traditionally in the hinterland),12% mixed Afro Surinamese (Creoles),Mining descendants of immigrants from InApril 1999 4 (Sunday) inflation decreased significantlyEaster (Pasen) due to lower international food and fuel Other April 5 (varies) Second day of Easter (2e Pasen) India, China, 16%Indonesia and Europe and all possible mixes of these groups, and prices. Over the last 4 years inflation averaged around 8.6%. As shown in figure increasing numbers of immigrants from China and Brazil. The indigenous inhabitants 2.2May Suriname’s 1 economy registeredLabor Day outliers (Arbeidersdag) of almost 370% in 1994 and -1% in Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The 1996.July 1 Since 2004 inflation hasFreedom remained Day below(Dag der 15%. Vrijheden) Inflation is expected to remain Sectors Figure 2.1: Working population by sector (source: ABS) Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, stableAugust after 9 2009. Prudent monetaryDay of the policy Indigenous led to people more (Dag stability der Inheemsen) in terms of inflation Main Economic as seen below: overVaries the each past year few years and isEnd expected of Ramadan to continue (Id-Ul-Fitr) to remain stable. However, The last census in 2004 counted a total working population of 156,705. Yearly Suriname’sNovember 25 exchange rate regimeIndependence might distort Day (Onafhankelijkheidsdag) this stability. Official and commercial 4. Source: Multi Annual Planning 2006 -2011, Government of Suriname (GOS) and interviews with 1. Note: In the official data the ethnicity of 7% was figures are given1 by ABS for the Districts of Paramaribo and Wanica. As shown in 3. listedSource: as Asycuda “unknown”. By using estimates on ethnic Ethnic group In % of the population marketDecember exchange 25 rates at the so-calledChristmas (Kerstfeest)“cambio’s” sometimes differ (in the past Ministry of Transport, Communication and Tourism, The 4. Source: ABS Ministry of Agriculture, Animal husbandry and Fishery distribution from alternative sources of population figure 2.1, the most important employer is the Government, employing 45% of e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% significantly)December 26 from one another.Second day of Christmas (2 Kerst) Trade above categories. the total working population. The second biggest employer is the trade industry with International International Creoles (Creolen) 19% International 16%, followed by agriculture with 12%. Only 5% of the working population works Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Suriname’s credit rating was also increased in 2007. Standard & Poor’s raised in the mining sector. Javanese (Javanen, Indonesiërs) 15% Suriname’s credit rating from B to B+ based on improved macro-economic and Climate Mixed 13% monetary stability and efforts on the legislative and institutional fronts to preserve Foreign Direct Investments (FDI) show a sharp decline in 2009 due to global The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% this stability. Fitch Ratings reaffirmed its rating in 2007 at B. Fitch Ratings appraised Labor Labor Market negative investment sentiment. On average, however, FDI increased with has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% Suriname’s low level of external and public sector indebtedness, debt service approximately 6% annually from 2006 to 2009. This means that foreign ownership November to February, as well as two dry seasons, one from August to November Total 100% requirements and economic prospects as favorable. The public finance management of productive assets, such as factories, mines or land, has increased. In Suriname and one from February to April. Suriname lies outside the hurricane and earthquake system and the implementation of structural reforms were viewed as unfavorable. Tablethere 1.1 is noPopulation economic and orethnicity industrial (source: strategy Algemeen to discriminate Bureau voor againstde Statistiek foreign-owned (short ABS), zone. general bureau of statistics) investment. All sectors, except the oil sector, which by law is state-owned, are open to foreign ownership and investments. Access to the oil sector is possible through Currency f Life Religion f Life Quality exploration and production-sharing agreements with the state-owned oil company The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the (Staatsolie Maatschappij Suriname N.V., short Staatsolie). SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 14 15 General General Information

2.3 Economic outlook 2011 – 2012 Activity % of total GDP Growth 2005 till 2009 Manufacturing 21% 60% Wholesale and retail trade 13% 90% Economic The international Monetary Fund predicts that the key economic indicators will Development Manufacturing, remain positive for Suriname (see table 2.1). Export of goods, Foreign Direct Mining and quarrying 12% 58% trade, mining & Investments and Real GDP will slightly increase while inflation will continue to even Transport and communication 9% 62% out due to further economic stimulation and monetary stabilization. Public administration 7% 51% quarrying, transport Real estate, renting and business activities 7% 50%

& communication The following measures are expected by the Government of Suriname (GOS): Agriculture and forestry 7% 105% Business are the main drivers • Improve investment climate to attract Foreign Direct Investments. Financial intermediation 6% 24% Environment behind Suriname’s • Improve access and infrastructure by expanding the international port. Construction 5% 117% economy • Improve international credit rating by reducing bilateral debt. Electricity, gas and water supply 4% 24% • Continue to stabilize the monetary policy and reduce dependency on commodity Education (government) 4% 46% pricing for mined products by further diversifying the economy. Specific areas Hotels and restaurants 2% 68% a Business

identified for economic expansion are tourism, agriculture, and forestry. Other community, social and personal services 1% 14% Establishing • Improve the service sector by partly deregulating the telecommunication sector Fishery 1% 70% and investing in new fiberglass internet connections. Health and social work (government) 1% 40%

Table 2.3 GDP breakdowns by activity and growth rate (source: SPS)

2.4 Breakdown of GDP by sector Taxation As in 2005, manufacturing, wholesale and retail trade, mining and quarrying, transport and communication were the main drivers behind Suriname’s economy Year 2004 2005 2006 2007 2008 2009E 2010E in 2009. These are largely the same activities that also employ a large part of the Primary sector 15.1 15.8 16 16.8 17.3 17.2 16.7 population. This is true for trade, but agriculture, construction and production, only Secondary sector 25.4 26.9 28.4 28.8 29.3 27.3 27.4 employs 5% of the total working population. GDP growth from 2005 till 2009 is

Informal sector 16.1 15.5 15.7 15.4 15.8 14.4 14.6 mainly due to the increase of construction, agriculture, forestry, trade, fishery and Sectors hospitality, as shown in table 2.3. Main Economic Table 2.2 GDP breakdowns by sector (source: SPS)

The tertiary sector (services) contributes the most to Suriname’s GDP (around 40%). It includes transportation, warehousing, communication, trade, hotels and Trade restaurants. This sector has been in relative decline from 2004 until 2008 (although it still grew in absolute terms). After the tertiary sector comes the secondary sector International (industrial) which includes mining processing, construction and utilities. It seems that this sector is increasing its relative GDP contribution over time. The smallest sector is the primary sector (mining and agriculture), even though it has increased in Labor

relative size since 2004. Market f Life Quality Testimonials 7 146 15 General General Information Information

2.31.2 EconomicConstitution outlook & policies 2011 – 2012 religion.Activity There is a small number of Buddhists, %Jews, of total Bahai GDP and otherGrowth religions 2005 till to 2009 whichManufacturing 3% of the population belongs. Around 5% claim no21% particular religion. 60% Economic Wholesale and retail trade 13% 90% Economic Development TheSuriname international is a constitutional Monetary Funddemocracy. predicts Elections that the forkey the economic National indicators Assembly, will Development Manufacturing, remainwhich in positive turn elects for Suriname the President (see andtable Vice-President, 2.1). Export of are goods, held Foreignevery five Direct years. LanguageMining and quarrying 12% 58% trade, mining & InvestmentsThe ministers and are Real appointed GDP will by theslightly President. increase The while country inflation is divided will continue into 10 to even TheTransport official and language communication is Dutch, which is spoken by more than9% 60% of the population62% outadministrative due to further districts, economic each stimulationheaded by aand district monetary commissioner stabilization. who is also asPublic its first administration language. Sranan Tongo (Surinamese) is the lingua7% franca, while English51% quarrying, transport appointed by the President. Members of the Ressort Council (comparable to a isReal also estate, widely renting spoken. and business Most ofactivities the population also speak 7%their ethnic language 50% Business & communication Thecity council)following are measures elected atare the expected same time by the as theGovernment National Assembly. of Suriname Based (GOS): on the suchAgriculture as Sarnami and forestry Hindi, Javanese, different maroon and indigenous7% (Amerindian)105% Business Environment areAround the main 492,000 drivers •number Improve of Ressort investment Council climate (Ressort to attract Raad) Foreign members, Direct political Investments. parties are awarded languages.Financial intermediation Brazilians speak mainly Portuguese, while recent6% Chinese immigrants24% Official language is Environment habitants,behind Suriname’s with a very •members Improve for access the District and infrastructure Council (District by expanding Raad). The the Ressort international and District port. Councils speakConstruction mainly Mandarin in contrast to the older Chinese immigrants5% that spoke 117% Dutch, English is diverseeconomy ethnic heritage •are Improveimportant international democratic creditinstitutions rating atby the reducing local and bilateral regional debt. level. Hakka.Electricity, Suriname gas and water is the supply only Dutch-speaking nation on the4% South-American 24% widely spoken • Continue to stabilize the monetary policy and reduce dependency on commodity continent.Education (government) 4% 46% pricing for mined products by further diversifying the economy. Specific areas Hotels and restaurants 2% 68% a Business a Business Establishing 1.3identified Facts for economic about expansion Suriname are tourism, agriculture, and forestry. NationalOther community, holidays social and personal services 1% 14% Establishing • Improve the service sector by partly deregulating the telecommunication sector TheFishery diverse history, culture, ethnicity and religion of Suriname’s1% people are reflected70% Populationand investing and inethnicity new fiberglass internet connections. inHealth the variety and social of workits national (government) holidays: 1% 40% The last census was held in 2004, when 492.464 people were counted. The TableDate 2.3 GDP breakdowns by activityNational and growthHoliday rate (Official (source: name) SPS) population grows at an average rate of 1% per year. In most descriptions of January 10 New Year’s Day (Nieuwjaarsdag) Taxation 2.4Suriname Breakdown the people are described of GDP as being by open sector and friendly. Suriname has a Taxation As in 2005, manufacturing, wholesale and retail trade, mining and quarrying, very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) transport and communication were the main drivers behind Suriname’s economy maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) Year 2004 2005 2006 2007 2008 2009E 2010E in 2009. These are largely the same activities that also employ a large part of the hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) Primary sector 15.1 15.8 16 16.8 17.3 17.2 16.7 population. This is true for trade, but agriculture, construction and production, only India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) employs 5% of the total working population. GDP growth from 2005 till 2009 is increasingSecondary sector numbers of immigrants25.4 26.9 from China28.4 and Brazil.28.8 The 29.3indigenous27.3 inhabitants27.4 May 1 Labor Day (Arbeidersdag) Sectors mainly due to the increase of construction, agriculture, forestry, trade, fishery and Sectors (Amerindians)Informal sector were the original16.1 inhabitants;15.5 15.7 all other 15.4ethnic groups15.8 came14.4 later. The14.6 July 1 Freedom Day (Dag der Vrijheden) hospitality, as shown in table 2.3. Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic Table 2.2 GDP breakdowns by sector (source: SPS) as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) November 25 Independence Day (Onafhankelijkheidsdag)

1. Note: In the official data the ethnicity of 7% was The tertiary sector1 (services) contributes the most to Suriname’s GDP (around listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population 40%). It includes transportation, warehousing, communication, trade, hotels and e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. restaurants. This sector has been in relative decline from 2004 until 2008 (although International International Creoles (Creolen) 19% International it still grew in absoluteterms). After the tertiary sector comes the secondary sector Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% (industrial) which includes mining processing, construction and utilities. It seems Javanese (Javanen, Indonesiërs) 15% that this sector is increasing its relative GDP contribution over time. The smallest Climate Mixed 13% sector is the primary sector (mining and agriculture), even though it has increased in The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market relative size since 2004. has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% November to February, as well as two dry seasons, one from August to November Total 100% and one from February to April. Suriname lies outside the hurricane and earthquake Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics)

Currency f Life Religion f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 17 General Information

BUSINESS Economic 3 ENVIRONMENT Development Business Environment

3.1 Professional services a Business There is a plethora of professional services in Suriname to support your business Establishing activities. Professional services located in Suriname include: • Audit, tax and legal services • Financial services • Insurance services Taxation • Consulting, advisory and research services Professional services are offered by a wide variety of renowned international and local companies. Besides locally registered professional services companies, Suriname also hosts companies from abroad.

Audit, tax and legal services Sectors There are several audit and tax firms in Suriname, some of them correspond with Main Economic international audit firms, such as Deloitte and PriceWaterhouseCoopers, others are locally present such as KPMG and BDO. Besides the international audit firms there are also several Surinamese audit firms. There are various notaries and law firms in Suriname. Trade

Financial services International Virtual all Surinamese banks offer a wide range of financial services. There are commercial banks, one development bank, one credit co-operative and more than twenty cambios (money exchange offices). In paragraph 3.6 below, more Labor

information is provided of banking in Suriname. Market

Insurance services There are several insurance companies operating in Suriname. The sector is governed by the Bank Act of 1956, amended in 2005 and the Banking and Credit Institution Supervision Act of 1968. Insurance companies are considered credit f Life institutions and as such are subject to supervision of the Central Bank. Insurance Quality companies offer among others life insurance, accident and health insurance, motor vehicle insurance, fire insurance and ocean hull, marine, aviation insurance and all the common business related insurances. Almost all insurance companies are locally owned companies, including Assuria, Fatum, Parsasco and Self-Reliance. Testimonials 7 6 17 General General Information Information

1. Note: In the official data the ethnicity of 7% was 1 are also several Surinamese audit firms. There are various notaries and law firms in listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population Suriname. e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. International International Creoles (Creolen) 19% International FinancialTabel 1.2 National services holidays Maroons (Marrons, Bosnegers) 16% Virtual all Surinamese banks offer a wide range of financial services. There are Javanese (Javanen, Indonesiërs) 15% commercialClimate banks, one development bank, one credit co-operative and more Mixed 13% thanThe daily twenty average cambios temperature (money exchange for Suriname offices). is around In paragraph 27°C year-round. 3.6 below, The more country Amerindians 4% Labor Labor Market informationhas a tropical is climateprovided with of bankingtwo wet in seasons, Suriname. one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% November to February, as well as two dry seasons, one from August to November Total 100% Insuranceand one from services February to April. Suriname lies outside the hurricane and earthquake Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), Therezone. are several insurance companies operating in Suriname. The sector is general bureau of statistics) governed by the Bank Act of 1956, amended in 2005 and the Banking and Credit InstitutionCurrency Supervision Act of 1968. Insurance companies are considered credit f Life Religion f Life Quality institutionsThe Surinamese and as Dollar such (SRD) are subject has been to supervision the currency of ofthe Suriname Central Bank. since Insurance2004. The Quality The diversity of the population is reflected in its culture and religion. Using the companiesSRD is divided offer into among 100 cents.others The life Surinameseinsurance, accident currency and includes health coinsinsurance, of 1, 5,motor 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten vehicle25, 100 insurance,and 250 cent fire and insurance bank notes and ocean of 5, 10, hull, 20, marine, 50 and aviation 100 Dollar. insurance Exchange and rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 allare the published common daily business in the localrelated papers. insurances. Almost all insurance companies are although in the past decades Pentecostals have grown into a sizeable group. About locally owned companies, including Assuria, Fatum, Parsasco and Self-Reliance. 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 18 19 General General Information

Consulting, advisory and research services Brands are registered at the Bureau for Intellectual Property Rights. In case you There are a number of different advisory companies in Suriname. Many of them are have a Surinamese company and you want to register a brand, you need an extract Economic

small companies or one-man businesses offering IT consulting, marketing, research, from the Chamber of Commerce & Industry and a certificate of authorization from Development

training, public consulting and business consulting. Besides the local offering, Suritrust N.V. (a subsidiary of De Surinaamsche Bank N.V.). After approval the De Surinaamse Trust Maatschappij various consulting services are also offered by international consulting companies. registration is published and proof of registration is given. The costs are per request N.V. (Suritrust N.V.) and the brand registration is valid for ten years, but can be prolonged by repeating Henck Arronstraat 32 Paramaribo the procedure. De Surinaamsche Bank is the only bank handling brand registrations. T (597) 420033/471100

3.2 Business infrastructure However, agents can take over the paper handling and can be very helpful. E [email protected] Business A wide variety of top- Environment notch international and Business entities local companies To establish a business in Suriname a registration with the Trade Register of the 3.3 Financial reporting Chamber of Commerce & Industry (Kamer van Koophandel en Fabrieken,short KKF) is necessary. Setting up a new business, opening of a local office for a foreign Suriname has no rules on accounting principles or financial statements for a Business

company, establishing a franchise or acquiring an existing business or part of an companies. Most small and non-public companies use different reporting standards Establishing existing company all require different procedures. Permits are typically issued by such as International Financial Reporting Standards (IFRS), Dutch Generally the Licensing Department of the Ministry of Trade and Industry. Before registering, Accepted Accounting Principles (GAAP) or other generally accepted standards. however, it is very important to think about the legal entity that best suits the However, draft legislation is being prepared, one of the highlights of which is that business model. IFRS will be mandatory for large / public companies. Furthermore, the Surinamese

government is considering to imposing IFRS SME to small and medium sized Taxation In Suriname there are several possible business legal entities, namely: companies. • Sole proprietorship (Eenmanszaak). • General partnership (Maatschap or Vennootschap onder Firma, (V.o.F.)). • Limited partnership (Commanditaire Vennootschap, (C.V.)). 3.4 Telecommunications • Limited liability company (Naamloze Vennootschap, (N.V.)). Telecommunication Sectors

Investors’ protection The telecommunication sector is partly deregulated. Telecommunication Main Economic The principle of Investors’ protection is relatively unknown in Suriname. Investors, infrastructure and fixed-line services are state-owned, whereas mobile telecom has however, are protected by legal entities if they engage in a limited partnership or been deregulated. limited liability company as a silent or limited partner or shareholder, since their Telesur is the state-owned telecom company and has exclusivity of fixed-line

liability is limited to their shares. In addition, property rights ensure investors services. The telecom infrastructure is comparable to the rest of Latin-America, and Trade

protection. Secured interest in property, both movable property and real property, fairly competitive. Landline penetration was around 17% at 81,500 lines in 2007. International are recognized and enforced. Mortgages are registered by the Mortgage Office. Property rights are protected and facilitated by law. The mobile telecom market has grown significantly in recent years and is much greater than the landline market. The number of mobile users was around 812,237 Intellectual property rights are not very strictly legislated. Although Suriname is in 2009. Telesur operates a GSM mobile system called Tele G, which was launched Labor a member of the World Trade Organization (WTO), Suriname did not ratify The in September 2002. Digicel Suriname and Uniqa are commercial providers of mobile Market Intellectual Property Rights Agreement (TRIPS). International Conventions regarding related services competing with Telesur. Mobile coverage exists virtually throughout intellectual property rights have not yet been incorporated into domestic legislation. Suriname. Mobile internet data and roaming are also possible. A basic Intellectual Property Rights Law was prepared in 2004, but never actually made it onto the legislative agenda for discussion and approval. The Bureau for In 1998, the Telecommunication Authority Suriname (Telecommunicatie Autoriteit

Intellectual Property Rights intents to improve the country‘s legislation on this issue. Suriname, (TAS)) was established to regulate and supervise telecommunications f Life Quality carriers and service providers. TAS is an independent body, which stimulates the deregulation and supervises fair competition in the field of services and rates. Testimonials 7 186 19 General General General Information Information

Consulting,1.2 Constitution advisory and research & policies services religion.Brands are There registered is a small at numberthe Bureau of Buddhists, for Intellectual Jews, Property Bahai and Rights. other In religions case you to There are a number of different advisory companies in Suriname. Many of them are whichhave a 3%Surinamese of the population company belongs. and you Aroundwant to 5% register claim a no brand, particular you need religion. an extract Economic Economic Development smallSuriname companies is a constitutional or one-man democracy. businesses Elections offering ITfor consulting, the National marketing, Assembly, research, from the Chamber of Commerce & Industry and a certificate of authorization from Development training,which in publicturn elects consulting the President and business and Vice-President, consulting. Besides are held the every local fiveoffering, years. LanguageSuritrust N.V. (a subsidiary of De Surinaamsche Bank N.V.). After approval the De Surinaamse Trust Maatschappij variousThe ministers consulting are appointedservices are by alsothe President. offered by The international country is consulting divided into companies. 10 Theregistration official languageis published is Dutch, and proof which of isregistration spoken by is more given. than The 60% costs of are the per population request N.V. (Suritrust N.V.) administrative districts, each headed by a district commissioner who is also asand its the first brand language. registration Sranan is Tongo valid for (Surinamese) ten years, but is the can lingua be prolonged franca, while by repeating English Henck Arronstraat 32 Paramaribo appointed by the President. Members of the Ressort Council (comparable to a isthe also procedure. widely spoken. De Surinaamsche Most of the Bank population is the only also bankspeak handling their ethnic brand language registrations. T (597) 420033/471100 Business 3.2city council) Business are elected atinfrastructure the same time as the National Assembly. Based on the suchHowever, as Sarnami agents Hindi,can take Javanese, over the different paper handling maroon andand canindigenous be very (Amerindian)helpful. E [email protected] Business Environment A wideAround variety 492,000 of top- number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment notchhabitants, international with a very and Businessmembers forentities the District Council (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Dutch, English is diverselocal ethnic companies heritage Toare establish important a democraticbusiness in institutionsSuriname a atregistration the local and with regional the Trade level. Register of the Hakka.3.3 SurinameFinancial is the only reporting Dutch-speaking nation on the South-American widely spoken Chamber of Commerce & Industry (Kamer van Koophandel en Fabrieken,short continent. KKF) is necessary. Setting up a new business, opening of a local office for a foreign Suriname has no rules on accounting principles or financial statements for a Business a Business Establishing company,1.3 Facts establishing about a franchise Suriname or acquiring an existing business or part of an Nationalcompanies. holidays Most small and non-public companies use different reporting standards Establishing existing company all require different procedures. Permits are typically issued by Thesuch diverse as International history, culture, Financial ethnicity Reporting and Standards religion of (IFRS), Suriname’s Dutch people Generally are reflected thePopulation Licensing and Department ethnicity of the Ministry of Trade and Industry. Before registering, inAccepted the variety Accounting of its national Principles holidays: (GAAP) or other generally accepted standards. however,The last census it is very was important held in 2004, to think when about 492.464 the legal people entity were that counted. best suits The the However, draft legislation is being prepared, one of the highlights of which is that Date National Holiday (Official name) businesspopulation model. grows at an average rate of 1% per year. In most descriptions of IFRS will be mandatory for large / public companies. Furthermore, the Surinamese January 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a government is considering imposing IFRS SME to small and medium sized Taxation Invery Suriname diverse thereethnic are heritage, several consisting possible business of native legalindigenous entities, people namely: (Amerindians), companies.March 1 (varies) Phagwa (Holi) April 2 (varies) Good Friday (Goede Vrijdag) •maroons Sole proprietorship (direct descendants (Eenmanszaak) of former. African slaves, still living traditionally in the April 4 (Sunday) Easter (Pasen) •hinterland), General mixedpartnership Afro Surinamese(Maatschap (Creoles),or Vennootschap descendants onder ofFirma immigrants, (V.o.F.)) .from April 5 (varies) Second day of Easter (2e Pasen) •India, Limited China, partnership Indonesia and(Commanditaire Europe and all Vennootschap possible mixes, (C.V.)) of these. groups, and 3.4 Telecommunications •increasing Limited numbers liability company of immigrants (Naamloze from VennootschapChina and Brazil., (N.V.)) The .indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The TelecommunicationJuly 1 Freedom Day (Dag der Vrijheden) Sectors Main Economic Investors’country consists protection exclusively of ethnic minorities, since no ethnic group has majority, TheAugust telecommunication 9 sectorDay is partlyof the Indigenous deregulated. people Telecommunication (Dag der Inheemsen) Main Economic Theas seen principle below: of Investors’ protection is relatively unknown in Suriname. Investors, infrastructureVaries each year and fixed-line servicesEnd of Ramadan are state-owned, (Id-Ul-Fitr) whereas mobile telecom has however, are protected by legal entities if they engage in a limited partnership or beenNovember deregulated. 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic limitedEthnic groupliability company as a silent or limited partner or shareholder,In % ofsince the population their TelesurDecember is 25the state-owned telecomChristmas company (Kerstfeest) and has exclusivity of fixed-line distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the liabilityEast Indians is limited (Hindoestanen) to their shares. In addition, property rights ensure investors 29% services.December The26 telecom infrastructureSecond dayis comparable of Christmas (2to Kerst)the rest of Latin-America, and Trade above categories. International International protection.Creoles (Creolen) Secured interest in property, both movable property and real property,19% fairly competitive. Landline penetration was around 17% at 81,500 lines in 2007. International Tabel 1.2 National holidays areMaroons recognized (Marrons, and Bosnegers) enforced. Mortgages are registered by the Mortgage Office.16% PropertyJavanese rights(Javanen, are Indonesiërs) protected and facilitated by law. 15% The mobile telecom market has grown significantly in recent years and is much Climate Mixed 13% greater than the landline market. The number of mobile users was around 812,237 The daily average temperature for Suriname is around 27°C year-round. The country IntellectualAmerindians property rights are not very strictly legislated. Although, Suriname is 4% in 2009. Telesur operates a GSM mobile system called Tele G, which was launched Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market aOther member (Chinese, of theBrazilian, World Whites) Trade Organization (WTO), Suriname did not ratify The 4% in September 2002. Digicel Suriname and Uniqa are commercial providers of mobile November to February, as well as two dry seasons, one from August to November IntellectualTotal Property Rights Agreement (TRIPS). International Conventions regarding100% related services competing with Telesur. Mobile coverage exists virtually throughout and one from February to April. Suriname lies outside the hurricane and earthquake intellectual property rights have not yet been incorporated into domestic legislation. Suriname. Mobile internet data and roaming are also possible. Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. Ageneral basic bureau Intellectual of statistics) Property Rights Law was prepared in 2004, but never actually made it onto the legislative agenda for discussion and approval. The Bureau for In 1998, the Telecommunication Authority Suriname (Telecommunicatie Autoriteit Currency f Life IntellectualReligion Property Rights intents to improve the country‘s legislation on this issue. Suriname, (TAS)) was established to regulate and supervise telecommunications f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the carriers and service providers. TAS is an independent body, which stimulates the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest deregulation and supervises fair competition in the field of services and rates. Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 20 21 General General Information

The costs of telecommunication services provided by Telesur are the following: Broadband Tariff in US$

Wireless broadband Type of Service Tariff in US$ Economic Initial costs 225.00 Development Fixed line Per month 69.00 Business hours 06.00-17.00 0.0175 for 1 minute Social hours 17.00-22.00 0.0175 for 2 minutes Portable broadband Tariff in US$ Other hours 22.00-06.00 0.0175 for 3 minutes Initial costs 175.00 Tariff per minute in US$ Per month 89.00 Business

Wireless 0.0175 Environment Table 3.2 Internet tariffs (source: Telesur) Investments in more Cellular fixed 0.10 Three independent Tariff per minute in US$ fiberglass cable Fixed, wireless, cellular fixed to TeleG high 0.18/ low 0.16 energy grids Fixed, wireless, cellular fixed to Digicel/Uniqa 0.20 3.5 Utilities a Business Table 3.1 Fixed, wireless and cellular fixed tariffs (source: Telesur) Energy Establishing Energy consumption increased by approximately 7.4% annually over the last 5 years. Internet access A shortage of energy hampers the expansion of the industrial sector in Suriname. Internet use and penetration is increasing. In 2007, Suriname held around 32,000 However, prospects are positive since Suriname has all the natural resources to registered internet users which is equal to a penetration rate of more than 20% generate power. N.V. Energiebedrijven Suriname (EBS) is the main energy provider of households. Currently 4 companies offer internet, namely Telesur, CQ-link, in Suriname. The energy offered by EBS comes mainly from Suralco’s hydro-electric Taxation Parbonet and B-MAX media. Telesur owns the fixed-line internet infrastructure.At power plant. The hydro-electric power plant is located at the Brokopondo reservoir the moment there is only one fiberglass cable.Telesur, however, indicated plans to which is one of the largest reservoirs in the world. The plant generates around invest in more fiberglass cables. Uniqa and Digicel offer wireless mobile internet. 80 megawatt (MW, or million watt), but has a maximum capacity of 189 MW. The Brokopondo reservoir is part of the so-called “EPAR” (Electricity Paramaribo)

Another possibility in Suriname is internet via satellite. B-max media offers electricity grid which covers the greater Paramaribo area. The EPAR grid has three Sectors broadband internet services via satellite. parallel connected plants. Main Economic Internet rates are still relatively high compared to the neighboring countries, but are expected to decrease over time. The rates for Telesur are: The second plant is a diesel power plant owned by EBS. The plants generate around 35 MW, but have a maximum capacity of 75 MW. The final power plant uses steam Initial costs Tariff in US$ and is owned by Staatsolie. This power plant is located at Tout Lui Faut (South of Installation 150 Trade Paramaribo) and has a capacity of 14 MW. In other words, the total EPAR system Modem type: has a capacity of 208 MW to serve the greater Paramaribo area. The peak energy International Standard 75 consumption of the Greater Paramaribo area is about 120 MW. This peak demand Modem incl. Wi-Fi 125 occurs twice a day on working days namely from 8:30 am till 2:30 pm and from 6:30 pm till 10.00 pm. Labor

ADSL business Tariff per month In US$ Market Aside from EPAR, which has around 98,000 connections, there are three other Contract period 1 year 2 years 3 years independent electricity grids in Suriname that are not interconnected: Bronze 128/ 64 kb 65.00 60.00 54.00 • The ENIC system (Electricy Nieuw Nickerie) owned by EBS covers the greater Silver 256/ 128 kb 145.00 128.00 114.00 Nieuw Nickerie area and has around 8,600 connections. Gold 512/ 256kb 288.00 259.00 221.00 • The small coastal systems also owned by EBS in rural and interior areas such as

Gold plus 768/ 384 kb 379.00 345.00 303.00 f Life Albina, Moengo, Boskamp, Coronie, Wageningen and Apoera with circa 3,300 Quality Premium 1024/ 512 kb 457.00 417.00 370.00 connections. Premium Plus 2048/ 1024 kb 875.00 793.00 713.00 • The mini diesel-power plants in about 80 villages in the interior are owned by the Ministry of Natural Resources. Testimonials 7 620 21 General General Information Information

The1.2 costs Constitution of telecommunication & services policies provided by Telesur are the following: religion.Broadband There is a small number of Buddhists, Jews, Bahai and other religionsTariff in to US$ whichWireless 3% broadband of the population belongs. Around 5% claim no particular religion. Economic Type of Service Tariff in US$ Economic Development Suriname is a constitutional democracy. Elections for the National Assembly, Development Initial costs 225.00 Fixed line which in turn elects the President and Vice-President, are held every five years. Language Per month 69.00 TheBusiness ministers hours 06.00-17.00are appointed by the President. The country is divided0.0175 into 10 for 1 minute The official language is Dutch, which is spoken by more than 60% of the population Portable broadband Tariff in US$ administrativeSocial hours 17.00-22.00 districts, each headed by a district commissioner who0.0175 is also for 2 minutes as its first language. Sranan Tongo (Surinamese) is the lingua franca, while English appointedOther hours by22.00-06.00 the President. Members of the Ressort Council (comparable0.0175 for to 3 minutesa isInitial also costs widely spoken. Most of the population also speak their ethnic language175.00 Tariff per minute in US$ Per month 89.00 Business city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment Around 492,000 numberWireless of Ressort Council (Ressort Raad) members, political parties are awarded0.0175 languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment Table 3.2 Internet tariffs (source: Telesur) Investsmentshabitants, with in a more very membersCellular fixed for the District Council (District Raad). The Ressort and District Councils0.10 speak mainly Mandarin in contrast to the older Chinese immigrants that spoke ThreeDutch, independent English is Tariff per minute in US$ diversefiberglass ethnic heritagecable are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speaking nation on the South-American widelyenergy spoken grids Fixed, wireless, cellular fixed to TeleG high 0.18/ low 0.16 continent. Fixed, wireless, cellular fixed to Digicel/Uniqa 0.20 3.5 Utilities a Business a Business Establishing 1.3 Facts about Suriname National holidays Establishing Table 3.1 Fixed, wireless and cellular fixed tariffs (source: Telesur) Energy The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Energy consumption increased by approximately 7.4% annually over the last 5 years. Population and ethnicity in the variety of its national holidays: Internet access A shortage of energy hampers the expansion of the industrial sector in Suriname. The last census was held in 2004, when 492.464 people were counted. The Internet use and penetration is increasing. In 2007, Suriname held around 32,000 However,Date prospects are positiveNational since HolidaySuriname (Official has all name) the natural resources to population grows at an average rate of 1% per year. In most descriptions of registered internet users which are equal to a penetration rate of more than 20% generateJanuary 10 power. N.V. EnergiebedrijvenNew Year’s Suriname Day (Nieuwjaarsdag) (EBS) is the main energy provider Taxation Suriname the people are described as being open and friendly. Suriname has a Taxation of households. Currently 4 companies offer internet, namely Telesur, CQ-link, in Suriname. The energy offered by EBS comes mainly from Suralco’s hydro-electric very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Parbonet and B-MAX media. Telesur owns the fixed-line internet infrastructure. At power plant. The hydro-electric power plant is located at the Brokopondo reservoir maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) the moment there is only one fiberglass cable. Telesur, however, indicated plans to which is one of the largest reservoirs in the world. The plant generates around hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) invest in more fiberglass cables. Uniqa and Digicel offer wireless mobile internet. 80 megawatt (MW, or million watt), but has a maximum capacity of 189 MW. India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) The Brokopondo reservoir is part of the so-called “EPAR” (Electricity Paramaribo) increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors Another possibility in Suriname is internet via satellite. B-max media offers electricity grid which covers the greater Paramaribo area. The EPAR grid has three Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) broadband internet services via satellite. parallel connected plants. Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic Internet rates are still relatively high compared to the neighboring countries, but are as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) expected to decrease over time. The rates for Telesur are: TheNovember second 25 plant is a diesel powerIndependence plant owned Day (Onafhankelijkheidsdag) by EBS. The plants generate around 1. Note: In the official data the ethnicity of 7% was 35 MW, but have a maximum capacity of 75 MW. The final power plant uses steam Ethnic group1 In % of the population December 25 Christmas (Kerstfeest) listed as “unknown”. By using estimates on ethnic Initial costs Tariff in US$ distribution from alternative sources of population and is owned by Staatsolie. This power plant is locatede at Tout Lui Faut (South of Trade December 26 Second day of Christmas (2 Kerst) Trade data, the “unknown” were redistributed among the InstallationEast Indians (Hindoestanen) 29%150 above categories. Paramaribo) and has a capacity of 14 MW. In other words, the total EPAR system International International Creoles (Creolen) 19% International Modem type: hasTabel a 1.2 capacity National of holidays 208 MW to serve the greater Paramaribo area. The peak energy Maroons (Marrons, Bosnegers) 16% Standard 75 consumption of the Greater Paramaribo area is about 120 MW. This peak demand Javanese (Javanen, Indonesiërs) 15% Modem incl. Wi-Fi 125 occursClimate twice a day on working days namely from 8:30 am till 2:30 pm and from 6:30 Mixed 13% pmThe tilldaily 10.00 average pm. temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market ADSL business Tariff per month In US$ has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% AsideNovember from toEPAR, February, which as has well around as two 98,000 dry seasons, connections, one from there August are three to November other ContractTotal period 1 year 2 years 3 years100% independentand one from electricity February togrids April. in SurinameSuriname thatlies outsideare not interconnected:the hurricane and earthquake Bronze 128/ 64 kb 65.00 60.00 54.00 Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), •zone. The ENIC system (Electricy Nieuw Nickerie) owned by EBS covers the greater generalSilver 256/ bureau 128 ofkb statistics) 145.00 128.00 114.00 Nieuw Nickerie area and has around 8,600 connections. Gold 512/ 256kb 288.00 259.00 221.00 •Currency The small coastal systems also owned by EBS in rural and interior areas such as f Life ReligionGold plus 768/ 384 kb 379.00 345.00 303.00 f Life Quality TheAlbina, Surinamese Moengo, Dollar Boskamp, (SRD) has Coronie, been the Wageningen currency of and Suriname Apoera withsince circa 2004. 3,300 The Quality ThePremium diversity 1024/ of 512 the kb population is reflected in 457.00its culture and religion.417.00 Using the370.00 SRDconnections. is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004Premium census Plus 2048/ data, 1024 49% kb of the population is believed875.00 to be Christian.793.00 The largest713.00 Ik heb geen rechten •25, The100 miniand 250diesel-power cent and bankplants notes in about of 5, 80 10, villages 20, 50 inand the 100 interior Dollar. are Exchange owned by rates the denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are Ministrypublished of daily Natural in the Resources. local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 22 23 General Information

EBS plans to invest around US$ 100 million to reduce the current energy shortage. Tariff 23 and 25 15.00 0.152 Suriname offers great potential for sustainable energy with its large water reserves Tariff group II: (Tariff 22 ,26, 32) The group of commercial and industrial customers with a Economic

and solar possibilities. connection greater than 25 kVA Development Fixed duty: 140.00 Commonly the electrical systems uses the frequency 60 Hz and the voltage Per kWh (HT): 0.1354 220/127 Volt. Per kWh (LT): 0.1268 Per kVA: 17.56 Type of household Connection Labor surcharge: 0.0383 Business

Small households 127 Volt - 60 Hz. Environment Tariff group III: (Tariff 39) The group of customers with a high voltage connection Larger connections for bigger households and the 127 Volt - 60 Hz and 220 Volt - 60 Hz Fixed duty: 140.00 Energy is subsidized by commercial connections Per kWh (HT): 0.1583 government Industrial connections 127 Volt and 220 Volt and 3x220 Volt - 60 Hz Per kWh (LT): 0.1382 Per kVA (HT): 10.50 The electric rates are fixed in consultation with the Government. In addition, they a Business

Per kVA (LT): 3.64 Establishing are subsidized by government. In Table 3.3 the prices from EBS are presented. Labor surcharge: 0.0383 Tariff group I: The group of residential customers, small commercial and small industrial customers with a connection to a power less than 25 kVA, connected to a low voltage net- Table 3.3 Energy tariffs (source: EBS) work.

Residential customers (Tariff 11) Water Taxation Consumption Fixed duty p/month p/kWh Suriname has enormous water reserves. In 2001, an assessment of water (in kWh) (in SRD) (in SRD) resources in Suriname was conducted by the US Army Corps of Engineers Mobile 0 to 58 7.50 District & Topographic Engineering Center. They found that, depending on the area, 59 to 150 10.00 0.054 fresh water and groundwater resources are exceptionally plentiful. This means that 151 to 300 12.50 more than 5,000 cubic meters (over 1.3 million gallons) per second fresh water

flows. For groundwater this equals an amount of more than 100 liters (over 26 Sectors 301 to 400 15.00 gallons) per second. The districts of Brokopondo, Commewijne, Coronie, Marowijne, 0.082 Main Economic 401 to 500 15.00 Nickerie, Sipaliwini and Wanica are all very rich in terms of both surface water and groundwater. 501 to 650 50.00 0.109 651 to 800 75.00 With this volume of water resources having been located, Suriname is particularly Trade attractive to industries and companies using great amounts of water and energy. International International 801 and more 100 0.152 Suriname’s water is clean and safe to drink from the tap. Water is provided by the state-owned Surinamese water company (N.V. Surinaamse Waterleiding Maatschapij Non-domestic customers (Tariff 21, 23, 25, 31) (SWM)) and the governmental department water supply Dienst Water Voorziening Consumption Fixed duty p/month p/kWh (in kWh) (in SRD) (in SRD) (DWZ)) of the Ministry of Natural Resources. Labor Tariff 21 and 31 Market SWM supplies water to Paramaribo, Wanica, Nieuw Nickerie, Moengo and Albina. Phase 1 30.00 In Paramaribo approximately 93% of all households have access to a tap water Phase 2 120.00 0.152 connection, compared to 67% of the coastal area and 20% of the interior. In table Phase 3 140.00 3.4 the current prices of water are shown. Variable rates depend on the amount of water used. f Life Quality Testimonials 7 622 23 General General General Information Information

EBS1.2 plansConstitution to invest around US$ & 100 policies million to reduce the current energy shortage. religion.Tariff 23 Thereand 25 is a small number of Buddhists, Jews, Bahai15.00 and other religions 0.152to Suriname offers great potential for sustainable energy with its large water reserves whichTariff group3% of II: the (Tariff population 22 ,26, 32) belongs. The group Around of commercial 5% claim and no industrial particular customers religion. with a Economic Economic Development andSuriname solar possibilities.is a constitutional democracy. Elections for the National Assembly, connection greater than 25 kVA Development which in turn elects the President and Vice-President, are held every five years. LanguageFixed duty: 140.00 CommonlyThe ministers the are electrical appointed systems by the uses President. the frequency The country 60 Hz is anddivided the intovoltage 10 ThePer kWhofficial (HT): language is Dutch, which is spoken by more than 60% of the population0.1354 220/127administrative Volt. districts, each headed by a district commissioner who is also asPer its kWh first (LT): language. Sranan Tongo (Surinamese) is the lingua franca, while English0.1268 appointed by the President. Members of the Ressort Council (comparable to a isPer also kVA: widely spoken. Most of the population also speak their ethnic language 17.56 Type of household Connection Business city council) are elected at the same time as the National Assembly. Based on the suchLabor as surcharge: Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian)0.0383 Business Environment Small households 127 Volt - 60 Hz. Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages.Tariff group Brazilians III: (Tariff 39) speak The groupmainly of Portuguese, customers with while a high recent voltage Chinese connection immigrants Official language is Larger connections for bigger households and the members for the District Council (District Raad)127. The Volt Ressort - 60 Hz and and 220 District Volt - 60 Councils Hz speakFixed duty:mainly Mandarin in contrast to the older Chinese immigrants that spoke140.00 Energyhabitants, is subsidized with a very by commercial connections Dutch, English is are important democratic institutions at the local and regional level. Hakka.Per kWh Suriname (HT): is the only Dutch-speaking nation on the South-American 0.1583 diversegovernment ethnic heritage Industrial connections 127 Volt and 220 Volt and 3x220 Volt - 60 Hz widely spoken continent.Per kWh (LT): 0.1382 Per kVA (HT): 10.50 The electric rates are fixed in consultation with the Government. In addition, they a Business a Business Establishing 1.3 Facts about Suriname NationalPer kVA (LT): holidays 3.64 Establishing are subsidized by government. In Table 3.3 the prices from EBS are presented. TheLabor diverse surcharge: history, culture, ethnicity and religion of Suriname’s people are reflected0.0383 PopulationTariff group I: and The groupethnicity of residential customers, small commercial and small industrial in the variety of its national holidays: customers with a connection to a power less than 25 kVA, connected to a low voltage net- Table 3.3 Energy tariffs (source: EBS) The last census was held in 2004, when 492.464 people were counted. The work. Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of Residential customers (Tariff 11) WaterJanuary 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a Taxation Suriname has enormous water reserves. In 2001, an assessment of water veryConsumption diverse ethnic heritage, consisting of nativeFixed indigenous duty p/month people (Amerindians), p/kWh March 1 (varies) Phagwa (Holi) (in kWh) (in SRD) (in SRD) resources in Suriname was conducted by the US Army Corps of Engineers Mobile maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) 0 to 58 7.50 District & Topographic Engineering Center. They found that, depending on the area, hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) 59 to 150 10.00 0.054 fresh water and groundwater resources are exceptionally plentiful. This means that India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) 151 to 300 12.50 more than 5,000 cubic meters (over 1.3 million gallons) per second fresh water increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors flows. For groundwater this equals an amount of more than 100 liters (over 26 Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) 301 to 400 15.00 gallons) per second. The districts of Brokopondo, Commewijne, Coronie, Marowijne, Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority,0.082 August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic 401 to 500 15.00 Nickerie, Sipaliwini and Wanica are all very rich in terms of both surface water and as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) groundwater.November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 501 to 650 1 50.00 December 25 Christmas (Kerstfeest) listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population0.109 distribution from alternative sources of population 651 to 800 75.00 With this volume of water resources having been located,e Suriname is particularly Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. attractive to industries and companies using great amounts of water and energy. International International Creoles (Creolen) 19% International 801 and more 100 0.152 Suriname’sTabel 1.2 National water holidays is clean and safe to drink from the tap. Water is provided by the Maroons (Marrons, Bosnegers) 16% state-owned Surinamese water company (N.V. Surinaamse Waterleiding Maatschappij JavaneseNon-domestic (Javanen, customers Indonesiërs) (Tariff 21, 23, 25, 31) 15% (SWM))Climate and the governmental department water supply Dienst Water Voorziening MixedConsumption Fixed duty p/month p/kWh13% (DWZ))The daily of average the Ministry temperature of Natural for Resources. Suriname is around 27°C year-round. The country Amerindians(in kWh) (in SRD) (in SRD)4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market OtherTariff (Chinese,21 and 31 Brazilian, Whites) 4% SWMNovember supplies to February, water to as Paramaribo, well as two Wanica, dry seasons, Nieuw oneNickerie, from MoengoAugust to and November Albina. TotalPhase 1 30.00 100% Inand Paramaribo one from Februaryapproximately to April. 93% Suriname of all households lies outside have the accesshurricane to aand tap earthquake water Phase 2 120.00 0.152 Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), connection,zone. compared to 67% of the coastal area and 20% of the interior. In table general bureau of statistics) Phase 3 140.00 3.4 the current prices of water are shown. Variable rates depend on the amount of waterCurrency used. f Life Religion f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 24

Service Fixed charge (in SRD/month) Variable tariff (in SRD/m3) Yard tap 8.60 1.30 – 1.85 House connection 8.60 1.30 – 1.85 House with pool 8.60 1.30 – 2.60 Industrial connection 32.00 3.60 – 4.00 Public connection 20.50 2.45 – 3.25

Table 3.4 Water tariffs (source: SWM)

US dollars and Euro’s 3.6 Money & banking are widely used & accepted Monetary exchange

The national monetary unit is the Surinamese dollar, which is divided in cents. However, US Dollars (US$) and Euro’s (€) are widely used and accepted. The

Surinamese dollar replaced the Surinamese guilder (SRG) in 2004. The replacement of currency was part of the government’s effort to restore confidence in the

Surinamese economy.

Foreign currency operations were deregulated in 1992. Companies and individuals can have foreign accounts and foreign currency deposits, while financial institutions

are allowed to give foreign currency loans. The exchange rate published by the Central Bank as of January 2012 is US$ 1 = SRD 3.25 buy and SRD 3.35 sell and

€ 1 = SRD 4.19 buy and SRD 4.32 sell. This exchange rate is applied throughout the banking system. The Central Bank determines the official exchange rates. These

official bank rates however, vary from the market exchange rates. The cambio’s determine the market rates based on supply and demand. Exchange rates are

published in local daily news papers and on the website of the Central Bank.

Foreign companies have access to foreign exchange. Permission is required from

Deviezencommissie the Foreign Exchange Commission (Deviezencommissie) to transfer any funds Havenlaan Noord associated with a business or investment out of Suriname. The commission is Paramaribo responsible for the execution of the foreign exchange policy, administrative tasks T (+597) 404696 and for granting permits related to foreign exchange. The Government wants to stimulate foreign investments and therefore in 2008 the Government changed its Centrale Bank van Suriname law to allow banking institutions to open accounts for non-residents and conduct Waterkant 1 transactions on behalf of non-residents in all foreign currencies at an official Paramaribo T (+597) 473741 exchange rate determined by the Central Bank. In addition, the new law allows www.cbvs.sr repatriation of dividends, interest, income, capital and royalties without limitation or restrictions. So permission from the Commission is no more than an administrative procedure, but required nonetheless.

No limit exists on the amount of funds flowing into or out of Surinamese accounts. However, whenever the incoming or outgoing amount exceeds US$ 5,000 or € 5,000 a source of origin must be declared (Anti Money Laundering Act).Further information can be obtained at the Foreign Exchange Commission or the Central Bank. 7 246 25 General General General General General Information Information Information

1.2Service ConstitutionFixed & charge policies (in SRD/month) Variable tariff (in SRD/m3) religion.Banks There is a small number of Buddhists, Jews, Bahai and other religions to Yard tap 8.60 1.30 – 1.85 whichIn addition 3% ofto thethe populationCentral Bank, belongs. ten commercial Around 5% banks claim and no particularone development religion. Economic Economic House connection 8.60 1.30 – 1.85 Economic Development Development Suriname is a constitutional democracy. Elections for the National Assembly, bank exist in Suriname. Of the commercial banks, three are foreign owned, four Development whichHouse inwith turn pool elects the President and Vice-President,8.60 are held every five years.1.30 – 2.60 Languageare local private owned, while four are state-owned. All of the banks are located in TheIndustrial ministers connection are appointed by the President. The32.00 country is divided into 103.60 – 4.00 TheParamaribo, official language where some is Dutch, of them which have is spokenbranches by in more various than districts. 60% of The the bankingpopulation administrativePublic connection districts, each headed by a district20.50 commissioner who is also2.45 – 3.25 assector its first is very language. concentrated, Sranan Tongowith the (Surinamese) largest three is thebanks lingua accounting franca, whilefor about English 87% appointed by the President. Members of the Ressort Council (comparable to a isof alsoall claims, widely assets spoken. and Most deposits. of the The population three smallest also speak state-owned their ethnic banks language focus Table 3.4 Water tariffs (source: SWM) Business Business city council) are elected at the same time as the National Assembly. Based on the suchon providing as Sarnami credit Hindi, to low-income Javanese, differenthouseholds, maroon mostly and conditional indigenous to (Amerindian) certain social Business Environment Environment USAround dollars 492,000and Euro’s number of Ressort Council (Ressort Raad) members, political parties are awarded languages.criteria. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment habitants,are widely with used a very & 3.6members Money for the District & bankingCouncil (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke T h Dutch,ere are English 1 0 different is diverseaccepted ethnic heritage are important democratic institutions at the local and regional level. Hakka.The following Suriname banks is the operate only Dutch-speakingin Suriname: nation on the South-American widelybanks spoken Monetary exchange continent.• De Surinaamsche Bank N.V. (DSB Bank). The national monetary unit is the Surinamese dollar, which is divided in cents. • Royal Bank of Trinidad & Tobago N.V. (RBTT, foreign owned) a Business a Business � a Business Establishing Establishing However,1.3 Facts US Dollars about (US$) and Suriname Euro’s ( ) are widely used and accepted. The National• Hakrinbank holidays N.V. (the state has a 51% share) Establishing Surinamese dollar replaced the Surinamese guilder (SRG) in 2004. The replacement The• Finabank diverse history, N.V. culture, ethnicity and religion of Suriname’s people are reflected ofPopulation currency was and part ethnicity of the government’s effort to restore confidence in the in• theSuriChange variety of Bankits national N.V. (SCB, holidays: foreign owned) SurinameseThe last census economy. was held in 2004, when 492.464 people were counted. The • DFLSA Incorporated (DFLSA, foreign owned) Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of • Coöperatieve Spaar – en Kredietbank Godo January 10 New Year’s Day (Nieuwjaarsdag) Taxation Taxation ForeignSuriname currency the people operations are described were deregulated as being open in 1992. and friendly. Companies Suriname and individuals has a • De Surinaamse Postspaarbank N.V.(SPSB, created by the state but legally Taxation canvery have diverse foreign ethnic accounts heritage, and consisting foreign currency of native deposits, indigenous while people financial (Amerindians), institutions Marchowned 1 (varies) by savers) Phagwa (Holi) April 2 (varies) Good Friday (Goede Vrijdag) aremaroons allowed (direct to give descendants foreign currency of former loans. African The exchangeslaves, still rate living published traditionally by the in the • Surinaamse Volkscredietbank (VCB, specialized in small credits and is state- Centralhinterland), Bank mixed was US$Afro 1Surinamese = SRD 2.710 (Creoles), buy and descendants SRD 2.780 sell of immigrantsin June 2010 from and � 1 Aprilowned) 4 (Sunday) Easter (Pasen) April 5 (varies) Second day of Easter (2e Pasen) =India, SRD China, 3.299 Indonesiabuy and SRD and 3.409Europe sell and in allJune possible 2010. Thismixes exchange of these rate groups, is applied and • Landbouwbank N.V. (LBB, the objective is to stimulate agricultural sector and is throughoutincreasing numbers the banking of immigrants system. The from Central China Bank and determines Brazil. The indigenousthe official inhabitants exchange Maystate-owned) 1 Labor Day (Arbeidersdag) Sectors Sectors Sectors rates.(Amerindians) These official were thebank original rates inhabitants;however, vary all fromother the ethnic market groups exchange came later.rates. The •July Spaar- 1 en kredietcöoperatieFreedom De Schakel Day (Dag G.A. der Vrijheden) Main Economic Main Economic cambio’scountry consists determine exclusively the market of ethnicrates basedminorities, on supply since and no ethnicdemand. group Exchange has majority, rates •August De Nationale9 OntwikkelingsbankDay of the N.V. Indigenous (NOB, notpeople a commercial(Dag der Inheemsen) bank, but Main Economic areas seen published below: in local daily news papers and on the website of the Central Bank. Variesspecialized each year in developmentEnd loans of Ramadan and is state-owned)(Id-Ul-Fitr) November 25 Independence Day (Onafhankelijkheidsdag)

1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic ForeignEthnic group companies have access to foreign exchange. PermissionIn is % required of the population from InDecember 2008 these 25 banks had a jointChristmas balance (Kerstfeest) of SRD 4.4 billion (about US$ 1.6 billion), distribution from alternative sources of population e Trade Trade Deviezencommissiedata, the “unknown” were redistributed among the theEast Foreign Indians (Hindoestanen)Exchange Commission (Deviezencommissie) to transfer any funds 29% whichDecember grew 26 17% to SRD 5.2 billionSecond (about day of ChristmasUS$ 1.9 (2billion) Kerst) in 2009. Trade above categories. Havenlaan Noord International International International International associatedCreoles (Creolen) with a business or investment out of Suriname. The commission is 19% The main laws governing the banking sector are the Bank Act of 1956, amended International Paramaribo Tabel 1.2 National holidays responsibleMaroons (Marrons, for the Bosnegers) execution of the foreign exchange policy, administrative tasks16% in 2005 and the Banking and Credit Institutions Supervision Act of 1968. The latter T (+597) 404696 andJavanese for granting (Javanen, permits Indonesiërs) related to foreign exchange. The Government wants to 15% applies not only to banks but to all credit institutions, including insurance companies Climate stimulateMixed foreign investments and therefore in 2008 the Government changed its13% and credit unions. The Central Bank regulates and supervises Suriname’s financial Centrale Bank van Suriname The daily average temperature for Suriname is around 27°C year-round. The country lawAmerindians to allow banking institutions to open accounts for non-residents and conduct 4% system. Also, anti-money laundering legislation was passed in August 2002. Labor Labor Waterkant 1 Labor Market Market has a tropical climate with two wet seasons, one from April to August and one from Market Paramaribo transactionsOther (Chinese, on Brazilian, behalf Whites) of non-residents in all foreign currencies at an official 4% November to February, as well as two dry seasons, one from August to November T (+597) 473741 exchangeTotal rate determined by the Central Bank. In addition, the new law allows100% Recently, the Central Bank introduced new prudency regulations along the lines www.cbvs.sr and one from February to April. Suriname lies outside the hurricane and earthquake repatriation of dividends, interest, income, capital and royalties without limitation or of the so called “Basel Core Principles”. These regulations cover capital adequacy, Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. restrictions.general bureau So of permissionstatistics) from the Commission is no more than an administrative loan classification and provisioning, large exposure, insider lending and fixed assets procedure, but required nonetheless. revaluation. The capital adequacy ratios for the three large banks exceed “Basel” Currency f Life f Life Religion minimum standards. Small state-owned banks do not meet “Basel” standards. f Life Quality Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality NoThe limit diversity exists of on the the population amount of is fundsreflected flowing in its intoculture or outand ofreligion. Surinamese Using accounts.the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, However,2004 census whenever data, 49% the ofincoming the population or outgoing is believed amount to exceeds be Christian. US$ 5,000The largest or Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates �denominations 5,000 a source are of Catholics origin must and be Moravians declared (Evangelische(Anti Money Laundering Broeder Gemeente Act).Further), voor foto 2 are published daily in the local papers. informationalthough in thecan pastbe obtained decades at Pentecostals the Foreign haveExchange grown Commission into a sizeable or the group. Central About Bank.23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials Testimonials 26 27 General General Information

The actual interest rates that apply are set in negotiations between the bank and 3.8 Environment the borrower. Surinamese banks provide a broad range of traditional and innovative Economic

services such as: Rules and regulations Development • Access to foreign currency, mainly in the form of transfers or exchange of one Suriname is party to a number of international environmental agreements such as currency to another. UN conventions on Biological Diversity, Climate Change, Kyoto Protocol, Ozon Layer • Corporate loans for long, medium and short term, nominated in SRD, US$ and protection, Landdegradation, and other regional environmental conventions such as Euros (investment loan and checking account). Wetlands, Endangered Species, and the Amazon Cooperation Treaty. A framework

• Consumer loan for long, medium and short term (real estate mortgages, motor of environmental legislation containing general environmental rules was developed Business vehicle loan, personal loans). which is currently in an approval process. Workdays begin & Environment • Foreign transfers. Although there are some sector-specific laws, covering certain specific areas, end early in Very active media • Domestic payments. Suriname has no environmental legislation containing generally applicable Suriname • Various types of deposits including fixed deposits. environmental rules and regulations. The Police Criminal Law (Politiestrafwet) • Investment services. from 1875, the oldest law, contains rules concerning waste disposal. The police of a Business

• Debit and credit card. Suriname enforce it and give out fines for minor offenses. Establishing • ATM. • Point of sale. The other law is a nuisance law (Hinderwet). It regulates potential danger, damage, • Internet-banking. injury or annoyance caused by organizations. In the past, there was insufficient • Phone-banking. capacity to monitor and control companies using steam engines or other devices.

• Mobile recharge. In the law there is a prohibitive list of institutions that can cause danger or damage Taxation according to the law. The law concerning business permits (Wet Vergunningplichtige Nationaal Instituut voor Milieu en Ontwikkeling in Suriname Bedrijven en Beroepen, (VBB)) complements the nuisance law, since it has a more (NIMOS) 3.7 Media comprehensive list of institutions. Tamarindelaan 2 Onafhankelijkheidsplein Paramaribo The media is very active in Suriname. Newspapers, magazines, radio and TV are not The National Institute for Environment and Development of Suriname (Nationaal T (+597) 520043/520045 only followed by people in Suriname but also by Surinamese living elsewhere (such Instituut voor Milieu en Ontwikkeling in Suriname, (NIMOS)) compiles a publication F (+597) 520042 Sectors

as the Netherlands). There are several daily newspapers in Suriname. De Ware Tijd, of all environmental laws and conventions. E [email protected] Main Economic Dagblad Suriname and the Times of Suriname (all morning papers) are very popular. De Ware Tijd is especially popular under business people. The Times of Suriname has an English section. De West is the only evening newspaper. 3.9 Business climate and hours Trade

In addition to daily newspapers there are a number of magazines published weekly, The business climate in Suriname can be described as professional and formal. International monthly or annually. Expanding blogs and opinion magazines enrich Suriname’s Workdays begin and end early in Suriname. General business hours are 7:30 am or media world. 8:00 am to 4.30 pm weekdays. Restaurant kitchens tend to close at around 10:00 More than fifteen radio and ten television stations broadcast daily news and pm or 11:00 pm. Most restaurants open for lunch around 11:00 am and serve till entertainment, mostly in Dutch, but also in other languages like English, Hindi and 2:30 pm. Dinner begins around 6:00 pm. Opening hours of banks are generally Labor Chinese. Journalists and other professional members of the media have organized Monday through Friday from 8:00 am till 2.00 pm. Market themselves in an association: Surinaamse Vereniging voor Journalisten (SVJ). A press conference is easily organized and can be a very powerful marketing tool. Most media are privately owned and are accustomed to advertisements. f Life Quality Testimonials 7 626 27 General General Information Information

The1.2 actual Constitution interest rates that apply & policiesare set in negotiations between the bank and religion.3.8 ThereEnvironment is a small number of Buddhists, Jews, Bahai and other religions to the borrower. Surinamese banks provide a broad range of traditional and innovative which 3% of the population belongs. Around 5% claim no particular religion. Economic Economic Development servicesSuriname such is a constitutionalas: democracy. Elections for the National Assembly, Rules and regulations Development •which Access in turn to electsforeign the currency, President mainly and Vice-President,in the form of transfers are held orevery exchange five years. of one LanguageSuriname is party to a number of international environmental agreements such as Thecurrency ministers to are another. appointed by the President. The country is divided into 10 TheUN conventionsofficial language on Biological is Dutch, Diversity, which is spokenClimate by Change, more than Kyoto 60% Protocol, of the Ozonpopulation Layer •administrative Corporate loansdistricts, for long,each mediumheaded by and a districtshort term, commissioner nominated who in SRD, is also US$ and asprotection, its first language. Landdegradation, Sranan Tongo and other (Surinamese) regional environmentalis the lingua franca, conventions while English such as appointedEuros (investmentby the President. loan and Members checking of account).the Ressort Council (comparable to a isWetlands, also widely Endangered spoken. Most Species, of the and population the Amazon also Cooperation speak their Treaty.ethnic Alanguage framework Business •city Consumer council) are loan elected for long, at the medium same timeand shortas the term National (real Assembly.estate mortgages, Based on motor the suchof environmental as Sarnami Hindi,legislation Javanese, containing different general maroon environmental and indigenous rules (Amerindian) was developed Business Environment Around 492,000 numbervehicle of Ressortloan, personal Council loans). (Ressort Raad) members, political parties are awarded languages.which is currently Brazilians in an speak approval mainly process. Portuguese, while recent Chinese immigrants OfficialWorkdays language begin & is Environment habitants, with a very •members Foreign for transfers. the District Council (District Raad). The Ressort and District Councils speakAlthough mainly there Mandarin are some in sector-specificcontrast to the laws, older covering Chinese certainimmigrants specific that areas, spoke Dutch,end earlyEnglish in is diverseVery activeethnic mediaheritage •are Domesticimportant payments.democratic institutions at the local and regional level. Hakka.Suriname Suriname has no environmentalis the only Dutch-speaking legislation containing nation on generallythe South-American applicable widelySuriname spoken • Various types of deposits including fixed deposits. continent.environmental rules and regulations. The Police Criminal Law (Politiestrafwet) • Investment services. from 1875, the oldest law, contains rules concerning waste disposal. The police of a Business a Business Establishing •1.3 Debit Factsand credit about card. Suriname NationalSuriname enforceholidays it and give out fines for minor offenses. Establishing • ATM. The diverse history, culture, ethnicity and religion of Suriname’s people are reflected •Population Point of sale. and ethnicity inThe the other variety law of is itsa nuisance national holidays:law (Hinderwet). It regulates potential danger, damage, •The Internet-banking. last census was held in 2004, when 492.464 people were counted. The injury or annoyance caused by organizations. In the past, there was insufficient Date National Holiday (Official name) •population Phone-banking. grows at an average rate of 1% per year. In most descriptions of capacity to monitor and control companies using steam engines or other devices. January 10 New Year’s Day (Nieuwjaarsdag) Taxation •Suriname Mobile the recharge. people are described as being open and friendly. Suriname has a In the law there is a prohibitive list of institutions that can cause danger or damage Taxation very diverse ethnic heritage, consisting of native indigenous people (Amerindians), accordingMarch 1 (varies) to the law. The law concerningPhagwa (Holi) business permits (Wet Vergunningplichtige Nationaal Instituut voor Milieu en April 2 (varies) Good Friday (Goede Vrijdag) Ontwikkeling in Suriname maroons (direct descendants of former African slaves, still living traditionally in the Bedrijven en Beroepen, (VBB)) complements the nuisance law, since it has a more (NIMOS) April 4 (Sunday) Easter (Pasen) 3.7hinterland), Media mixed Afro Surinamese (Creoles), descendants of immigrants from comprehensive list of institutions. Tamarindelaan 2 India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) Onafhankelijkheidsplein May 1 Labor Day (Arbeidersdag) Paramaribo Theincreasing media numbersis very active of immigrants in Suriname. from Newspapers, China and Brazil. magazines, The indigenous radio and inhabitantsTV are not The National Institute for Environment and Development of Suriname (Nationaal T (+597) 520043/520045 Sectors (Amerindians)only followed bywere people the originalin Suriname inhabitants; but also all by other Surinamese ethnic groups living elsewherecame later. (such The InstituutJuly 1 voor Milieu en OntwikkelingFreedom Dayin Suriname, (Dag der Vrijheden) (NIMOS)) compiles a publication F (+597) 520042 Sectors Main Economic countryas the Netherlands). consists exclusively There are of severalethnic minorities,daily newspapers since no in ethnicSuriname. group De has Ware majority, Tijd, ofAugust all environmental 9 laws and conventions.Day of the Indigenous people (Dag der Inheemsen) E [email protected] Main Economic asDagblad seen below:Suriname and the Times of Suriname (all morning papers) are very popular. Varies each year End of Ramadan (Id-Ul-Fitr) De Ware Tijd is especially popular under business people. The Times of Suriname November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 December 25 Christmas (Kerstfeest) listed as “unknown”. By using estimates on ethnic hasEthnic an Englishgroup section. De West is the only evening newspaper.In % of the population 3.9 Business climate and hours distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. International International InCreoles addition (Creolen) to daily newspapers there are a number of magazines published weekly,19% The business climate in Suriname can be described as professional and formal. International Tabel 1.2 National holidays monthlyMaroons (Marrons,or annually. Bosnegers) Expanding blogs and opinion magazines enrich Suriname’s 16% Workdays begin and end early in Suriname. General business hours are 7:30 am or mediaJavanese world. (Javanen, Indonesiërs) 15% 8:00 am to 4.30 pm weekdays. Restaurant kitchens tend to close at around 10:00 Climate MoreMixed than fifteen radio and ten television stations broadcast daily news and 13% pm or 11:00 pm. Most restaurants open for lunch around 11:00 am and serve till The daily average temperature for Suriname is around 27°C year-round. The country entertainment,Amerindians mostly in Dutch, but also in other languages like English, Hindi, 4% 2:30 pm. Dinner begins around 6:00 pm. Opening hours of banks are generally Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Chinese.Other (Chinese, Journalists Brazilian, and Whites) other professional members of the media have organized4% Monday through Friday from 8:00 am till 2.00 pm. November to February, as well as two dry seasons, one from August to November themselvesTotal in an association: Surinaamse Vereniging voor Journalisten (SVJ). 100% and one from February to April. Suriname lies outside the hurricane and earthquake A press conference is easily organized and can be a very powerful marketing tool. Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. Mostgeneral media bureau are of statistics)privately owned and are accustomed to advertisements.

ESTABLISHING A Economic 4 BUSINESS Development Business Environment

4.1 Benefits of establishing in Suriname a Business General Establishing Suriname is a country with extensive natural resources such as bauxite, gold, oil, building minerals, cultivated land, affordable energy, fresh water and a large tropical rainforest. The temperature is very favorable to agricultural activities such as rice cultivation and banana production. Cost of labor and cost of living in Suriname are relatively low compared to Europe or even nearby countries such as Brazil, Chile and Taxation Mexico. The working population has a good basic education and is generally very eager for new learning opportunities and experiences. Recently, the Surinamese government has invested heavily in infrastructural development, resulting in the rehabilitation and expansion of the (sea)port and the renovation and expansion of

the international airport. Sectors Main Economic The main airlines serving Suriname are the following:

Main airlines Destinations Amsterdam, Aruba, Curacao, Port of Spain, Surinam Airways (SLM)

Miami, Belem, Cayenne Trade

Royal Dutch Airline (KLM) Amsterdam International Caribbean Airlines Trinidad & Tobago Insel Air Curacao

Tabel 4.1 Main airlines in Suriname Labor Market There are also some smaller local and regional airlines that connect to neighboring countries. These smaller airlines are the following:

Smaller airlines Destinations Meta Airlines Brazil and Georgetown

Gumair Georgetown and local destinations f Life Quality Blue Wings Airlines Timehri (Guiana) and local destinations

Tabel 4.2 Local and regional airlines in Suriname Testimonials 7 6 29 General General Information Information

1.2 Constitution & policies religion. There is a small number of Buddhists, Jews, Bahai and other religions to which 3% of the population belongs. Around 5% claim no particular religion. Economic ESTABLISHING A Economic Development Suriname is a constitutional democracy. Elections for the National Assembly, Development which in turn elects the President and Vice-President, are held every five years. Language BUSINESS The ministers are appointed by the President. The country is divided into 10 The official language is Dutch, which is spoken by more than 60% of the population administrative districts, each headed by a district commissioner who is also as its first language. Sranan4 Tongo (Surinamese) is the lingua franca, while English appointed by the President. Members of the Ressort Council (comparable to a is also widely spoken. Most of the population also speak their ethnic language Business city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment habitants, with a very members for the District Council (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken continent.4.1 Benefits of establishing in Suriname a Business a Business Establishing 1.3 Facts about Suriname National holidays Establishing General The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Suriname is a country with extensive natural resources such as bauxite, gold, oil, Population and ethnicity in the variety of its national holidays: building minerals, cultivated land, affordable energy, fresh water and a large tropical The last census was held in 2004, when 492.464 people were counted. The rainforest.Date The temperature is Nationalvery favorable Holiday to (Official agricultural name) activities such as rice population grows at an average rate of 1% per year. In most descriptions of cultivationJanuary 10 and banana production.New Year’sCost Dayof labor (Nieuwjaarsdag) and cost of living in Suriname are Taxation Suriname the people are described as being open and friendly. Suriname has a Taxation relatively low compared to Europe or even nearby countries such as Brazil, Chile and very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Mexico. The working population has a good basic education and is generally very maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) eager for new learning opportunities and experiences. Recently, the Surinamese hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) government has invested heavily in infrastructural development, resulting in the India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) rehabilitation and expansion of the (sea)port and the renovation and expansion of increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors the international airport. Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic The main airlines serving Suriname are the following: as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) November 25 Independence Day (Onafhankelijkheidsdag) Main airlines Destinations 1. Note: In the official data the ethnicity of 7% was Ethnic group1 In % of the population December 25 Christmas (Kerstfeest) listed as “unknown”. By using estimates on ethnic Amsterdam, Aruba, Curacao, Port of Spain, distribution from alternative sources of population Surinam Airways (SLM) e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of ChristmasMiami, (2 Belem, Kerst) Cayenne Trade above categories. International International Creoles (Creolen) 19% Royal Dutch Airline (KLM) Amsterdam International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Caribbean Airlines Trinidad & Tobago Javanese (Javanen, Indonesiërs) 15% Insel Air Curacao Climate Mixed 13% TabelThe daily 4.1 Main average airlines temperature in Suriname for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% ThereNovember are also to February, some smaller as well local as twoand regionaldry seasons, airlines one that from connect August to to neighboring November Total 100% countries.and one from These February smaller to airlines April. Suriname are the following: lies outside the hurricane and earthquake Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) Smaller airlines Destinations Meta Airlines Brazil and Georgetown Currency f Life Religion Gumair Georgetown and local destinations f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRDBlue Wingsis divided Airlines into 100 cents. The SurinameseTimehri currency (Guiana) includes and local coins destinations of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten Tabel25, 100 4.2 andLocal 250 and cent regional and airlines bank notesin Suriname of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 30 31 General Information

Challenges and opportunities of establishing in Suriname The costs for the registration of a business in the Trade Register are: Suriname is clearly a developing country, which is a status that comes with both

Cost involved with the registration in the Trade Register Economic

challenges and opportunities. Development Investment in Capital in SRD Yearly contribution in SRD The challenges Suriname faces are amongst others: 0-499 2.50 • Designing a structural development strategy for the business community and Extensive natural 500-1,499 4.00 attract local and foreign investors. 1,500-9,999 7.50

resources, very • Improving the investment climate. 10,000-24,999 15.00 Business Environment favorable temperature • Improving the competitiveness of the private sector. 25,000-49,999 50.00 for agricultural activities • Developing an international tax treaties network. 50,000-99,999 75.00 & low cost labor • Developing an infrastructure that is more in line with international standards. 100,000 and more 100.00 Certificate of Registration Cost in SRD Attractive for investors is the fact that there are a number of sectors that still have Extract in Dutch 15.00 a Business

ample room for growth. These sectors include: Establishing Extract in English 50.00 • The tourism sector and all supplying industries such as the hotel industry, the hospitality industry and the service industry. One Stop Window1 Cost in SRD • The mining sector. Application for a license 550.00 Ministry of Trade and Industry • The oil sector. Other Cost in SRD

Licensing Department • The production sectors such as agriculture, stock breeding, fishery and all Taxation Nieuwe Haven Complex Certificate for notary public 25.00 supplying industries. Paramaribo Petitions 60.00 T +597 402080 Letters of Recommendation (Dutch) 15.00 E [email protected] www.minhi.gov.sr 4.2 Business startup procedures Letters of Recommendation (English) 20.00 Suriname Business Directory (minimum) 47.50

Chamber of Commerce & Registrations Sectors Industry (KKF) Registration in the Trade Register is mandatory for all businesses in Suriname. Main Economic Prof. W.J.A. Kernkampweg 37 4.3 Structuring the business T (+597) 530311 According to the law concerning permits several business activities require a license 1. The one stop window of the Chamber of Commerce E [email protected] before they can start. Detailed information can be obtained at the Ministry of Trade & Industry provides the preparation work of the www.surinamedirectory.biz There are a number of sectors where companies are required to have a business application of the license and also the actual and Industry. application of the license. license before they can become operational. The information on which specific Trade businesses and professions require a license is available at the Chamber of Commerce & Industry and the Licensing Department of the Ministry of Trade and International Industry.

License application Labor

Business licenses can be obtained by the founder of the company personally, at Market the Licensing Department of MTI. However, to support new business activities and facilitate the procedure of the business license application the Chamber of Commerce & Industry created a so called ”One Stop Window”. This service desk takes over the task of gathering the necessary documents for application and files the request with the different institutions such as the District Commissioners and f Life

the respective Ministries. After filing the request the unit continues to monitor the Quality status of the application until a decision on this request is received. Testimonials 7 630 31 General General Information Information

Challenges1.2 Constitution and opportunities & ofpolicies establishing in Suriname religion.The costs There for the is a registration small number of a of business Buddhists, in the Jews, Trade Bahai Register and other are: religions to Suriname is clearly a developing country, which is a status that comes with both which 3% of the population belongs. Around 5% claim no particular religion. Economic Cost involved with the registration in the Trade Register Economic Development challengesSuriname is and a constitutional opportunities. democracy. Elections for the National Assembly, Development which in turn elects the President and Vice-President, are held every five years. LanguageInvestment in Capital in SRD Yearly contribution in SRD The challengesministers are Suriname appointed faces by theare President.amongst others: The country is divided into 10 The0-499 official language is Dutch, which is spoken by more than 60% of the population 2.50 •administrative Designing adistricts, structural each development headed by strategya district for commissioner the business who community is also and as its first language. Sranan Tongo (Surinamese) is the lingua franca, while English Extensive natural 500-1,499 4.00 appointedattract localby the and President. foreign investors. Members of the Ressort Council (comparable to a is1,500-9,999 also widely spoken. Most of the population also speak their ethnic language 7.50 Business resources, very •city Improving council) are the elected investment at the climate. same time as the National Assembly. Based on the such10,000-24,999 as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian)15.00 Business Environment Environment favorableAround temperature 492,000 •number Improving of Ressort the competitiveness Council (Ressort of Raad) the private members, sector. political parties are awarded languages.25,000-49,999 Brazilians speak mainly Portuguese, while recent Chinese immigrants 50.00 Official language is forhabitants, agricultural with activities a very •members Developing for the an District international Council tax (District treaties Raad) network.. The Ressort and District Councils speak50,000-99,999 mainly Mandarin in contrast to the older Chinese immigrants that spoke 75.00 Dutch, English is diverse& low ethnic cost heritagelabor •are Developingimportant democratic an infrastructure institutions that is at more the local in line and with regional international level. standards. Hakka.100,000 Suriname and more is the only Dutch-speaking nation on the South-American 100.00 widely spoken continent. Certificate of Registration Cost in SRD Attractive for investors is the fact that there are a number of sectors that still have Extract in Dutch 15.00 a Business a Business Establishing ample1.3 roomFacts for growth. about These Suriname sectors include: National holidays Establishing Extract in English 50.00 • The tourism sector and all supplying industries such as the hotel industry, the The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Populationhospitality and industry ethnicity and the service industry. inOne the Stop variety Window of its1 national holidays: Cost in SRD •The The last miningcensus sector. was held in 2004, when 492.464 people were counted. The Application for a license 550.00 Date National Holiday (Official name) Ministry of Trade and Industry •population The oil sector.grows at an average rate of 1% per year. In most descriptions of Other Cost in SRD January 10 New Year’s Day (Nieuwjaarsdag) Taxation Licensing Department •Suriname The production the people sectors are described such as agriculture,as being open stock and breeding, friendly. Surinamefishery and has all a Taxation Nieuwe Haven Complex Certificate for notary public 25.00 verysupplying diverse ethnic industries. heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Paramaribo AprilPetitions 2 (varies) Good Friday (Goede Vrijdag) 60.00 T +597 402080 maroons (direct descendants of former African slaves, still living traditionally in the Letters of Recommendation (Dutch) 15.00 E [email protected] hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) www.minhi.gov.sr Letters of Recommendation (English) 20.00 4.2India, China,Business Indonesia and startup Europe and procedures all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) Suriname Business Directory (minimum) 47.50 increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors Chamber of Commerce & (Amerindians)Registrations were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Sectors Industry (KKF) Main Economic countryRegistration consists in the exclusively Trade Register of ethnic is mandatory minorities, for since all businesses no ethnic groupin Suriname. has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic Prof. W.J.A. Kernkampweg 37 4.3Varies eachStructuring year theEnd of businessRamadan (Id-Ul-Fitr) T (+597) 530311 asAccording seen below: to the law concerning permits several business activities require a license November 25 Independence Day (Onafhankelijkheidsdag) 1. The one stop window of the Chamber of Commerce E [email protected] before they can start. Detailed information can be obtained at the Ministry of Trade & Industry provides the preparation work of the 1.www.surinamedirectory.biz Note: In the official data the ethnicity of 7% was 1 There are a number of sectors where companies are required to have a business application of the license and also the actual listed as “unknown”. By using estimates on ethnic andEthnic Industry. group In % of the population December 25 Christmas (Kerstfeest) application of the license. distribution from alternative sources of population license before they can become operational. The informatione on which specific Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. businesses and professions require a license is available at the Chamber of International International Creoles (Creolen) 19% International CommerceTabel 1.2 National & Industry holidays and the Licensing Department of the Ministry of Trade and Maroons (Marrons, Bosnegers) 16% Industry. Javanese (Javanen, Indonesiërs) 15% Climate Mixed 13% LicenseThe daily applicationaverage temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market Businesshas a tropical licenses climate can with be obtained two wet byseasons, the founder one from of the April company to August personally, and one at from Market Other (Chinese, Brazilian, Whites) 4% theNovember Licensing to February,Department as wellof MTI. as twoHowever, dry seasons, to support one new from business August to activities November Total 100% and facilitateone from the February procedure to April. of the Suriname business lies license outside application the hurricane the Chamber and earthquake of Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), Commercezone. & Industry created a so called ”One Stop Window”. This service desk general bureau of statistics) takes over the task of gathering the necessary documents for application and files theCurrency request with the different institutions such as the District Commissioners and f Life Religion f Life Quality theThe respectiveSurinamese Ministries. Dollar (SRD) After has filing been the the request currency the ofunit Suriname continues since to monitor 2004. The the Quality The diversity of the population is reflected in its culture and religion. Using the statusSRD is of divided the application into 100 cents. until a The decision Surinamese on this currencyrequest is includes received. coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 32 33 General Information

Some examples of companies which are required to have a license are the 4.4 Restrictions on foreign investments following: Economic

Service providers Manufacturers Development Cambios Cement Technical installer Paint Land and natural resources are considered national heritage and as such belong to the state. Travel agencies Processing of fruit, fish and fish products Pursuant to the Petroleum Act, access to the oil sector is only possible through exploration and production-sharing Air en water shipping Pharmacies agreements with Staatsolie.

Freight forwarder Cement producer Business

With regard to the other minerals the Mining Law provides for the possibility of state participation. Environment Importer Paper Land and natural resources belonging to the state Exporter Cardboard Companies also have to consider that although in theory property rights are well protected in Suriname, practice shows that conflicts regarding property rights take quite some time to settle due to understaffed and overworked Building constructor Plastic and aluminum products courts. However, currently the Government is in the process of expanding the capacity of the courts. Accountant Lumber mill In addition, there is the possibility that nature preservation organizations might protest against certain use of land Tax consultant Gravel extraction and/or natural resources and indigenous people will want to protect their residential area. a Business Real-estate agent Pasture Permission for outflow of foreign Permission is required from the Foreign Exchange Commission (“Deviezencommissie”) to transfer any funds associated Establishing Banker Luminaries currency with a business or investment out of Suriname. Insurance agent Mattresses Time consuming procedures When starting a business foreign investors often face long waiting periods and lengthy procedures. Engineering Cosmetics New Investment Law is not Presently a new Investment Law is in process of being finalized. Suriname is now in the process of modifying the Tour operator Clothing introduced yet procedures regarding investing in Suriname through a simplified and more transparent trade regulation regime.

Hotel Taxation Motel Cinema Catering Shipping agent Harbor exploitation Sectors Salvage en dredging Main Economic

Required documents for license application The following documents are required for filing a license application: Trade

Required documents for license application International 1 Duplicate application form with revenue-stamp (“plakzegel”). 2 Receipt of paid license fee, fees and stamp costs. 3 Nationality certificate and excerpt from the Birth Register. 4 Mortgage extract and consent of the owner of the property. Labor Market 5 Passport photos. 6 An excerpt from the Trade Register and in case of renewal the current license. 7 Copy of the articles of association.

The above mentioned requirements are part of further detailed procedures, for

more information please contact the Ministry of Trade and Industry. f Life Quality

The business permits are valid for a period of three years. Every three years when extending the license a fee has to be paid. The Ministry of Trade and Industry is currently drafting a restructuring plan, by means of the Competitiveness Enhancement Program, of the licensing, company establishment and registration policy. Testimonials 7 326 33 General General Information Information

Some examples of companies which are required to have a license are the 1.2 Constitution & policies religion.4.4 ThereRestrictions is a small number on of foreignBuddhists, Jews,investments Bahai and other religions to following: which 3% of the population belongs. Around 5% claim no particular religion. Economic Economic Development SurinameService providers is a constitutional democracy. ElectionsManufacturers for the National Assembly, Development whichCambios in turn elects the President and Vice-President,Cement are held every five years. Language TheTechnical ministers installer are appointed by the President.Paint The country is divided into 10 The official language is Dutch, whichLand and is spokennatural resources by more are than considered 60% ofnational the population heritage and as such belong to the state. administrativeTravel agencies districts, each headed by a districtProcessing commissioner of fruit, fish and who fish is productsalso as its first language. Sranan Tongo (Surinamese) is the lingua franca, while English Pursuant to the Petroleum Act, access to the oil sector is only possible through exploration and production-sharing appointedAir en water by shipping the President. Members of thePharmacies Ressort Council (comparable to a is also widely spoken. Most of theagreements population with Staatsolie.also speak their ethnic language Business cityFreight council) forwarder are elected at the same time asCement the National producer Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment With regard to the other minerals the Mining Law provides for the possibility of state participation. Environment Around 492,000 numberImporter of Ressort Council (Ressort Raad) members,Paper political parties are awarded languages.Land and natural Brazilians resources speak mainly Portuguese, while recent Chinese immigrants Official language is belonging to the state habitants, with a very membersExporter for the District Council (District Raad)Cardboard. The Ressort and District Councils speak mainly Mandarin in contrastCompanies to the alsoolder have Chinese to consider immigrants that although that in spoketheory property rights are wellDutch, protected in Suriname,English practice is are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speakingshows that conflicts nation regarding on the property South-American rights take quite some time to settle due to understaffed and overworked diverse ethnic heritage Building constructor Plastic and aluminum products courts. However, currently the Government is in the process of expanding the capacitywidely of the courts. spoken Accountant Lumber mill continent. In addition, there is the possibility that nature preservation organizations might protest against certain use of land Tax consultant Gravel extraction and/or natural resources and indigenous people will want to protect their residential area. a Business a Business Establishing 1.3 Facts about Suriname National holidays Establishing Real-estate agent Pasture Permission for outflow of foreign Permission is required from the Foreign Exchange Commission (“Deviezencommissie”) to transfer any funds associated Banker Luminaries Thecurrency diverse history, culture, ethnicitywith a businessand religion or investment of Suriname’s out of Suriname. people are reflected Population and ethnicity Insurance agent Mattresses inTime the consuming variety of procedures its national holidays:When starting a business foreign investors often face long waiting periods and lengthy procedures. The last census was held in 2004, when 492.464 people were counted. The Engineering Cosmetics New Investment Law is not Presently a new Investment Law is in process of being finalized. Suriname is now in the process of modifying the Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of Tour operator Clothing introduced yet procedures regarding investing in Suriname through a simplified and more transparent trade regulation regime. January 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a Taxation Hotel very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Motel maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) Cinema hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) Catering India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) Shipping agent increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Harbor exploitation Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Sectors Salvage en dredging Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) November 25 Independence Day (Onafhankelijkheidsdag)

1. Note: In the official data the ethnicity of 7% was Required documents1 for license application listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population The following documents are required for filing a license application: e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. International International CreolesRequired (Creolen) documents for license application 19% International Tabel 1.2 National holidays Maroons1 Duplicate (Marrons, application Bosnegers) form with revenue-stamp (“plakzegel”). 16% Javanese (Javanen, Indonesiërs) 15% 2 Receipt of paid license fee, fees and stamp costs. Climate Mixed 13% 3 Nationality certificate and excerpt from the Birth Register. The daily average temperature for Suriname is around 27°C year-round. The country Amerindians4 Mortgage extract and consent of the owner of the property. 4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% 5 Passport photos. November to February, as well as two dry seasons, one from August to November Total 100% 6 An excerpt from the Trade Register and in case of renewal the current license. and one from February to April. Suriname lies outside the hurricane and earthquake Table7 1.1Copy Population of the articles and ethnicity of association. (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) The above mentioned requirements are part of further detailed procedures, for Currency f Life moreReligion information please contact the Ministry of Trade and Industry. f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, The2004 business census data,permits 49% are of valid the for population a period isof believedthree years. to be Every Christian. three Theyears largest when Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates extendingdenominations the license are Catholics a fee has and to Moraviansbe paid. The (Evangelische Ministry of Trade Broeder and IndustrGemeentey is ), voor foto 2 are published daily in the local papers. currentlyalthough draftingin the past a restructuring decades Pentecostals plan, by means have of grown the Competitiveness into a sizeable group. Enhancement About Program,23% of the of populationthe licensing, is Hinducompany and establishment 16% Muslim, andwhile registration 4% adhere policy. to a tribal Testimonials Testimonials 35 General Information

TAXATION Economic 5 Development Business Environment

5.1 Corporate income tax a Business According to the Income Tax Law, companies resident in Suriname are subject to Establishing corporate income tax which is levied on their worldwide income. Resident corporate income tax payers are companies: • Incorporated under Surinamese law. The N.V. is the only limited liability company which exists under the Surinamese law. • Incorporated under foreign law and effectively managed and controlled within Taxation Suriname.

Non-resident companies are taxable only on income derived from a permanent establishment (or permanent representative), income from immovable property

located in Suriname and certain other less significant types of Surinamese source Sectors income. The normal meaning of the term permanent establishment is adopted Main Economic in Suriname tax law as a fixed place of business through which the business of an enterprise is wholly or partly carried on. This definition contains the following conditions: • The existence of a place of business. Trade • This place of business should be fixed. International International • The place of business should be established at a distinct place with a certain degree of permanence. • The carrying on of the business of the enterprise should take place through this fixed place. Labor Market The basis for assessment of a company’s corporate tax liability is the amount of profit remaining after the deduction of business expenses and a possible relief for losses. Profit is defined as all benefits derived from the carrying on of an enterprise, regardless of the name or form of the benefits. The determination of the annual profit should be based on sound business practice. In principle, GAAP, IFRS or other f Life generally accepted standards can be adopted in the calculation of annual profit for Quality income tax purposes, unless the Income Tax Law provides otherwise. In practice, foreign companies active in Suriname normally adopt GAAP of home country. Testimonials 7 6 35 General General Information Information

Suriname the people are described as being open and friendly. Suriname has a Taxation • Incorporated under foreign law and effectively managed and controlled within very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) Suriname. maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) Non-resident companies are taxable only on income derived from a permanent India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) establishment (or permanent representative), income from immovable property increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors located in Suriname and certain other less significant types of Surinamese source Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) income. The normal meaning of the term permanent establishment is adopted Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic in Suriname tax law as a fixed place of business through which the business of as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) anNovember enterprise 25 is wholly or partlyIndependence carried on. Day This (Onafhankelijkheidsdag) definition contains the following

1. Note: In the official data the ethnicity of 7% was 1 conditions: listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population • The existence of a place of business. e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. • This place of business should be fixed. International International Creoles (Creolen) 19% International •Tabel The 1.2 placeNational of holidaysbusiness should be established at a distinct place with a certain Maroons (Marrons, Bosnegers) 16% degree of permanence. Javanese (Javanen, Indonesiërs) 15% •Climate The carrying on of the business of the enterprise should take place through this Mixed 13% Thefixed daily averageplace. temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% TheNovember basis for to assessmentFebruary, as ofwell a company’sas two dry corporateseasons, onetax liabilityfrom August is the amountto November of Total 100% profitand one remaining from February after the to deductionApril. Suriname of business lies outside expenses the hurricaneand a possible and earthquake relief for Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), losses.zone. Profit is defined as all benefits derived from the carrying on of an enterprise, general bureau of statistics) regardless of the name or form of the benefits. The determination of the annual profitCurrency should be based on sound business practice. In principle, GAAP, IFRS or other f Life Religion f Life Quality generallyThe Surinamese accepted Dollar standards (SRD) hascan beenbe adopted the currency in the calculationof Suriname of sinceannual 2004. profit The for Quality The diversity of the population is reflected in its culture and religion. Using the incomeSRD is divided tax purposes, into 100 unless cents. the The Income Surinamese Tax Law currency provides includes otherwise. coins In of practice, 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten foreign25, 100 companiesand 250 cent active and inbank Suriname notes ofnormally 5, 10, 20, adopt 50 andGAAP 100 of Dollar. home Exchangecountry. rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 36 37 General General Information

In principle, all expenses made in connection with the conduction of the business Wage tax are deductible for corporate income tax purposes. Business assets for instance, Based on the Wage Tax Law, all employers in Suriname, including the permanent Economic

should be depreciated on the basis of the economic life of the asset. Inventory establishment of foreign employers are required to withhold wage tax Development items are commonly valued at the lower of cost or market value. (loonbelasting) from payments to their employees and to remit it to the tax Legal bodies The current income tax rate for companies is 36%. The only withholding tax administration periodically. Wage tax is levied on employment income of resident as applicable in Suriname is dividend tax (dividendbelasting) of 25% upon the dividend well as non-resident employees. are subject to a payments to shareholders. Suriname has only one tax treaty in place, and that is Employment income is broadly defined and includes all amounts provided by the

proportional fixed with the Netherlands. Under this tax treaty the dividend tax of 25% can be reduced employer whether in cash or in kind. Benefits in kind are generally included in income Business tax rate of 36% to 7.5% in the case of a 25% shareholding by a Dutch company. In Suriname no at their market value. Wage tax is a prepayment of personal income tax and is levied on The net wealth tax Environment regardless of the dividend tax is imposed on profit distributions by a permanent establishment employment income of non-resident as well as resident employees. is levied at a flat rate amount of profit to its head office abroad. Interest, royalties, management fees, fees for technical The wage tax rates are progressive and are similar to the personal income tax rates as of 0.003% assistance or other payments made abroad are not subject to withholding taxes. mentioned above. A fixed deduction applies for general work expenses equal to 4% of the gross salary payments with a maximum of SRD 1,200 per year both for resident a Business

Relief of tax losses and non-resident tax payers. Establishing Tax losses incurred during the first three years of the company’s existence may be carried forward indefinitely. Losses incurred during subsequent years may be carried Social security scheme forward for a period of seven years. Losses cannot be carried back. Suriname does not have an universal social security scheme. A liability exists for employers to conclude (a limited) indemnity insurance for accidents at work. In

Personal taxation the case of a resident tax payer, an obligation exists for an employer to withhold a Taxation The principal taxes on the income and wealth of individuals (natural persons) include premium for public pension of 4% (premium AOV) on employment income of its the following: employees. This obligation does not exist with regard to non-tax residents. • Personal income tax including wage tax. • Dividend tax. Dividend tax • Wealth tax. The Dividend Tax Law provides for a dividend tax (dividendbelasting) of 25% on dividend payments made by resident companies to resident and non-resident Sectors

Personal income tax individual shareholders. The dividend tax is an advance levy to personal income tax. Main Economic According to the Income Tax Law resident individual tax payers are taxed on their A reduced rate applies under the tax treaty with The Netherlands. worldwide income. Non-resident individual tax payers are taxed only on specific Surinamese sources of income. The main sources of income for both resident and Wealth tax

non-resident tax payers are business or profession, labor (employment), immovable Both resident and non-resident tax payers are subject to wealth tax Trade

properties and movable capital. Taxable income is subject to personal income tax (vermogensbelasting) pursuant to the Wealth Tax Law. Resident tax payers are taxed International at progressive rates. On an annual basis the personal income tax rates are the on their worldwide net assets, except for certain specific items including gold and following: silver, objects of art and science, household items, private clothing and groceries, certain annuities and life insurance policies and pension rights. Non-resident Taxable income in SRD Rates taxpayers are taxed on the following net assets: Labor 0 - 2,646 0% Market • Property of a permanent establishment in Suriname. 2,646 - 14,002.80 8% • Immovable property in Suriname. 14,002.80 - 21,919.80 18% • Loans secured by mortgages on immovable property situated in Suriname. 21,919.80 - 32,839.80 28%

Above 32,839.80 38% A tax exempt amount of SRD 100,000 (single) and SRD 200,000 (married) applies. The

net wealth tax is levied at a flat rate of 0.003%. f Life Table 5.1 Taxable income (source: “De Belastingdienst”, the Tax Authorities) Quality

In the calculation of taxable income of a resident individual taxpayer a tax-free amount of SRD 2,646 applies. A non-resident tax payer does not qualify for this tax free amount. Testimonials 7 366 37 General General General Information Information

In1.2 principle, Constitution all expenses made &in connectionpolicies with the conduction of the business religion.Wage tax There is a small number of Buddhists, Jews, Bahai and other religions to are deductible for corporate income tax purposes. Business assets for instance, whichBased 3%on the of theWage population Tax Law, belongs. all employers Around in 5%Suriname, claim no including particular the religion. permanent Economic Economic Development shouldSuriname be isdepreciated a constitutional on the democracy. basis of the Elections economic for life the of National the asset. Assembly, Inventory establishment of foreign employers are required to withhold wage tax Development itemswhich arein turn commonly elects the valued President at the andlower Vice-President, of cost or market are held value every. five years. Language(loonbelasting) from payments to their employees and to remit it to the tax Legal bodies The currentministers income are appointed tax rate forby thecompanies President. is 36%. The country The only is withholdingdivided into tax10 Theadministration official language periodically. is Dutch, Wage which tax is leviedspoken on by employment more than 60% income of the of residentpopulation as applicableadministrative in Suriname districts, is each dividend headed tax by (dividendbelasting) a district commissioner of 25% who upon is thealso dividend aswell its as first non-resident language. Srananemployees. Tongo (Surinamese) is the lingua franca, while English are subject to a paymentsappointed toby shareholders.the President. Suriname Members has of theonly Ressort one tax Council treaty in(comparable place, and thatto a is isEmployment also widely income spoken. is Mostbroadly of defined the population and includes also speakall amounts their ethnicprovided language by the Business proportional fixed withcity council) the Netherlands. are elected Under at the this same tax timetreaty as the the dividend National tax Assembly. of 25% canBased be onreduced the suchemployer as Sarnami whether Hindi, in cash Javanese, or in kind. different Benefits maroon in kind areand generally indigenous included (Amerindian) in income Business Environment taxAround rate 492,000 of 36% tonumber 7.5% inof theRessort case Councilof a 25% (Ressort shareholding Raad) members,by a Dutch politicalcompany. parties In Suriname are awarded no languages.at their market Brazilians value. Wage speak tax mainly is a prepayment Portuguese, of while personal recent income Chinese tax and immigrants is levied on TheOfficial net wealthlanguage tax is Environment habitants,regardless with of athe very dividendmembers tax for is the imposed District on Council profit (Districtdistributions Raad) .by The a permanentRessort and establishment District Councils speakemployment mainly income Mandarin of non-resident in contrast to as the well older as resident Chinese employees. immigrants that spoke is leviedDutch, atEnglish a flat is rate diverseamount ethnic of profitheritage toare head important office democratic abroad. Interest, institutions royalties, at the management local and regional fees, fees level. for technical Hakka.The wage Suriname tax rates is are the progressive only Dutch-speaking and are similar nation to theon thepersonal South-American income tax rates as widelyof 0.003% spoken assistance or other payments made abroad are not subject to withholding taxes. continent.mentioned above. A fixed deduction applies for general work expenses equal to 4% of the gross salary payments with a maximum of SRD 1,200 per year both for resident a Business a Business Establishing Relief1.3 ofFacts tax losses about Suriname Nationaland non-resident holidays tax payers. Establishing Tax losses incurred during the first three years of the company’s existence may be The diverse history, culture, ethnicity and religion of Suriname’s people are reflected carriedPopulation forward and indefinitely. ethnicity Losses incurred during subsequent years may be carried inSocial the variety security of its scheme national holidays: forwardThe last forcensus a period was ofheld seven in 2004, years. when Losses 492.464 cannot people be carried were back. counted. The Suriname does not have a universal social security scheme. A liability exists for Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of employers to conclude (a limited) indemnity insurance for accidents at work. In January 10 New Year’s Day (Nieuwjaarsdag) Taxation

PersonalSuriname thetaxation people are described as being open and friendly. Suriname has a the case of a resident tax payer, an obligation exists for an employer to withhold a Taxation Thevery principaldiverse ethnictaxes onheritage, the income consisting and wealth of native of individualsindigenous (natural people persons)(Amerindians), include premiumMarch 1 (varies) for public pension ofPhagwa 4% (premium (Holi) AOV) on employment income of its themaroons following: (direct descendants of former African slaves, still living traditionally in the employees.April 2 (varies) This obligation doesGood not Friday exist (Goede with Vrijdag)regard to non-tax residents. April 4 (Sunday) Easter (Pasen) •hinterland), Personal mixed income Afro tax Surinamese including wage (Creoles), tax. descendants of immigrants from •India, Dividend China, Indonesiatax. and Europe and all possible mixes of these groups, and DividendApril 5 (varies) tax Second day of Easter (2e Pasen) •increasing Wealth numberstax. of immigrants from China and Brazil. The indigenous inhabitants TheMay Dividend 1 Tax Law providesLabor for aDay dividend (Arbeidersdag) tax (dividendbelasting) of 25% on Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The dividendJuly 1 payments made by residentFreedom Daycompanies (Dag der Vrijheden) to resident and non-resident Sectors Main Economic Personalcountry consists income exclusively tax of ethnic minorities, since no ethnic group has majority, individualAugust 9 shareholders. The dividendDay of the tax Indigenous is an advance people (Dag levy der to Inheemsen) personal income tax. Main Economic Accordingas seen below: to the Income Tax Law resident individual tax payers are taxed on their AVaries reduced each rateyear applies under theEnd taxof Ramadan treaty with(Id-Ul-Fitr) The Netherlands. worldwide income. Non-resident individual tax payers are taxed only on specific November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic SurinameseEthnic group sources of income. The main sources of income forIn both % of resident the population and WealthDecember tax 25 Christmas (Kerstfeest) distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the non-residentEast Indians (Hindoestanen) tax payers are business or profession, labor (employment), immovable29% BothDecember resident 26 and non-residentSecond tax payers day of Christmasare subject (2 Kerst) to wealth tax Trade above categories. International International propertiesCreoles (Creolen) and movable capital. Taxable income is subject to personal income tax19% (vermogensbelasting) pursuant to the Wealth Tax Law. Resident tax payers are taxed International Tabel 1.2 National holidays atMaroons progressive (Marrons, rates. Bosnegers) On an annual basis the personal income tax rates are the 16% on their worldwide net assets, except for certain specific items including gold and following:Javanese (Javanen, Indonesiërs) 15% silver, objects of art and science, household items, private clothing and groceries, Climate Mixed 13% certain annuities and life insurance policies and pension rights. Non-resident Taxable income in SRD Rates The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% taxpayers are taxed on the following net assets: Labor Labor Market 0 - 2,646 0% has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% • Property of a permanent establishment in Suriname. 2,646 - 14,002.80 8% November to February, as well as two dry seasons, one from August to November Total 100% • Immovable property in Suriname. 14,002.80 - 21,919.80 18% and one from February to April. Suriname lies outside the hurricane and earthquake • Loans secured by mortgages on immovable property situated in Suriname. Table21,919.80 1.1 Population - 32,839.80 and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS),28% zone. general bureau of statistics) Above 32,839.80 38% A tax exempt amount of SRD 100,000 (single) and SRD 200,000 (married) applies. The Currency f Life Religion net wealth tax is levied at a flat rate of 0.003%. f Life Quality Table 5.1 Taxable income (source: “De Belastingdienst”, the Tax Authorities) The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten In the calculation of taxable income of a resident individual taxpayer a tax-free 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 amount of SRD 2,646 applies. A non-resident tax payer does not qualify for this tax are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About free amount. 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 38 39 General Information

Self Assessment System tax with regard to goods (machines, raw materials, consumables and semi-finished In 1995, a Self Assessment System (SAS) was introduced for filing corporate and goods) and services directly linked to the production of a good which delivery is taxable Economic

personal income tax. Under this system the tax payer is mandatory to assess the for turnover tax purposes. Development income tax due for the current year and consequently file a provisional income tax return at the latest on April 15th of the current year. Payment of taxes due takes place in four equal quarterly installments. 5.3 Import, export and excise duties The final income tax return for the previous year must be filed on or before April

th th 30 by natural persons and ultimately June 30 by legal bodies. If the business The import of goods is subject to import duties (Invoerrechten). The Tariff Import Business activities were started after April 15th of the current tax year the provisional income Duties Law includes a list of over 1,100 goods with their respective rates. The rates Environment tax return should be filed together with the payment of income tax due at the latest vary from 17% to 62%. An exemption applies for certain primary food items. Excise on December 31 of same year. duties (Accijnzen) are levied on alcoholic beverages, some non-alcoholic beverages Inspectorate of Import Duties and Excises and cigarettes. Consumption tax is levied on fuel products. Export duties amount Nieuwe Haven Complex to 1‰ (consent fee) and 0.5% (statistic fee). A special export duty is also due in the T (+597) 404682/ 402778

F (+597) 404698 a Business 5.2 Other taxes case of export of wood. Establishing www.douanesuriname.com Tax levied on the import of luxery goods with a Cost, Insurance and Freight (CIF) Turnover tax value of at least USD 25,000 like cars, motorcycles, leasure boats is 25%. The tax Subject to turnover tax (Omzetbelasting) according to the Turnover Tax Law are: levy of 25% also applies to weapons and ammunition. In general the import tax • Goods produced and delivered in Suriname. rates vary from 2% (solely statistic- and consent fee) for some agricultural machines

• Services mentioned in the Turnover Tax Act. and vital necessities to approximately 60% to 70% for items such as tobacco and Taxation • Imported goods. alcohol. For more information please contact Inspectorate of Import Duties and Excises The turnover tax base is the total remuneration received for the aforementioned goods or services. Rental value tax Delivery and import of goods are subject to a tax rate of 10%. Tax levied on the According to the Rental Value Act, a rental value tax (Huurwaardebelasting) is levied import of luxury goods is 25%. The services (26) mentioned in the Turnover Tax Act on the imputed rental value of buildings. The applicable rate is 6% of the imputed Sectors

are subject to a tax rate of 8%. The Turnover Tax Act includes a list of approximately rental value. A tax exempt amount of SRD 50,000 applies. The rental value tax is Main Economic 50 articles that are zero-rated. These goods are considered basic life necessities. due by the owner of the building. Some taxable services are: • The services provided by civil-law notaries as well as by persons practicing a Stamp duty

free profession, including: attorneys, accountants, automation, information and Pursuant to the Stamp Duty Act, stamp duty (Zegelrecht) at a rate of 7% of the Trade

other consultancy services. value is levied on the transfer of real estate. Together with the notary costs of 3%, International • The services provided by architects and land surveyors. an additional levy on the land and turnover tax on the notary costs, the applicable • The services provided by real estate agents when selling and renting out real rate is approximately 12%. estate. • The services provided within the context of the transportation of goods. Labor • The services provided by cleaning companies. 5.4 Tax & non-tax incentives Market • The services provided in the context of making moveable property available. • The provision of accommodation, food and drinks in and by the hotel and Tax incentives catering industry. In Suriname an investor can benefit from one of the following tax based incentives • The services provided within the context of national and international as included in the Investment Act:

telecommunication. • A nine year tax holiday that can be extended for an additional year for large f Life Quality investments of at least US$ 13 million: results in reduction of corporate income The Turnover Tax Act provides for a general deduction or restitution rule. This rule only tax due, if any. applies to manufacturers who deliver their manufactured goods. These manufacturers • Accelerated depreciation on assets: results in an extension of corporate income can deduct turnover tax charged to and received from their clients from turnover tax tax due, if any. charged to and paid by the manufacturers their self. This facility only relates to turnover • Tax consolidation: results in reduction of corporate income tax due, if any. Testimonials 7 386 39 General General General Information Information

Self1.2 AssessmentConstitution System & policies religion.tax with Thereregard isto a goods small (machines,number of rawBuddhists, materials, Jews, consumables Bahai and and other semi-finished religions to In 1995, a Self Assessment System (SAS) was introduced for filing corporate and whichgoods) 3%and ofservices the population directly linked belongs. to the Around production 5% claim of a good no particular which delivery religion. is taxable Economic Economic Development personalSuriname income is a constitutional tax. Under democracy.this system Electionsthe tax payer for the is mandatory National Assembly, to assess the for turnover tax purposes. Development incomewhich in tax turn due elects for the the current President year and and Vice-President, consequently arefile held a provisional every five income years. tax Language returnThe ministers at the latest are appointed on April 15 byth theof the President. current year.The country Payment is ofdivided taxes into due 10 takes The official language is Dutch, which is spoken by more than 60% of the population placeadministrative in four equal districts, quarterly each installments. headed by a district commissioner who is also as5.3 its firstImport, language. Sranan export Tongo and(Surinamese) excise is the duties lingua franca, while English Theappointed final income by the President.tax return forMembers the previous of the yearRessort must Council be filed (comparable on or before toApril a is also widely spoken. Most of the population also speak their ethnic language th th Business 30city council)by natural are persons elected and at the ultimately same time June as 30 the by National legal bodies. Assembly. If the Based business on the suchThe import as Sarnami of goods Hindi, is subjectJavanese, to importdifferent duties maroon (Invoerrechten) and indigenous. The (Amerindian) Tariff Import Business Environment Around 492,000 activitiesnumber of were Ressort started Council after (RessortApril 15th Raad) of the members, current tax political year the parties provisional are awarded income languages.Duties Law Braziliansincludes aspeak list of mainly over 1,100 Portuguese, goods with while their recent respective Chinese rates. immigrants The rates Official language is Environment habitants, with a very taxmembers return shouldfor the Districtbe filed Council together (District with the Raad) payment. The Ressort of income and tax District due atCouncils the latest speakvary from mainly 17% Mandarin to 62%. inAn contrast exemption to the applies older for Chinese certain immigrants primary food that items. spoke Excise Dutch, English is onare Decemberimportant democratic31 of same institutionsyear. at the local and regional level. Hakka.duties (Accijnzen)Suriname isare the levied only onDutch-speaking alcoholic beverages, nation on some the South-Americannon-alcoholic beverages Inspectorate of Import Duties and diverse ethnic heritage Exciseswidely spoken continent.and cigarettes. Consumption tax is levied on fuel products. Export duties amount Nieuwe Haven Complex to 1‰ (consent fee) and 0.5% (statistic fee). A special export duty is also due in the T (+597) 404682/ 402778 a Business F (+597) 404698 a Business Establishing 5.21.3 OtherFacts abouttaxes Suriname Nationalcase of export holidays of wood. Establishing www.douanesuriname.com TheTax levieddiverse on history, the import culture, of luxery ethnicity goods and with religion a Cost, of Suriname’s Insurance andpeople Freight are reflected(CIF) TurnoverPopulation tax and ethnicity invalue the ofvariety at least of itsUSD national 25,000 holidays: like cars, motorcycles, leasure boats is 25%. The tax SubjectThe last tocensus turnover was tax held (Omzetbelasting) in 2004, when 492.464according people to the were Turnover counted. Tax Law The are: levy of 25% also applies to weapons and ammunition. In general the import tax Date National Holiday (Official name) •population Goods producedgrows at anand average delivered rate in of Suriname. 1% per year. In most descriptions of rates vary from 2% (solely statistic- and consent fee) for some agricultural machines January 10 New Year’s Day (Nieuwjaarsdag) Taxation

•Suriname Services the mentioned people are in described the Turnover as being Tax Act. open and friendly. Suriname has a and vital necessities to approximately 60% to 70% for items such as tobacco and Taxation March 1 (varies) Phagwa (Holi) •very Imported diverse ethnicgoods. heritage, consisting of native indigenous people (Amerindians), alcohol. For more information please contact Inspectorate of Import Duties and maroons (direct descendants of former African slaves, still living traditionally in the Excises.April 2 (varies) Good Friday (Goede Vrijdag) Thehinterland), turnover mixed tax base Afro is Surinamesethe total remuneration (Creoles), received descendants for the of aforementioned immigrants from goods April 4 (Sunday) Easter (Pasen) orIndia, services. China, Indonesia and Europe and all possible mixes of these groups, and RentalApril 5 (varies) value tax Second day of Easter (2e Pasen) Deliveryincreasing and numbers import of goodsimmigrants are subject from China to a tax and rate Brazil. of 10%. The indigenous Tax levied oninhabitants the AccordingMay 1 to the Rental Value LaborAct, aDay rental (Arbeidersdag) value tax (Huurwaardebelasting) is levied Sectors import(Amerindians) of luxury were goods the is original 25%. Theinhabitants; services all(26) other mentioned ethnic groups in the Turnovercame later. Tax The Act onJuly the 1 imputed rental value ofFreedom buildings. Day The(Dag applicableder Vrijheden) rate is 6% of the imputed Sectors Main Economic arecountry subject consists to a tax exclusively rate of 8%. of ethnicThe Turnover minorities, Tax Act since includes no ethnic a list group of approximately has majority, rentalAugust value. 9 A tax exempt amountDay of of the SRD Indigenous 50,000 people applies. (Dag Theder Inheemsen) rental value tax is Main Economic 50as seenarticles below: that are zero-rated. These goods are considered basic life necessities. dueVaries by each the yearowner of the building.End of Ramadan (Id-Ul-Fitr) Some taxable services are: November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic •Ethnic The group services provided by civil-law notaries as well as by personsIn % ofpracticing the population a StampDecember duty 25 Christmas (Kerstfeest) distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the Eastfree Indians profession, (Hindoestanen) including: attorneys, accountants, automation, information and29% PursuantDecember to26 the Stamp Duty Act,Second stamp day ofduty Christmas (Zegelrecht) (2 Kerst) at a rate of 7% of the Trade above categories. International International Creolesother (Creolen) consultancy services. 19% value is levied on the transfer of real estate. Together with the notary costs of 3%, International Tabel 1.2 National holidays •Maroons The services (Marrons, providedBosnegers) by architects and land surveyors. 16% an additional levy on the land and turnover tax on the notary costs, the applicable •Javanese The services (Javanen, provided Indonesiërs) by real estate agents when selling and renting out real15% rate is approximately 12%. Climate Mixedestate. 13% The daily average temperature for Suriname is around 27°C year-round. The country •Amerindians The services provided within the context of the transportation of goods. 4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market •Other The (Chinese, services Brazilian, provided Whites) by cleaning companies. 4% 5.4 Tax & non-tax incentives November to February, as well as two dry seasons, one from August to November •Total The services provided in the context of making moveable property available.100% and one from February to April. Suriname lies outside the hurricane and earthquake • The provision of accommodation, food and drinks in and by the hotel and Tax incentives Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. generalcatering bureau industry. of statistics) In Suriname an investor can benefit from one of the following tax based incentives • The services provided within the context of national and international as included in the Investment Act: Currency f Life Religiontelecommunication. • A nine year tax holiday that can be extended for an additional year for large f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the investments of at least US$ 13 million: results in reduction of corporate income SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, The2004 Turnover census Tax data, Act 49% provides of the for population a general deduction is believed or torestitution be Christian. rule. This The rulelargest only tax due, if any. Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates appliesdenominations to manufacturers are Catholics who anddeliver Moravians their manufactured (Evangelische goods. Broeder These Gemeente manufacturers), • Accelerated depreciation on assets: results in an extension of corporate income voor foto 2 are published daily in the local papers. canalthough deduct in turnoverthe past tax decades charged Pentecostals to and received have from grown their into clients a sizeable from turnover group. Abouttax tax due, if any. charged23% of theto and population paid by the is Hindu manufacturers and 16% their Muslim, self. This while facility 4% adhereonly relates to a totribal turnover • Tax consolidation: results in reduction of corporate income tax due, if any. Testimonials Testimonials 40 41 General General Information

The Investment Act also provides for import duties exemption, investment deduction, reduction of wage tax due and fictitious interest deduction. However, the terms of

MAIN Economic these facilities have been expired. ECONOMIC Development Non-tax incentives Together with the granting of a tax incentive of the Investment Act a license can 6 also be granted by the authorized institution regarding: SECTORS

• The repayment of the equity capital obtained from abroad to finance the Business Relevant tax investments as meant in this act. Environment incentives and • The payment of profit and/or dividend. benefits • The payment of interest and amortization for money borrowed from abroad to finance investments as meant in this act. Suriname, with its unexplored mineral and water reserves, fertile land, favorable • The payment of remunerations for management, technical assistance, know- location and human resources, offers countless opportunities. The main economic a Business

how, patent and such. sectors described in this chapter are selected by size of the sector in terms of Establishing contribution towards GDP and/or potential growth. In addition, government policy Futhermore, together with the granting of a tax incentive of the Investment Act, a concerning economic diversification is taken into account, especially pertaining to license is granted by the authorized institution for: tourism, agriculture and forestry. • Residence and settlement of foreign personnel.

• Occupation of foreign personnel. Taxation • Establishment of a company. 6.1 Agriculture • Import and export (entry and exit) of goods and services. Although agriculture, animal husbandry, forestry and fishing account for only 8% Mineral sector of GDP, the growth rate shows the potential of this sector. As described in chapter The main tax incentives available for investors in the mineral sector are: 2, the agricultural sector has more than doubled between 2005 and 2009. At the • Import duties exemption: results in a reduction of investment costs. same time, agriculture employs about 4% of the total working population in 2008. Sectors

• Accelerated depreciation. Suriname has much to offer for agriculture oriented companies: abundant of fertile Main Economic • Reinvestment reserve: results in a reduction of among others exploration land, forest, plenty of water, sand and a rich aquaculture. expenses. Suriname currently uses 120,000 ha (almost 300,000 acres) for agriculture, animal

Through special agreements with status of a law, facilities such as exemption for husbandry and aquaculture. The potential surface area for these activities, however, Trade

turnover tax, dividend tax and personal income tax for expatriate employees during the is estimated to be more than ten times as much: approximately 1.5 million ha (over International Ministry of Finance first six months of their stay in Suriname have been granted by the Government in the 3.7 million acres) are identified as suitable for agricultural activities. Suriname and Inspectorate of Direct Taxes mineral sector. its agricultural sector lack both the capital and the knowledge in certain areas of Van Sommelsdijckstraat 27 expertise to cultivate the fertile land efficiently. T (+597) 424850/ 424880 F (+597) 424852 Raw Materials Act Labor E [email protected] Due to the CARICOM membership of Suriname the Raw Materials Act was revised The most important export products in export value (SRD) in 2008 were rice, Market www.minfin.sr/ in 1996 in order to improve and strengthen the competitive position of Suriname bananas (“bacoven”), fish and fish products and crustaceans (see figure 6.1). www.belastingdienst.sr in relation to other CARICOM countries. Under the current Raw Materials Act an Compared to 2004, crustaceans decreased both in value (SRD) as well as in weight exemption of import duties is granted for the import of raw materials, ancillary (tons). Rice production increased in export value, but not significantly in volume.The materials, semi-finished goods and packing materials imported for use in the export of bananas in tons has tripled and the export in SRD increased even more.

following sectors: the industrial sector, the agriculture sector, the horticulture sector, f Life Quality the ornamental plant cultivation sector, the stock-breeding sector and the fisheries sector. Exemptions are also granted for the food industry, the soft drinks industry and the fruit juice industry. For more information please contact the Ministry of Finance. Testimonials 7 406 41 General General Information Information

The1.2 Investment Constitution Act also provides & for policies import duties exemption, investment deduction, religion. There is a small number of Buddhists, Jews, Bahai and other religions to reduction of wage tax due and fictitious interest deduction. However, the terms of which 3% of the population belongs. Around 5% claim no particular religion. Economic MAIN Economic Development theseSuriname facilities is a constitutionalhave been expired. democracy. Elections for the National Assembly, Development which in turn elects the President and Vice-President, are held every five years. Language ECONOMIC Non-taxThe ministers incentives are appointed by the President. The country is divided into 10 The official language is Dutch, which is spoken by more than 60% of the population Togetheradministrative with thedistricts, granting each of headed a tax incentive by a district of the commissioner Investment Act who a licenseis also can as its first language. Sranan6 Tongo (Surinamese) is the lingua franca, while English alsoappointed be granted by the by President. the authorized Members institution of the regarding: Ressort Council (comparable to a is also widely spoken. Most of the populationSECTORS also speak their ethnic language Business •city The council) repayment are elected of the at equity the same capital time obtained as the Nationalfrom abroad Assembly. to finance Based the on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment AroundRelevant 492,000 tax numberinvestments of Ressort as meantCouncil in (Ressort this act. Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is Environment habitants,incentives with and a very •members The payment for the ofDistrict profit Counciland/or dividend.(District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Dutch, English is diversebenefits ethnic heritage •are Theimportant payment democratic of interest institutions and amortization at the local for moneyand regional borrowed level. from abroad to Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken finance investments as meant in this act. continent.Suriname, with its unexplored mineral and water reserves, fertile land, favorable • The payment of remunerations for management, technical assistance, know- location and human resources, offers countless opportunities. The main economic a Business a Business Establishing 1.3how, patentFacts and about such. Suriname Nationalsectors described holidays in this chapter are selected by size of the sector in terms of Establishing Thecontribution diverse history,towards culture, GDP and/or ethnicity potential and religion growth. of In Suriname’s addition, government people are reflectedpolicy Futhermore,Population togetherand ethnicity with the granting of a tax incentive of the Investment Act, a inconcerning the variety economic of its national diversification holidays: is taken into account, especially pertaining to licenseThe last is census granted was by the held authorized in 2004, institutionwhen 492.464 for: people were counted. The tourism, agriculture and forestry. Date National Holiday (Official name) •population Residence grows and at settlement an average of rate foreign of 1% personnel. per year. In most descriptions of January 10 New Year’s Day (Nieuwjaarsdag) Taxation •Suriname Occupation the people of foreign are describedpersonnel. as being open and friendly. Suriname has a Taxation March 1 (varies) Phagwa (Holi) •very Establishment diverse ethnic of heritage, a company. consisting of native indigenous people (Amerindians), 6.1 Agriculture April 2 (varies) Good Friday (Goede Vrijdag) •maroons Import (direct and export descendants (entry and of formerexit) of African goods andslaves, services. still living traditionally in the hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from AlthoughApril 4 (Sunday) agriculture, animal husbandry,Easter (Pasen) forestry and fishing account for only 8% MineralIndia, China, sector Indonesia and Europe and all possible mixes of these groups, and ofApril GDP, 5 (varies) the growth rate showsSecond the potential day of Easter of this(2e Pasen) sector. As described in chapter Theincreasing main tax numbers incentives of immigrants available for from investors China inand the Brazil. mineral The sector indigenous are: inhabitants 2,May the 1 agricultural sector has moreLabor thanDay (Arbeidersdag) doubled between 2005 and 2009. At the Sectors (Amerindians)• Import duties were exemption: the original results inhabitants; in a reduction all other of ethnic investment groups costs. came later. The sameJuly 1 time, agriculture employsFreedom about Day 4% (Dag of theder Vrijheden)total working population in 2008. Sectors Main Economic country• Accelerated consists depreciation. exclusively of ethnic minorities, since no ethnic group has majority, SurinameAugust 9 has much to offer forDay agriculture of the Indigenous oriented people companies: (Dag der Inheemsen) abundant of fertile Main Economic as• seenReinvestment below: reserve: results in a reduction of among others exploration land,Varies forest, each year plenty of water, sandEnd of and Ramadan a rich (Id-Ul-Fitr) aquaculture. expenses. November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population SurinameDecember 25currently uses 120,000Christmas ha (almost (Kerstfeest) 300,000 acres) for agriculture, animal distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the ThroughEast Indians special (Hindoestanen) agreements with status of a law, facilities such as exemption for 29% husbandryDecember 26 and aquaculture. TheSecond potential day of surfaceChristmas area (2 Kerst) for these activities, however, Trade above categories. International International turnoverCreoles (Creolen) tax, dividend tax and personal income tax for expatriate employees during 19%the is estimated to be more than ten times as much: approximately 1.5 million ha (over International Tabel 1.2 National holidays Ministry of Finance firstMaroons six months (Marrons, of Bosnegers) their stay in Suriname has been granted by the Government in the16% 3.7 million acres) are identified as suitable for agricultural activities. Suriname and Inspectorate of Direct Taxes mineralJavanese sector. (Javanen, Indonesiërs) 15% its agricultural sector lack both the capital and the knowledge in certain areas of Climate Van Sommelsdijckstraat 27 Mixed 13% expertise to cultivate the fertile land efficiently. T (+597) 424850/ 424880 The daily average temperature for Suriname is around 27°C year-round. The country F (+597) 424852 RawAmerindians Materials Act 4% Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market E [email protected] DueOther to (Chinese, the CARICOM Brazilian, Whites)membership of Suriname the Raw Materials Act was revised4% The most important export products in export value (SRD) in 2008 were rice, www.minfin.sr/ November to February, as well as two dry seasons, one from August to November inTotal 1996 in order to improve and strengthen the competitive position of Suriname100% bananas (“bacoven”), fish and fish products and crustaceans (see figure 6.1). www.belastingdienst.sr and one from February to April. Suriname lies outside the hurricane and earthquake in relation to other CARICOM countries. Under the current Raw Materials Act an Compared to 2004, crustaceans decreased both in value (SRD) as well as in weight Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. exemptiongeneral bureau of ofimport statistics) duties is granted for the import of raw materials, ancillary (tons). Rice production increased in export value, but not significantly in volume. The materials, semi-finished goods and packing materials imported for use in the export of bananas in tons has tripled and the export in SRD increased even more. Currency f Life followingReligion sectors: the industrial sector, the agriculture sector, the horticulture sector, f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality theThe ornamentaldiversity of plantthe population cultivation is sector, reflected the instock-breeding its culture and sector religion. and Using the fisheries the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, sector.2004 census Exemptions data, 49% are also of the granted population for the is foodbelieved industry, to be the Christian. soft drinks The industrylargest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates anddenominations the fruit juice are industry. Catholics For and more Moravians information (Evangelische please contact Broeder the Ministry Gemeente of ), voor foto 2 are published daily in the local papers. Financealthough in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 42 43 General Information

80000 100000 Export in th. SRD Export in tons 2004 2004 2008 70000 2008 A EU financed Rice Credit Fund, called Suriname Financial Facility (SURFF), being 80000 � 60000 the equivalent in SRD of 3.5 million was successfully implemented in 2005 for Economic

the rice sector at rate of 9 % as well as a Agriculture Credit Fund (AK), established Development 50000 60000 in 2007 for the non-rice agricultural sector with a total means of � 2.3 million and 40000 again disbursed in our local SRD currency at a rate of 6.75 %. Because of the 40000 30000 success of this facility, an additional amount of � 1 million was approved in SRD 20000 for the total sector. The facility is still on-going. Both facilities are being kept by the 20000 1 10000 Landbouwbank . Business Environment 0 0 Fertile land, forest, In the past, Suriname’s export products have had problems complying with Rice Rice plenty of water, sand & Bananas Bananas international food safety requirements. The Ministry of Agriculture, Animal Crustaceans a rich agriculture Crustaceans Husbandry and Fishery (LVV) has indicated that the focus areas for 2010 are

has been a focus area for several years now and the ministry has reached several Establishing Figure 6.1 Export in SRD and in tons (Source: Annual Report 2008 The Ministry of Agriculture, Animal Husbandry and Fishery (LVV)) milestones. To comply with the World Trade Organization (WTO) Sanitary and phyto- sanitary measures, the Ministry of Agriculture, Animal Husbandry and Fishery of In terms of total agricultural production, the most commonly cultivated crops or Suriname, in 2001 established and operated an Agricultural Health and Food Safety plants are rice, bananas (bacoven), plantains, citrus fruits and vegetables (soya and Unit (AHFSU) to coordinate health and food safety issues and activities. In 2007 peas). Total tons of agricultural productions in 2008 were 330,000 (metric) tons

the Fish Inspection Institute (Viskeuringsinstituut, (VKI)) was established by the Taxation (364,000 tons US). Ministry of LVV. The VKI is the competent authority of industrial quality in fishery and On the other hand, the most important imports were end products (sauces, ice- aquaculture. cream, concentrate), meat, oil, liquor, flours, dairy products and sugar. The future shortage of fossil fuels may also generate opportunities for the bio fuel and bio In March 2010 Suriname became the host country for the Caribbean Agriculture diesel industry. Palm oil or sugar canes are plants that grow very well in Suriname Health and Food Safety Agency (CAHFSA). To increase the overall competitiveness

and are the main ingredients for bio diesel and ethanol. Sectors of export products the Ministry of Trade and Industry of Suriname established

Suriname Standards Bureau in 2007, to establish and coordinate the development of Main Economic Animal Husbandry is relatively small in Suriname and mostly aimed at local a standards infrastructure in Suriname. consumption, instead of export. Fishery, on the contrary, is a very important Other focus areas of the Ministry are agricultural education, research and sector for Suriname, and serves primarily as an export. Industry fleets operating development. There is also a shortage of agronomists. in Suriname are outrigger trawlers (shrimp, finfish and sea bob trawlers), stern Trade trawlers, snapper boats and open or decked wooden vessel. Freshwater fishes,

Some of the opportunities in the agriculture sector are: International marine fishes like catfishes, sea salmon, pikes, snappers and carp, carp-like-fish, • Expansion possibilities in all agricultural areas due to a surplus of fertile surface. shell fish and shrimp are popular export products. The lack of knowledge and skills • Bio fuel and bio diesel through for instance palm oil and sugar cane. hampers growth in the aqua cultural sector. However, this creates opportunities for • Expansion possibilities in forestry. investors with knowledge. • Expansion possibilities in fishery. Labor Market Forestry is still relatively small in terms of contribution towards GDP. Around 1. Source: Interview with the Ministry of Agriculture, Animal Husbandry and Fishery 30,000 cubic meters wood is produced annually. About 90% of Suriname’s land 2. Source: Ministry of Trade and Industry (HI), export and 6.2 Mining import products total 2005-2008 area consists of forest and wood land, but the government has tried to preserve its fragile ecology by opting against large-scale logging operations in favor of General sustainable harvesting. Recent research has shown that annual production levels

Bauxite, gold, oil natural stones and building material are the main activities in the f Life can be increased to 1.2 million cubic meters annually. This can still be harvested in a Quality mining industry in Suriname. Mining is the mainstay of the Surinamese economy, sustainable way without causing harm to the forest. especially in terms of export earnings. In 20082, gold and alumina together accounted for 64% of total export value of Suriname. If oil products are added, this figure jumps to 76% of total export value. Around 12% of GDP in 2009 comes from mining, while it is a growing sector in Suriname. From 2004 to 2009 mining Testimonials 7 426 43 General General General Information Information

80000 100000 Export in th. SRD Export in tons 2004 2004 2008 1.2 Constitution70000 & policies 2008 religion.A EU financed There is Ricea small Credit number Fund, ofcalled Buddhists, Suriname Jews, Financial Bahai andFacility other (SURFF), religions being to 80000 � 60000 whichthe equivalent 3% of the in SRDpopulation of 3.5 belongs. million Aroundwas successfully 5% claim noimplemented particular religion. in 2005 for Economic Economic

Suriname is a constitutional democracy. Elections for the National Assembly, the rice sector at a rate of 9 % as well as a Agriculture Credit Fund (AK), established Development Development 50000 60000 which in turn elects the President and Vice-President, are held every five years. Languagein 2007 for the non-rice agricultural sector with a total means of � 2.3 million and 40000 The ministers are appointed by the President. The country is divided into 10 Theagain official disbursed language in our is local Dutch, SRD which currency is spoken at a rate by more of 6.75 than %. 60% Because of the of population the 40000 administrative districts, 30000each headed by a district commissioner who is also assuccess its first of language. this facility, Sranan an additional Tongo (Surinamese) amount of � is 1 themillion lingua was franca, approved while in English SRD appointed by the President.20000 Members of the Ressort Council (comparable to a isfor also the widelytotal sector. spoken. The Most facility of isthe still population on-going. also Both speak facilities their are ethnic being language kept by the 20000 1 Business city council) are elected10000 at the same time as the National Assembly. Based on the suchLandbouwbank as Sarnami. Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Environment 0Around 492,000 0 OfficialFertile land, language forest, is members for the District Council (District Raad). The Ressort and District Councils Inspeak the past,mainly Suriname’s Mandarin exportin contrast products to the have older had Chinese problems immigrants complying that with spoke habitants,Rice with a very Rice plentyDutch, of water, English sand is & Bananas are important democratic institutions at theBananas local and regional level. internationalHakka. Suriname food issafety the only requirements. Dutch-speaking The Ministry nation on of theAgriculture, South-American Animal diverse ethnic heritage Crustaceans awidely rich agriculture spoken Crustaceans Husbandrycontinent. and Fishery (LVV) has indicated that the focus areas for 2010 are

Fish and sh product protecting food safety and increasing income of the agricultural sector. Food safety Fish and sh product Vegetables and turnips Other fruit and owers Vegetables and turnips Other fruit and owers a Business a Business Establishing 1.3 Facts about Suriname hasNational been aholidays focus area for several years now and the ministry has reached several Establishing Figure 6.1 Export in SRD and in tons (Source: Annual Report 2008 The Ministry of Agriculture, Animal Husbandry and Fishery (LVV)) milestones.The diverse Tohistory, comply culture, with theethnicity World and Trade religion Organization of Suriname’s (WTO) peopleSanitary are and reflected phyto- Population and ethnicity sanitaryin the variety measures, of its nationalthe Ministry holidays: of Agriculture, Animal Husbandry and Fishery of In terms of total agricultural production, the most commonly cultivated crops or The last census was held in 2004, when 492.464 people were counted. The Suriname, in 2001 established and operated an Agricultural Health and Food Safety plants are rice, bananas (bacoven), plantains, citrus fruits and vegetables (soya and Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of Unit (AHFSU) to coordinate health and food safety issues and activities. In 2007 peas). Total tons of agricultural productions in 2008 were 330,000 (metric) tons January 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a the Fish Inspection Institute (Viskeuringsinstituut, (VKI)) was established by the Taxation (364,000 tons US). very diverse ethnic heritage, consisting of native indigenous people (Amerindians), MinistryMarch 1 (varies)of LVV. The VKI is the Phagwacompetent (Holi) authority of industrial quality in fishery and On the other hand, the most important imports were end products (sauces, ice- maroons (direct descendants of former African slaves, still living traditionally in the aquaculture.April 2 (varies) Good Friday (Goede Vrijdag) cream, concentrate), meat, oil, liquor, flours, dairy products and sugar.The future hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) shortage of fossil fuels may also generate opportunities for the bio fuel and bio India, China, Indonesia and Europe and all possible mixes of these groups, and InApril March 5 (varies) 2010 Suriname becameSecond the day host of Eastercountry (2e Pasen)for the Caribbean Agriculture diesel industry. Palm oil or sugar canes are plants that grow very well in Suriname increasing numbers of immigrants from China and Brazil. The indigenous inhabitants HealthMay 1 and Food Safety AgencyLabor (CAHFSA). Day (Arbeidersdag) To increase the overall competitiveness Sectors and are the main ingredients for bio diesel and ethanol. Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The ofJuly export 1 products the MinistryFreedom of Trade Day and (Dag Industry der Vrijheden) of Suriname established Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, SurinameAugust 9 Standards Bureau inDay 2007, of the to Indigenous establish people and coordinate (Dag der Inheemsen) the development of Main Economic Animal Husbandry is relatively small in Suriname and mostly aimed at local as seen below: aVaries standards each year infrastructure in Suriname.End of Ramadan (Id-Ul-Fitr) consumption, instead of export. Fishery, on the contrary, is a very important OtherNovember focus 25 areas of the MinistryIndependence are agricultural Day (Onafhankelijkheidsdag) education, research and 1. Note: In the official data the ethnicity of 7% was sector for Suriname,1 and serves primarily as an export. Industry fleets operating listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population development.December 25 There is also a shortageChristmas (Kerstfeest)of agronomists. distribution from alternative sources of population in Suriname are outrigger trawlers (shrimp, finfish and sea bob trawlers), stern e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. trawlers, snapper boats and open or decked wooden vessel. Freshwater fishes, International International Creoles (Creolen) 19% Some of the opportunities in the agriculture sector are: International marine fishes like catfishes, sea salmon, pikes, snappers and carp, carp-like-fish, Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% • Expansion possibilities in all agricultural areas due to a surplus of fertile surface. shell fish and shrimp are popular export products.The lack of knowledge and skills Javanese (Javanen, Indonesiërs) 15% • Bio fuel and bio diesel through for instance palm oil and sugar cane. hampers growth in the aqua cultural sector. However, this creates opportunities for Climate Mixed 13% • Expansion possibilities in forestry. investors with knowledge. The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% • Expansion possibilities in fishery. Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% Forestry is still relatively small in terms of contribution towards GDP. Around November to February, as well as two dry seasons, one from August to November 1. Source: Interview with the Ministry of Agriculture, Total 100% Animal Husbandry and Fishery 30,000 cubic meters wood is produced annually. About 90% of Suriname’s land and one from February to April. Suriname lies outside the hurricane and earthquake 2. Source: Ministry of Trade and Industry (HI), export and 6.2 Mining import products total 2005-2008 areaTable consists1.1 Population of forest and ethnicity and wood (source: land, Algemeen but the government Bureau voor dehas Statistiek tried to (short preserve ABS), zone. general bureau of statistics) its fragile ecology by opting against large-scale logging operations in favor of General sustainable harvesting. Recent research has shown that annual production levels Currency f Life Religion Bauxite, gold, oil natural stones and building material are the main activities in the f Life Quality can be increased to 1.2 million cubic meters annually. This can still be harvested in a The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the mining industry in Suriname. Mining is the mainstay of the Surinamese economy, sustainable way without causing harm to the forest. SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest especially in terms of export earnings. In 20082, gold and alumina together Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), accounted for 64% of total export value of Suriname. If oil products are added, voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About this figure jumps to 76% of total export value.Around 12% of GDP in 2009 comes 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal from mining, while it is a growing sector in Suriname. From 2004 to 2009 mining Testimonials Testimonials 44 45 General Information

grew by almost 60%. What stands out is that the mining sector officially employs There is a large alumina refinery located in Paranam (District of Para), called the relatively few people. In 2008 only 4% of the total labor force was directly employed Paranam refinery. This refinery is owned by Suralco, a subsidiary of the US based Economic

in mining. If the informal sector is added, especially small scale gold mining, a much company Alcoa. In August 2009, Alcoa bought the shares of BHP-Billiton. Development higher percentage of the labor force is active in mining. Suralco has indicated to explore new mines in the areas of Nassau and Para North. These mines have an expected lifetime of a minimum of ten years. Bauxite For 2010 the prices of aluminum, which are a good indication of alumina prices, Export product number one in Suriname is the bauxite derivate alumina. Around are expected to rise. In January 2009 prices were around US$ 1,412 per ton of

33% of total exports or US$ 710 million came from alumina in 2008. However, aluminum. By July 2010 the aluminum price had gone up by almost 40% to US$ Business this is expected to drop sharply to US$ 320 million in 2009 due to the worldwide 1,954 per ton. The main opportunity of the bauxite sector is the development of Environment 10th largest producer of financial crisis. Suriname is the 10th largest producer of bauxite worldwide. Bauxite the bauxite reserves in the Bakhuys area with an integrated industry consisting of ∼ 30-40 tons of gold is bauxite worldwide production was around 4.5 million tons. The U.S. Geological Survey estimates mining, processing and aluminum production. quarried every year Suriname’s bauxite reserves around 580 million tons3, which makes Suriname the 9th bauxite richest country in the world. If this figure would be adjusted for the size Gold a Business

of the different countries, Suriname would be in the top three. Gold is the second largest export product, accounting for approximately 31% of all Establishing export. Its export value was circa US$ 660 million in 20084. These, however, are only Bauxite production Reserves % total Nr. Country the official figures. The Government estimates that every year a total of 30,000 to 2008 (1000 tons) (1000 tons) production 40,000 kilograms (33 to 44 tons) of gold is quarried in Suriname. The Central Bank 1 Australia 63,000 5,800,000 31% has calculated that approximately 80% of the gold mining is illegal. An estimated 2 China 32,000 700,000 16%

20,000 to 40,000 Brazilians, so-called “garimpeiros”, are active in gold mining in the Taxation 3 Brazil 25,000 1,900,000 12% Surinamese interior. Small scale gold mining is unregulated by the Government, and 4 India 20,000 770,000 10% forms an important part of the informal economy. During quarrying and processing 5 Guinea 18,000 7,400,000 9% mercury is used to bind the gold; excess mercury subsequently ends up polluting 6 Jamaica 15,000 2,000,000 7% the rivers and drinking water for the population. 7 Russia 6,400 200,000 3%

8 Venezuela 5,900 320,000 3% Sectors Most of the gold can be found in the eastern part of Suriname called the 9 Kazakhstan 4,800 360,000 2% Greenstone Belt. Also in the west of Suriname gold is found. There are about 800 Main Economic 10 Suriname 4,500 580,000 2% to 1,200 goldmines5 located near rivers and creeks in the interior, for example, 11 Greece 2,200 600,000 1% Mapana, Casipora, Compagnie, Klaas, Mindrineti, Goliath, Duwatra, Merian and 12 Guiana 1,600 700,000 1% Sela. 13 Vietnam 30 2,100,000 0% Trade 14 United States of America 0 20,000 0%

Surgold and IAMGold are two professional gold mining companies active in International 15 Other countries 6,800 3,200,000 3% Suriname. The Canadian company IAMGold is 95% owner of the Gros Rosebel World total 205,000 26,650,000 mine located in District Brokopondo which is 80 km south from Paramaribo. 5% of Table 6.1: Bauxite production 2008 and Reserves (source: U.S. Geological Survey, Mineral the gold mine is owned by the Surinamese Government. The mine covers an area Commodity Summaries, January 2009) 4. Source: Ministry of Trade and Industry (HI), export and of around 170 square km. In 2008 the Gros Rosebel mine produced 9,800 kg of import products total 2005-2008 Labor 5. Kleinschalige goudwinning in Suriname Een overzicht Market gold (10.8 tons US). Gold reserves of this mine are estimated to be around 108,000 van sociaaleconomische, politieke, en milieu aspecten, 3. Source: U.S. Geological Survey, Mineral Commodity Centrum voor Studie en Documentatie van Latijns Summaries, January 2009 The bauxite sector has recently been hit hard by the worldwide financial crisis due kg (119 tons US) which will allow gold mining until 2020. Surgold is a cooperative Amerika (CEDLA) Amsterdam, Nederland, 2009 to a significant drop in aluminum prices. Refineries had to sell below cost price. between US based Alcoa and Canada based Newmont Overseas Exploration Ltd. It As a result around 1,400 lay-offs were announced in 2009. As mentioned earlier, has a concession to quarry gold within the Nassau area. Surgold estimated the gold export dropped by 45% from 2008 to 2009. Another cause for the lay-offs was the reserves in the Nassau area about 85,000 kg (93.7 tons US). Mining has not started

decision of mining giant BHP-Billiton to exit Suriname. BHP-Billiton left because of yet. The main opportunity of the gold sector is to increase gold reserves for the f Life Quality the financial crisis, but also because negotiations stalled with the Government about expansion and continuation of gold production. new concessions in West-Suriname. Testimonials 7 446 45 General General Information Information

grew1.2 by almostConstitution 60%. What stands & policies out is that the mining sector officially employs religion.There is Therea large is alumina a small refinerynumber locatedof Buddhists, in Paranam Jews, (District Bahai and of Para),other calledreligions the to relatively few people. In 2008 only 4% of the total labor force was directly employed whichParanam 3% refinery. of the population This refinery belongs. is owned Around by Suralco, 5% claim a subsidiary no particular of the religion. US based Economic Economic Development inSuriname mining. isIf athe constitutional informal sector democracy. is added, Elections especially for small the National scale gold Assembly, mining, a much company Alcoa. In August 2009, Alcoa bought the shares of BHP-Billiton. Development higherwhich inpercentage turn elects of the the President labor force and is Vice-President, active in mining. are held every five years. LanguageSuralco has indicated to explore new mines in the areas of Nassau and Para North. The ministers are appointed by the President. The country is divided into 10 TheThese official mines language have an is expected Dutch, which lifetime is spokenof a minimum by more of than ten years.60% of the population Bauxiteadministrative districts, each headed by a district commissioner who is also asFor its 2010 first the language. prices of Sranan aluminum, Tongo which (Surinamese) are a good is theindication lingua franca,of alumina while prices, English Exportappointed product by the number President. one Membersin Suriname of isthe the Ressort bauxite Council derivate (comparable alumina. Around to a isare also expected widely tospoken. rise. In Most January of the 2009 population prices were also aroundspeak theirUS$ ethnic1,412 perlanguage ton of Business 33%city council) of total areexports elected or US$at the 710 same million time came as the from National alumina Assembly. in 2008. BasedHowever, on the suchaluminum. as Sarnami By July Hindi, 2010 Javanese, the aluminum different price maroon had gone and up indigenous by almost (Amerindian) 40% to US$ Business Environment Around 492,000 thisnumber is expected of Ressort to dropCouncil sharply (Ressort to US$ Raad) 320 members, million in 2009political due parties to the are worldwide awarded languages.1,954 per ton. Brazilians The main speak opportunity mainly Portuguese, of the bauxite while sector recent is the Chinese development immigrants of Official language is Environment 10habitants,th largest withproducer a very of financialmembers crisis. for the Suriname District Councilis the 10 (Districtth largest Raad) producer. The ofRessort bauxite and worldwide. District Councils Bauxite speakthe bauxite mainly reserves Mandarin in thein contrast Bakhuys to area the witholder an Chinese integrated immigrants industry that consisting spoke of ∼ 30-40Dutch, tons English of gold is is diversebauxite ethnic worldwide heritage productionare important was democratic around 4.5 institutions million tons. at Thethe localU.S. Geologicaland regional Survey level. estimates Hakka.mining, Suriname processing is andthe onlyaluminum Dutch-speaking production. nation on the South-American quarriedwidely every spoken year Suriname’s bauxite reserves around 580 million tons3, which makes Suriname the continent. 9th bauxite richest country in the world. If this figure would be adjusted for the size Gold a Business a Business Establishing of1.3 the differentFacts countries, about Suriname Suriname would be in the top three. NationalGold is the holidays second largest export product, accounting for approximately 31% of all Establishing Theexport. diverse Its export history, value culture, was ethnicitycirca US$ and 660 religion million ofin Suriname’s20084. These, people however, are reflected are only Bauxite production Reserves % total PopulationNr. Country and ethnicity inthe the official variety figures. of its Thenational Government holidays: estimates that every year a total of 30,000 to 2008 (1000 tons) (1000 tons) production The last census was held in 2004, when 492.464 people were counted. The 40,000 kilograms (33 to 44 tons) of gold is quarried in Suriname. The Central Bank 1 Australia 63,000 5,800,000 31% Date National Holiday (Official name) population grows at an average rate of 1% per year. In most descriptions of has calculated that approximately 80% of the gold mining is illegal. An estimated 2 China 32,000 700,000 16% January 10 New Year’s Day (Nieuwjaarsdag) Taxation Suriname the people are described as being open and friendly. Suriname has a 20,000 to 40,000 Brazilians, so-called “garimpeiros”, are active in gold mining in the Taxation 3 Brazil 25,000 1,900,000 12% very diverse ethnic heritage, consisting of native indigenous people (Amerindians), SurinameseMarch 1 (varies) interior. Small scalePhagwa gold (Holi)mining is unregulated by the Government, and 4 India 20,000 770,000 10% maroons (direct descendants of former African slaves, still living traditionally in the formsApril 2 an(varies) important part of theGood informal Friday economy.(Goede Vrijdag) During quarrying and processing 5 Guinea 18,000 7,400,000 9% hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from mercuryApril 4 (Sunday) is used to bind the gold;Easter excess (Pasen) mercury subsequently ends up polluting 6 Jamaica 15,000 2,000,000 7% India, China, Indonesia and Europe and all possible mixes of these groups, and theApril rivers 5 (varies) and drinking water forSecond the population.day of Easter (2e Pasen) 7 Russia 6,400 200,000 3% increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag) Sectors 8 Venezuela 5,900 320,000 3% Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The MostJuly 1 of the gold can be foundFreedom in the easternDay (Dag derpart Vrijheden) of Suriname called the 9 Kazakhstan 4,800 360,000 2% Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, GreenstoneAugust 9 Belt. Also in the westDay of of the Suriname Indigenous gold people is (Dagfound. der ThereInheemsen) are about 800 Main Economic 10 Suriname 4,500 580,000 2% as seen below: toVaries 1,200 each goldmines year 5 located nearEnd ofrivers Ramadan and (Id-Ul-Fitr)creeks in the interior, for example, 11 Greece 2,200 600,000 1% Mapana,November Casipora, 25 Compagnie,Independence Klaas, Mindrineti, Day (Onafhankelijkheidsdag) Goliath, Duwatra, Merian and 1. Note: In the official data the ethnicity of 7% was 12 Guiana 1 1,600 700,000 1% listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population Sela.December 25 Christmas (Kerstfeest) distribution from alternative sources of population 13 Vietnam 30 2,100,000 0% e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories. 14 United States of America 0 20,000 0% International International Creoles (Creolen) 19% Surgold and IAMGold are two professional gold mining companies active in International 15 Other countries 6,800 3,200,000 3% Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Suriname. The Canadian company IAMGold is 95% owner of the Gros Rosebel World total 205,000 26,650,000 Javanese (Javanen, Indonesiërs) 15% mine located in District Brokopondo which is 80 km south from Paramaribo. 5% of Climate TableMixed 6.1: Bauxite production 2008 and Reserves (source: U.S. Geological Survey, Mineral13% the gold mine is owned by the Surinamese Government. The mine covers an area The daily average temperature for Suriname is around 27°C year-round. The country Commodity Summaries, January 2009) 4. Source: Ministry of Trade and Industry (HI), export and Amerindians 4% of around 170 square km. In 2008 the Gros Rosebel mine produced 9,800 kg of import products total 2005-2008 Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% gold (10.8 tons US). Gold reserves of this mine are estimated to be around 108,000 5. Kleinschalige goudwinning in Suriname Een overzicht November to February, as well as two dry seasons, one from August to November van sociaaleconomische, politieke, en milieu aspecten, 3. Source: U.S. Geological Survey, Mineral Commodity TheTotal bauxite sector has recently been hit hard by the worldwide financial crisis due100% kg (119 tons US) which will allow gold mining until 2020. Surgold is a cooperative Centrum voor Studie en Documentatie van Latijns Summaries, January 2009 and one from February to April. Suriname lies outside the hurricane and earthquake Amerika (CEDLA) Amsterdam, Nederland, 2009 to a significant drop in aluminum prices. Refineries had to sell below cost price. between US based Alcoa and Canada based Newmont Overseas Exploration Ltd. It Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. Asgeneral a result bureau around of statistics) 1,400 lay-offs were announced in 2009. As mentioned earlier, has a concession to quarry gold within the Nassau area. Surgold estimated the gold export dropped by 45% from 2008 to 2009. Another cause for the lay-offs was the reserves in the Nassau area about 85,000 kg (93.7 tons US). Mining has not started Currency f Life decisionReligion of mining giant BHP-Billiton to exit Suriname. BHP-Billiton left because of yet. The main opportunity of the gold sector is to increase gold reserves for the f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality theThe financialdiversity crisis, of the but population also because is reflected negotiations in its culture stalled and with religion. the Government Using the about expansion and continuation of gold production. SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, new2004 concessions census data, in 49% West-Suriname. of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 46 47 General Information

6.3 Oil Many students work in the outsourcing sector. The amount of people working in the outsourcing sector was estimated at 540 in 2009. That is 0.34% of the total working Economic

The third largest export product is oil and oil products. Around 11 % of export is population, which is limited but still more than the ten people who were employed Development oil related, representing a value of almost US$ 250 million6. The oil sector is by in 2005. In 2009 a study was conducted by the Rotterdam School of Management7 law state-owned. The state-owned oil company is Staatsolie. Products are crude which showed that around twelve companies offered outsourcing services in oil, diesel oil, fuel oils and bitumen. In 2009 Staatsolie made a profit of US$ 181 Suriname. Most of them are IT related companies. Services offered were: million, of which US$ 66 million was paid in taxes and US$ 58 in dividend to the • Outbound / inbound calling (sales, recruitment, support).

Guiana-Suriname Basin Government. • First-line/ second-line support. Suriname was rated Business

th Environment to be the second most • E-mail processing. the 7 most popular promising unexplored Staatsolie produces the Saramacca Crude from the Tambaredjo Oilfield and Calcutta • Customer satisfaction research. outsourcing country for basin in the world Oilfield, located in the District of Saramacca. In 2008, the two oilfields produced • Administrative services, mostly debt collection services. the Netherlands 16,000 barrels a day, totaling 4.4 million barrels that year. On the other hand, it is • Financial services. estimated that Surinamese oil consumption averages around 14,000 barrels a day. • Software testing. a Business

The crude oil is transported via a 55 km (34 mile) long high-pressure pipeline from • Data-entry/ data-conversion. Establishing the production facilities to the storage and distribution facilities at the refinery, • Search engine optimizer services. located near Paramaribo. Approximately 2.7 million barrels crude oil are processed • Software development. each year. The refinery has a processing capacity of 7,000 barrels a day. However, Staatolie has announced an expansion of the refinery. The Italian company Saipem An example is Telenamic8, a joint venture of Telesur and Unamic HCN (Dutch

S.p.a (subsidiary of energy company Eni S.p.a.) has won the tender in 2010, worth outsourcing company). The company is active since 2005 in Suriname and grew Taxation circa US$ 550 million. As a result the processing capacity of the refinery should from 10 to 400 employees in Suriname. Clients are Wehkamp, Atos Origin, Eneco, double to 14,000 barrels a day, while the quality of the end products should enhance Speurders.nl, Telesur itself, Samsung and Dell. and the income of the government should increase. Overall Staatsolie planned US$ 1 billion in investments during 2008-2012. Since 2010 ABN Amro Bank has also partly outsourced its mortgage enquiries to Suriname. Also, UPC Netherlands and Dutch transportation companies decided The U.S. Geological Survey in 2000 declared the Guiana-Suriname Basin to be the to outsource to Suriname. The most important reason these companies indicate Sectors

second most promising unexplored basin in the world. The off-shore basin is located for outsourcing to Suriname is low cost of labor. The salary costs of a Surinamese Main Economic in the coastal regions of Guiana and Suriname. U.S. Geological Survey estimates call center employee are approximately one fifth of a Western European call center that the basin contains 15,246.87 million barrels crude oil, 42,058.37 billion cubic employee. Other reasons include the quality of the employees and the time feet of gas and 2,329.62 million barrels of natural gas liquids. difference.

A tribunal dispute resolution process under the UN Law of the Sea has issued a Trade

binding decision regarding the Maritime boundary between Guiana and Suriname in Conditions for an outsourcing industry are good telecommunication, infrastructure International 2007. Staatsolie, together with Repsol YPF (a Spanish company), Maersk Oil (Danish and human resources. Of these, the internet is the least developed in Suriname. company) and Murphy Oil established a partnership to conduct research and start The connection and also the internet prices are not competitive compared to test drilling off the coast. The main opportunity of the oil sector is to increase oil neighboring countries. However, Telesur is investing in additional fiberglass 7. Suriname’s offshore Service Industry. Status quo & reserves for the expansion and continuation of oil production. connections. Human resources are very well developed. According to the study current developments Offshore Seminar Torarica 27- Labor 10-2009 by Irvin Tjoen (Bsc.) of the Rotterdam School Market of the Rotterdam School of Management a vacancy attracts an average of twenty of Management. 6. Source: Ministry of Trade and Industry (HI), export and 8. Source: Volkskrant, Bedrijfsleven ontdekt Suriname, import products total 2005-2008 applicants. However, there is a limit, since the labor force is relatively small. In July 2010 6.4 Outsourcing addition, costs involve a license to operate a call center in Suriname.

Outsourcing is a rather small sector within Suriname. Its contribution towards The time difference of five hours in summer or four hours in winter with the

GDP is unclear, because it is not a separate category yet within statistical data. Netherlands is an advantage. With a time difference it is possible to offer 24/7 f Life Quality Nevertheless it is a rapidly growing and attractive sector. Suriname was rated the 7th service. This makes Suriname more attractive than some other outsourcing most popular outsourcing country for the Netherlands by Ernst & Young. countries such as South Africa where there is virtually no time difference. Another advantage is that the culture and moreover the language between Suriname and the Netherlands do not differ as much as for example with India or South Africa. Testimonials 7 466 47 General General General Information Information

6.31.2 OilConstitution & policies religion.Many students There is work a small in the number outsourcing of Buddhists, sector. Jews,The amount Bahai andof people other workingreligions into the whichoutsourcing 3% of sector the population was estimated belongs. at 540Around in 2009. 5% claim That isno 0.34% particular of the religion. total working Economic Economic Development TheSuriname third largest is a constitutional export product democracy. is oil and Elections oil products. for the Around National 11 % Assembly, of export is population, which is limited but still more than the ten people who were employed Development oilwhich related, in turn representing elects the Presidenta value of andalmost Vice-President, US$ 250 million are held6. The every oil sector five years. is by Languagein 2005. In 2009 a study was conducted by the Rotterdam School of Management7 Thelaw state-owned.ministers are Theappointed state-owned by the oilPresident. company The is Staatsoliecountry is. dividedProducts into are 10 crude Thewhich official showed language that around is Dutch, twelve which companies is spoken offered by more outsourcing than 60% servicesof the population in administrativeoil, diesel oil, fuel districts, oils and each bitumen. headed In by 2009 a district Staatsolie commissioner made a profit who isof alsoUS$ 181 asSuriname. its first language.Most of them Sranan are Tongo IT related (Surinamese) companies. is theServices lingua offered franca, were:while English appointedmillion, of whichby the US$President. 66 million Members was paid of thein taxes Ressort and Council US$ 58 (comparable in dividend to to the a is• alsoOutbound widely spoken./ inbound Most calling of (sales,the population recruitment, also speaksupport). their ethnic language Business Guiana-Suriname Basin cityGovernment. council) are elected at the same time as the National Assembly. Based on the such• First-line/ as Sarnami second-line Hindi, Javanese, support. different maroon and indigenous (Amerindian) Suriname was rated Business Environment th Environment to beAround the second 492,000 most number of Ressort Council (Ressort Raad) members, political parties are awarded languages.• E-mail processing. Brazilians speak mainly Portuguese, while recent Chinese immigrants theOfficial 7 most language popular is promisinghabitants, unexploredwith a very membersStaatsolie forproduces the District the Saramacca Council (District Crude Raad) from .the The Tambaredjo Ressort and Oilfield District and Councils Calcutta speak• Customer mainly Mandarinsatisfaction in research.contrast to the older Chinese immigrants that spoke outsourcingDutch, English country is for diversebasin ethnicin the worldheritage areOilfield, important located democratic in the District institutions of Saramacca. at the local In 2008,and regional the two level. oilfields produced Hakka.• Administrative Suriname is services, the only mostlyDutch-speaking debt collection nation services.on the South-American thewidely Netherlands spoken 16,000 barrels a day, totaling 4.4 million barrels that year. On the other hand, it is continent.• Financial services. estimated that Surinamese oil consumption averages around 14,000 barrels a day. • Software testing. a Business a Business Establishing 1.3The crude Facts oil is transported about via Suriname a 55 km (34 mile) long high-pressure pipeline from National• Data-entry/ holidays data-conversion. Establishing the production facilities to the storage and distribution facilities at the refinery, The• Search diverse engine history, optimizer culture, services.ethnicity and religion of Suriname’s people are reflected Populationlocated near Paramaribo.and ethnicity Approximately 2.7 million barrels crude oil are processed in• theSoftware variety development.of its national holidays: Theeach last year. census The refinery was held has in 2004,a processing when 492.464capacity peopleof 7,000 were barrels counted. a day. TheHowever, Date National Holiday (Official name) populationStaatolie has grows announced at an average an expansion rate of of1% the per refinery. year. InThe most Italian descriptions company of Saipem An example is Telenamic8, a joint venture of Telesur and Unamic HCN (Dutch January 10 New Year’s Day (Nieuwjaarsdag) Taxation SurinameS.p.a (subsidiary the people of energy are described company as Eni being S.p.a.) open has and won friendly. the tender Suriname in 2010, has worth a outsourcing company). The company has been active since 2005 in Suriname and grew Taxation verycirca diverseUS$ 550 ethnic million. heritage, As a result consisting the processing of native capacityindigenous of thepeople refinery (Amerindians), should fromMarch 10 1 (varies)to 400 employees in Suriname.Phagwa (Holi) Clients are Wehkamp, Atos Origin, Eneco, maroonsdouble to (direct14,000 descendants barrels a day, of while former the African quality slaves, of the stillend livingproducts traditionally should enhance in the Speurders.nl,April 2 (varies) Telesur itself, SamsungGood Friday and (Goede Dell. Vrijdag) hinterland),and the income mixed of Afrothe government Surinamese should(Creoles), increase. descendants Overall ofStaatsolie immigrants planned from US$ April 4 (Sunday) Easter (Pasen) India,1 billion China, in investments Indonesia andduring Europe 2008-2012. and all possible mixes of these groups, and SinceApril 5 2010 (varies) ABN Amro Bank hasSecond also day partly of Easter outsourced (2e Pasen) its mortgage enquiries to increasing numbers of immigrants from China and Brazil. The indigenous inhabitants Suriname.May 1 Also, UPC NetherlandsLabor and Day (Arbeidersdag)Dutch transportation companies decided Sectors (Amerindians)The U.S. Geological were theSurvey original in 2000 inhabitants; declared all the other Guiana-Suriname ethnic groups Basincame tolater. be Thethe toJuly outsource 1 to Suriname. TheFreedom most important Day (Dag der reason Vrijheden) these companies indicate Sectors Main Economic countrysecond mostconsists promising exclusively unexplored of ethnic basin minorities, in the world. since Theno ethnic off-shore group basin has is majority, located forAugust outsourcing 9 to Suriname isDay low of cost the Indigenous of labor. peopleThe salary (Dag der costs Inheemsen) of a Surinamese Main Economic asin theseen coastal below: regions of Guiana and Suriname. U.S. Geological Survey estimates callVaries center each employeeyear are approximatelyEnd of Ramadan one (Id-Ul-Fitr)fifth of aWestern European call center that the basin contains 15,246.87 million barrels crude oil, 42,058.37 billion cubic employee.November 25 Other reasons includeIndependence the quality Day of (Onafhankelijkheidsdag) the employees and the time 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic feetEthnic of gasgroup and 2,329.62 million barrels of natural gas liquids. In % of the population difference.December 25 Christmas (Kerstfeest) distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the AEast tribunal Indians dispute (Hindoestanen) resolution process under the UN Law of the Sea has issued a29% December 26 Second day of Christmas (2 Kerst) Trade above categories. International International bindingCreoles (Creolen)decision regarding the Maritime boundary between Guiana and Suriname19% in Conditions for an outsourcing industry are good telecommunication, infrastructure International Tabel 1.2 National holidays 2007.Maroons Staatsolie (Marrons,, togetherBosnegers) with Repsol YPF (a Spanish company), Maersk Oil (Danish16% and human resources. Of these, the internet is the least developed in Suriname. company)Javanese (Javanen, and Murphy Indonesiërs) Oil established a partnership to conduct research and start15% The connection and also the internet prices are not competitive compared to Climate testMixed drilling off the coast. The main opportunity of the oil sector is to increase oil 13% neighboring countries. However, Telesur is investing in additional fiberglass The daily average temperature for Suriname is around 27°C year-round. The country 7. Suriname’s offshore Service Industry. Status quo & reservesAmerindians for the expansion and continuation of oil production. 4% connections. Human resources are very well developed. According to the study current developments Offshore Seminar Torarica 27- Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% of the Rotterdam School of Management a vacancy attracts an average of twenty 10-2009 by Irvin Tjoen (Bsc.) of the Rotterdam School November to February, as well as two dry seasons, one from August to November of Management. 6. Source: Ministry of Trade and Industry (HI), export and Total 100% applicants. However, there is a limit, since the labor force is relatively small. In 8. Source: Volkskrant, Bedrijfsleven ontdekt Suriname, import products total 2005-2008 and one from February to April. Suriname lies outside the hurricane and earthquake July 2010 6.4 Outsourcing addition, costs involve a license to operate a call center in Suriname. Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) Outsourcing is a rather small sector within Suriname. Its contribution towards The time difference of five hours in summer or four hours in winter with the Currency f Life GDPReligion is unclear, because it is not a separate category yet within statistical data. Netherlands is an advantage. With a time difference it is possible to offer 24/7 f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality NeverthelessThe diversity ofit isthe a rapidlypopulation growing is reflected and attractive in its culture sector. and Suriname religion. was Using rated the the 7th service. This makes Suriname more attractive than some other outsourcing SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, most2004 censuspopular data,outsourcing 49% of country the population for the Netherlandsis believed to by be Ernst Christian. & Young. The largest countries such as South Africa where there is virtually no time difference. Another Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), advantage is that the culture and moreover the language between Suriname and the voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About Netherlands do not differ as much as for example with India or South Africa. 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 48 49 General Information

Outsourcing is more a niche market of Suriname and especially attractive for the A development program of the European Union was approved to further develop Dutch market since Dutch is the national language of Suriname. At the same time, tourism. An amount of � 2.4 million has been made available for new tourism Economic

costs of salary are lower than in the Netherlands. Suriname provides outsourcing legislation (currently being drafted), training and product development. Suriname Development possibilities for Dutch and Flemish companies mainly because high quality Dutch has a training facility that is specialized in educating of personnel of the catering speaking employees at relative low costs are available. The sector also offers 24/7 industry. services through time difference. About two thirds of all registered tourists came from The Netherlands, often Dutch

people with a Surinamese background visiting family. As shown in figure 6.2 around Business The tourism sector 6.5 Tourism 60% of all tourist visit friends or family. Around 30% of all tourists visit Suriname Environment grew 70% from 2005 for spending their holiday. The number of tourists grew by 17% from 2007 to 2008. ∼ 190,000 tourists to 2009 Tourism is very important for Suriname. Although tourism is not yet a separate In 2008, around 190,000 tourists entered Suriname via the Johan Adolf Pengel enter Suriname category within the government statistics, the sector is estimated around US$190 International Airport. Surinam Airways and KLM offer direct flights from and to million. According to the Suriname Tourism Foundation, an international visitor Amsterdam. In addition, Surinam Airways, Meta Airlines, Caribbean Airlines and a Business

spends on average US$ 50 per day during an average length of stay of twenty Insel Air have scheduled flights to Miami, Curacao, Aruba, Trinidad & Tobago, Guiana Establishing days. By multiplying this amount with total visitors of 190,000 in 2008 total and Brazil. In Paramaribo there is a second airport called Zorg en Hoop. Gumair and revenues are estimated at around US$ 190 million. This amount does not include Blue Wings Airlines are the main operators from this airport. Most tourists come earnings for hotels and restaurants of US$ 50 million in 2008. This means at least from Europe (68%), followed by tourists from South America (22%). Tourists from US$ 250 million is earned excluding flights and flight taxes. This means that tourism the Caribbean area account for about 6% of all tourists.

contributed approximately 30% towards Suriname’s export earnings in 2008. Taxation 1% Around 8,000 people work in tourism. 4% 5% Visit friends or family Holidays The tourism sector grew 70% from 2005 to 2009. Growth is also reflected in the Business 30% 60% number of tour operators. In 1992 there were two tour operators compared to Other Study more than thirty in 2009. Suriname focuses on eco-tourism and on sustainable tourism. The country is relatively unknown as a tourist destination in most of the Sectors

world, while tourism is just emerging as a local policy priority. No sooner than 1991 Main Economic was the Ministry of Transport, Communication and Tourism (TCT) established; the Figure 6.2: Type of tourists (source: Suriname Tourism Foundation) Suriname Tourism Foundation (STS) was subsequently created in 1996. Until 1962 there was no business hotel. In the past years, however, the number of hotels grew Go Suriname Travelgroup has formed an alliance with METS, Krasnapolsky and

by 200%. Major hotels are Torarica (together with Royal Torarica and Eco-Resort), Residence Inn in order to bring more tourists to Suriname. Dutch travel agents such Trade

Marriot, Krasnapolsky, Best Western and Residence Inn. as Beter Uit Reizen, Kras Ster Vakanties, Terra Mundo, VVAA, Stolk Travel and Makor International Reizen are also party in this alliance. Suriname has beautiful nature with a luscious rain forest and many natural reserves, friendly local people, a rich and diverse culture, and safety to offer. There are 2000 2002 2003 2004 2005 2006 countless opportunities within the tourism sector. The tourism sector will grow Labor Market Hotels 18 22 25 26 34 40 significantly in the future and the first movers will profit most of this positive Guesthouses 75 100 112 120 129 145 development. The tourism sector is still small, but is very promising because of Bed & breakfast 200 280 310 325 350 361 amongst others: Tour Operators 18 24 32 38 44 44 • Limited competition (yet). Travel Agencies 30 33 36 40 42 42 • Good accessibility by air.

Resorts 50 65 80 81 82 85 • Good roads and ferries between Suriname, Guiana and French Guiana. f Life Quality • Opportunities for small cruise ships and yachts. Table 6.2: Growth on the Supply Side of Tourism in Suriname 2000 - 2006 (source: Suriname Tourism Foundation, August 2007) Testimonials 7 486 49 General General General Information Information

Outsourcing1.2 Constitution is more a niche market & policies of Suriname and especially attractive for the religion.A development There is program a small numberof the European of Buddhists, Union Jews, was approvedBahai and to other further religions develop to Dutch market since Dutch is the national language of Suriname. At the same time, whichtourism. 3% An of amount the population of � 2.4 belongs. million has Around been 5%made claim available no particular for new religion. tourism Economic Economic Development costsSuriname of salary is a constitutional are lower than democracy. in the Netherlands. Elections Surinamefor the National provides Assembly, outsourcing legislation (currently being drafted), training and product development. Suriname Development possibilitieswhich in turn for elects Dutch the and President Flemish and companies Vice-President, mainly becauseare held everyhigh quality five years. Dutch Languagehas a training facility that is specialized in educating of personnel of the catering speakingThe ministers employees are appointed at relative by lowthe President.costs are available. The country The is sector divided also into offers 10 24/7 Theindustry. official language is Dutch, which is spoken by more than 60% of the population servicesadministrative through districts, time difference. each headed by a district commissioner who is also as its first language. Sranan Tongo (Surinamese) is the lingua franca, while English appointed by the President. Members of the Ressort Council (comparable to a isAbout also twowidely thirds spoken. of all Mostregistered of the tourists population came also from speak The theirNetherlands, ethnic language often Dutch Business city council) are elected at the same time as the National Assembly. Based on the suchpeople as with Sarnami a Surinamese Hindi, Javanese, background different visiting maroon family. and As indigenous shown in figure(Amerindian) 6.2 around Business Environment TheAround tourism 492,000 sector 6.5number ofTourism Ressort Council (Ressort Raad) members, political parties are awarded languages.60% of all tourist Brazilians visit speak friends mainly or family. Portuguese, Around 30%while of recent all tourists Chinese visit immigrants Suriname Official language is Environment grewhabitants, 70% with from a 2005 very members for the District Council (District Raad). The Ressort and District Councils speakfor spending mainly theirMandarin holiday. in Thecontrast number to the of oldertourists Chinese grew byimmigrants 17% from that 2007 spoke to 2008. ∼Dutch, 190,000 English tourists is diverse toethnic 2009 heritage Tourismare important is very democratic important institutionsfor Suriname. at theAlthough local and tourism regional is not level. yet a separate Hakka.In 2008, Suriname around 190,000 is the only tourists Dutch-speaking entered Suriname nation onvia the the South-American Johan Adolf Pengel enterwidely Suriname spoken category within the government statistics, the sector is estimated around US$190 continent.International Airport. Surinam Airways and KLM offer direct flights from and to million. According to the Suriname Tourism Foundation, an international visitor Amsterdam. In addition, Surinam Airways, Meta Airlines, Caribbean Airlines and a Business a Business Establishing spends1.3 onFacts average about US$ 50 per Suriname day during an average length of stay of twenty NationalInsel Air have holidays scheduled flights to Miami, Curacao,Aruba, Trinidad & Tobago, Guiana Establishing days. By multiplying this amount with total visitors of 190,000 in 2008 total Theand Brazil.diverse In history, Paramaribo culture, there ethnicity is a second and religion airport ofcalled Suriname’s Zorg en people Hoop. areGumair reflected and revenuesPopulation are and estimated ethnicity at around US$ 190 million. This amount does not include inBlue the Wings variety Airlines of its national are the holidays:main operators from this airport. Most tourists come earningsThe last census for hotels was and held restaurants in 2004, when of US$ 492.464 50 million people in 2008. were This counted. means The at least from Europe (68%), followed by tourists from South America (22%). Tourists from Date National Holiday (Official name) US$population 250 million grows is at earned an average excluding rate flightsof 1% perand year. flight In mosttaxes.This descriptions means that of tourism the Caribbean area account for about 6% of all tourists. January 10 New Year’s Day (Nieuwjaarsdag) Taxation contributedSuriname the approximately people are described 30% towards as being Suriname’s open and export friendly. earnings Suriname in 2008. has a Taxation 1% March 1 (varies) Phagwa (Holi) Aroundvery diverse 8,000 ethnic people heritage, work in consisting tourism. of native indigenous people (Amerindians), 4% 5% maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) GoodVisit Friday friends (Goede or family Vrijdag) Holidays April 4 (Sunday) Easter (Pasen) Thehinterland), tourism mixed sector Afro grew Surinamese 70% from (Creoles),2005 to 2009. descendants Growth is of also immigrants reflected from in the Business 30% 60% numberIndia, China, of tour Indonesia operators. and In Europe 1992 there and all were possible two tourmixes operators of these compared groups, and to April 5 (varies) SecondOther day of Easter (2e Pasen) Study moreincreasing than numbersthirty in 2009. of immigrants Suriname from focuses China on and eco-tourism Brazil. The and indigenous on sustainable inhabitants May 1 Labor Day (Arbeidersdag) Sectors tourism.(Amerindians) The country were the is relativelyoriginal inhabitants; unknown as all a other tourist ethnic destination groups in came most later. of the The July 1 Freedom Day (Dag der Vrijheden) Sectors Main Economic world,country while consists tourism exclusively is just emerging of ethnic asminorities, a local policy since priority. no ethnic No groupsooner has than majority, 1991 August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic wasas seen the below:Ministry of Transport, Communication and Tourism (TCT) established; the FigureVaries 6.2:each Type year of tourists (source:End Suriname of Ramadan Tourism (Id-Ul-Fitr) Foundation) Suriname Tourism Foundation (STS) was subsequently created in 1996. Until 1962 November 25 Independence Day (Onafhankelijkheidsdag) 1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic thereEthnic was group no business hotel. In the past years, however, the numberIn % of of the hotels population grew GoDecember Suriname 25 Travelgroup has formedChristmas an (Kerstfeest) alliance with METS, Krasnapolsky and distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the byEast 200%. Indians Major (Hindoestanen) hotels are Torarica (together with Royal Torarica and Eco-Resort),29% ResidenceDecember 26 Inn in order to bringSecond more day tourists of Christmas to Suriname. (2 Kerst) Dutch travel agents such Trade above categories. International International Marriot,Creoles (Creolen) Krasnapolsky, Best Western and Residence Inn. 19% as Beter Uit Reizen, Kras Ster Vakanties, Terra Mundo, VVAA, Stolk Travel and Makor International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Reizen are also party in this alliance. Javanese (Javanen, Indonesiërs) 15% Suriname has beautiful nature with a luscious rain forest and many natural reserves, Climate Mixed 13% friendly local people, a rich and diverse culture, and safety to offer. There are The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 2000 2002 2003 2004 2005 20064% countless opportunities within the tourism sector. The tourism sector will grow Labor Labor Market has a tropical climate with two wet seasons, one from April to August and one from Market OtherHotels (Chinese, Brazilian, Whites)18 22 25 26 34 4%40 significantly in the future and the first movers will profit most from this positive November to February, as well as two dry seasons, one from August to November TotalGuesthouses 75 100 112 120 129 100%145 development. The tourism sector is still small, but is very promising because of and one from February to April. Suriname lies outside the hurricane and earthquake Bed & breakfast 200 280 310 325 350 361 amongst others: Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. generalTour Operators bureau of statistics) 18 24 32 38 44 44 • Limited competition (yet). Travel Agencies 30 33 36 40 42 42 • Good accessibility by air. Currency f Life ReligionResorts 50 65 80 81 82 85 • Good roads and ferries between Suriname, Guiana and French Guiana. f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the • Opportunities for small cruise ships and yachts. Table 6.2: Growth on the Supply Side of Tourism in Suriname 2000 - 2006 (source: Suriname SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, Tourism2004 census Foundation, data, August49% of 2007) the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 50 51 General Information

6.6 Health care

INTERNATIONAL Economic

Health care is a fairly unknown sector in Suriname and contributes around 1% to Development GDP. However, from 2005 to 2009 health care income increased by 40%. Health TRADE care is a very profitable niche market, especially the combination of high quality private hospitals and beauty tourism. The overall level of medical expertise and 7 experience is relatively high. Business

Suriname has three state-owned hospitals and two private hospitals. State-owned Environment Example: hospitals are ‘s Lands Hospitaal, Academisch Ziekenhuis, located in Paramaribo, The private hospital Sint Vincentius Ziekenhuis has a capacity of and Streek Ziekenhuis Nickerie, located in the District of Nickerie. The two private around 320 beds. The staff totals hospitals are Sint Vincentius Ziekenhuis and Diakonessenhuis. Additionally, there are 600 employees, half of whom are 7.1 Imports in the nursing department. The several private clinics such as Diatel Suriname, a clinic that offers Suriname holidays

specialists are not employees of a Business

for kidney patients. Other private clinics are Diapura, also a dialyses clinic, and eye Establishing the hospital. They rent the policlinic Trade regime clinic I-Care. Most medical analysis and scans can also be done in private facilities. facilities from the hospital and are Suriname deregulated trade in 1999. Everybody who is registered with the Chamber obligated to have their patients of Commerce & Industry is free to import and export goods without any additional clinically hospitalized and treated Total capacity of all hospitals is estimated around 1,300 beds. In addition, there at the hospital. Around 26 medical license, with the exception of goods on the so called ‘Negative List’. Goods are about 1,225 doctors in Suriname. Almost all health disciplines are available in specialists work for this private included on this list are either forbidden to import or require specific licenses and/or

hospital. Medical services include Suriname. As a percentage of Suriname’s total population, the rate of doctors is Taxation general surgery, gynecology, certificate or registration. quite remarkable, both in the sense that a large number of people have become radiology, pediatrics, neurology, dermatology, neurosurgery and doctors, as well as in the sense that the potential doctor-to-patient ratio is extremely Negative List psychiatry, among others. high. In 2008 around 6% of the total working population is employed within the healthcare sector. Goods that require a license Weapons Sectors Firework Main Economic Narcotics Mercury Radioactive minerals

Wild animals and plants Trade

Used tires International Animals, animal products and products of animals Lings, plants and humus Polychlorinated biphenyl (PCB) Labor

Equipment containing polychlorinated terphenyl (PCT) Market Pesticides Goods that require a certificate Medicines for animals and plants (MoA) Medicines for people (MoH)

Micro-organism (bacteria, yeast, must) (MoH) f Life Quality Waste Refrigerators, airconditioners and all products with chlorofluorcarbons (MoH) Remedy (MoA) Testimonials 7 506 51 General General General Information Information

6.61.2 HealthConstitution care & policies religion. There is a small number of Buddhists, Jews, Bahai and other religions to which 3% of the population belongs. Around 5% claim no particular religion.

INTERNATIONAL Economic Economic

HealthSuriname care is isa constitutionala fairly unknown democracy. sector in ElectionsSuriname for and the contributes National Assembly, around 1% to Development Development GDP.which However, in turn elects from the 2005 President to 2009 and health Vice-President, care income are increased held every by 40%. five years. Health Language TRADE careThe ministersis a very profitableare appointed niche by themarket, President. especially The the country combination is divided of intohigh 10quality The official language is Dutch, which is spoken by more than 60% of the population privateadministrative hospitals districts, and beauty each tourism.headed byThe a overalldistrict levelcommissioner of medical who expertise is also and as its first language. Sranan7 Tongo (Surinamese) is the lingua franca, while English experienceappointed by is therelatively President. high. Members of the Ressort Council (comparable to a is also widely spoken. Most of the population also speak their ethnic language Business city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business Environment Surinamenumber of has Ressort three Council state-owned (Ressort hospitals Raad) members,and two private political hospitals. parties areState-owned awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Environment Example:Around 492,000 Official language is hospitalsmembers are for ‘sthe Lands District Hospitaal, Council Academisch(District Raad) Ziekenhuis. The Ressort, located and Districtin Paramaribo, Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke Thehabitants, private hospital with Sint Vincentiusa very Dutch, English is diverseZiekenhuis has ethnic a capacity heritage of andare importantStreek Ziekenhuis democratic Nickerie institutions, located at inthe the local District and regional of Nickerie. level. The two private Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken around 320 beds. The staff totals hospitals are Sint Vincentius Ziekenhuis and Diakonessenhuis. Additionally, there are continent. 600 employees, half of whom are 7.1 Imports in the nursing department. The several private clinics such as Diatel Suriname, a clinic that offers Suriname holidays a Business specialists are not employees of a Business Establishing for1.3 kidney Facts patients. about Other private Suriname clinics are Diapura, also a dialyses clinic, and eye National holidays Establishing the hospital. They rent the policlinic Trade regime clinic I-Care. Most medical analysis and scans can also be done in private facilities. The diverse history, culture, ethnicity and religion of Suriname’s people are reflected facilities from the hospital and are Suriname deregulated trade in 1999. Everybody who is registered with the Chamber obligated to have their patients Population and ethnicity in the variety of its national holidays: of Commerce & Industry is free to import and export goods without any additional clinically hospitalized and treated TotalThe last capacity census of wasall hospitals held in 2004, is estimated when 492.464 around 1,300people beds. were In counted. addition, The there at the hospital. Around 26 medical license,Date with the exception of Nationalgoods on Holiday the so (Official called ‘Negative name) List’. Goods specialists work for this private arepopulation about 1,225 grows doctors at an average in Suriname. rate of Almost 1% per all year. health In mostdisciplines descriptions are available of in includedJanuary 10 on this list are either Newforbidden Year’s Day to import(Nieuwjaarsdag) or require a specific license and/or Taxation hospital. Medical services include Suriname.Suriname theAs apeople percentage are described of Suriname’s as being total open population, and friendly. the rateSuriname of doctors has ais Taxation general surgery, gynecology, certificate or registration. quitevery diverse remarkable, ethnic both heritage, in the consistingsense that of a largenative number indigenous of people people have (Amerindians), become March 1 (varies) Phagwa (Holi) radiology, pediatrics, neurology, April 2 (varies) Good Friday (Goede Vrijdag) dermatology, neurosurgery and doctors,maroons as (direct well descendantsas in the sense of thatformer the African potential slaves, doctor-to-patient still living traditionally ratio is extremely in the Negative List psychiatry, among others. high.hinterland), In 2008 mixed around Afro 6% Surinamese of the total (Creoles), working populationdescendants is employedof immigrants within from the April 4 (Sunday) Easter (Pasen) April 5 (varies) Second day of Easter (2e Pasen) healthcareIndia, China, sector. Indonesia and Europe and all possible mixes of these groups, and Goods that require a license May 1 Labor Day (Arbeidersdag) increasing numbers of immigrants from China and Brazil. The indigenous inhabitants Weapons Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) Sectors Firework Main Economic country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic Narcotics as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) NovemberMercury 25 Independence Day (Onafhankelijkheidsdag)

1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population DecemberRadioactive 25 minerals Christmas (Kerstfeest) distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% DecemberWild animals 26 and plants Second day of Christmas (2 Kerst) Trade above categories. International International Creoles (Creolen) 19% Used tires International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Animals, animal products and products of animals Javanese (Javanen, Indonesiërs) 15% ClimateLings, plants and humus Mixed 13% ThePolychlorinated daily average biphenyl temperature (PCB) for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor Market hasEquipment a tropical containing climate polychlorinated with two wet terphenyl seasons, (PCT) one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% NovemberPesticides to February, as well as two dry seasons, one from August to November Total 100% and one from February to April. Suriname lies outside the hurricane and earthquake Goods that require a certificate Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) Medicines for animals and plants (MoA) Medicines for people (MoH) Currency f Life Religion Micro-organism (bacteria, yeast, must) (MoH) f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRDWaste is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25,Refrigerators, 100 and 250airconditioners cent and and bank all productsnotes of with 5, 10,chlorofluorcarbons 20, 50 and 100 (MoH) Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 areRemedy published (MoA) daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials Testimonials 52 53 General Information

Goods that are prohibited for import 7.2 Exports Pesticides (FAO negative list) Economic

Chemicals (FAO negative list) Due to the deregulated trade regime, all goods are exempted from export licenses. Development Second-hand passenger vehicles older than 8 years However, there is also a Negative List that includes goods that are forbidden to export or goods that require a license for export. Second-hand buses older than 10 years

Chemical and radioactive waste Goods for which export is prohibited Weapons and weapon related goods Antiques Business

Chemical weapons Environment Wild animals and plants Import of goods on the Negative List To acquire a license one must file a request in three-fold with the Import, Export Goods requiring a license and Foreign Exchange Control Department of the Ministry of Trade and Industry. Round logs, bark wood, letter wood Requests for import and export licenses can be filed using the H-03 form, while Explosives a Business transit licenses can be filed using the G-entry forms. Possible certificates are Establishing Narcotics provided by the Ministry of LVV and the Ministry of Health (MoH). Medical herbs and plants Gold final products and precious metal end products Documents required for the import of goods:

Document Concerning Requests for exporting prohibited goods can be filed with the Ministry of Trade and Taxation International trade transaction form for registration of Industry. Requests for licenses export goods that require a license can be filed with IT form goods and services the Import, Export and Foreign Exchange Control Department of the Ministry of Single administrative document A form used for the registration of the entry of goods Trade and Industry through H-99 form. Shipping document from the airway company or shipping Airway Bill/Bill of Lading company Invoice and possible Certificate of The Certificate of Origin states from which country the 7.3 Regional agreements Sectors Origin goods originate Main Economic A license granted by the Import, Export and Foreign Ex- H-03 license change Control Department of the Ministry of Trade and Industry for goods on the Negative List Agreement Year of entry Goal A certificate granted by the concerning institution for • Economic cooperation through the Common Market Certificate from a specific institution goods on the Negative List CARICOM 1995 • Creation of common services & functional co-operation Trade • Foreign policy coordination Documents required for transit of goods are: International A collaboration between the EU and the ACP members Cotonou 2000 regarding the area of development aid, trade and economic Document Concerning collaboration and cultural, social and regional collaboration A cover letter requesting permission to import the goods Dominican Liberalization of goods from Dominican Republic and Letter 2005 in question Republic CARICOM countries Labor Market A form stating an amount worth 5% of the CIF value from Cuba 2005 Liberalization of goods from Cuba and CARICOM countries G-entry form goods from Brazil and 15% of CIF value for goods from other countries • Economic integration Shipping document from the airway company or shipping CSME 2006 • Functional cooperation Airway Bill/Bill of Lading company • Coordination of foreign policies Invoice Invoice of the concerning goods Cariforum - EPA 2007 - 2008 • Deregulation of imported goods from EU countries f Life Quality Testimonials 52 53 General General Information

Goods that are prohibited for import 7.2 Exports Pesticides (FAO negative list) Economic

Chemical and radioactive waste Goods for which export is prohibited Weapons and weapon related goods Antiques Business

Document Concerning Requests for exporting prohibited goods can be filed with the Ministry ofTrade and Taxation International trade transaction form for registration of Industry. Requests for licenses export goods that require a license can be filed with IT form goods and services the Import, Export and Foreign Exchange Control Department of the Ministry of Single administrative document A form used for the registration of the entry of goods Trade and Industry through H-99 form. Shipping document from the airway company or shipping Airway Bill/Bill of Lading company Invoice and possible Certificate of The Certificate of Origin states from which country the 7.3 Regional agreements Sectors Origin goods originate Main Economic A license granted by the Import, Export and Foreign Ex- H-03 license change Control Department of the Ministry of Trade and Industry for goods on the Negative List Agreement Year of entry Goal A certificate granted by the concerning institution for • Economic cooperation through the Common Market Certificate from a specific institution goods on the Negative List CARICOM 1995 • Creation of common services & functional co-operation Trade • Foreign policy coordination Documents required for transit of goods are: International A collaboration between the EU and the ACP members Cotonou 2000 regarding the area of development aid, trade and economic Document Concerning collaboration and cultural, social and regional collaboration A cover letter requesting permission to import the goods Dominican Liberalization of goods from the Dominican Republic and Letter 2005 in question Republic CARICOM countries Labor Market A form stating an amount worth 5% of the CIF value from Cuba 2005 Liberalization of goods from Cuba and CARICOM countries G-entry form goods from Brazil and 15% of CIF value for goods from other countries • Economic integration Shipping document from the airway company or shipping CSME 2006 • Functional cooperation Airway Bill/Bill of Lading company • Coordination of foreign policies Invoice Invoice of the concerning goods Cariforum - EPA 2007 - 2008 • Deregulation of imported goods from EU countries f Life Quality Testimonials 55 General General Information

LABOR MARKET Economic 8 Development Business Environment

8.1 Labor market structure a Business General Establishing Due to the economic growth in recent years, employment in Suriname has increased significantly. Approximately 7,800 new jobs were created between 2003 and 2006. According to the Surinamese General Bureau of Statistics, Suriname had a working population of around 156.705 at the end of 2007. Taxation

5% 5% Government 8% Trade Agriculture 9% 45% Construction Production 12% Mining Sectors Other 16% Main Economic

Wages

Wages in Suriname for similar jobs vary greatly per company and per sector. To Trade

foreign investors, wages for outsourcing activities and in the mining sector are International very attractive. Wages in the production sector are less competitive compared to other countries in the region. The Government of Suriname is preparing for the introduction of a minimum wage system in the near future. Labor Educational level Market The education system in Surinam includes preschool, primary, junior secondary, senior secondary and tertiary education. The Anton de Kom University of Suriname has faculties of medicine, social science, economics, technology and natural resources. Suriname also has six higher vocational education institutions under the

Ministry of Education and Community Development. There are several bachelor f Life Quality institutions that focus on professional skills and theoretical knowledge (��Hoger Beroep Onderwijs instellingen). Overall, people in Suriname are equipped with a fine education and well developed basic skills. As a result, the coastal area has a literacy rate of 93% among adults. The literacy rate of the entire country is 88%. The country’s ethnic diversity adds Testimonials 7 6 55 General General General Information Information

1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population WDecemberages 25 Christmas (Kerstfeest) distribution from alternative sources of population e Trade data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% WagesDecember in 26Suriname for similarSecond jobs vary day ofgreatly Christmas per (2 company Kerst) and per sector. To Trade above categories. International International Creoles (Creolen) 19% foreign investors, wages for outsourcing activities and in the mining sector are International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% very attractive. Wages in the production sector are less competitive compared to Javanese (Javanen, Indonesiërs) 15% other countries in the region. The Government of Suriname is preparing for the Climate Mixed 13% introduction of a minimum wage system in the near future. The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor Labor

has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% Educational level Market November to February, as well as two dry seasons, one from August to November Total 100% The education system in Surinam includes preschool, primary, junior secondary, and one from February to April. Suriname lies outside the hurricane and earthquake senior secondary and tertiary education. The Anton de Kom University of Suriname Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics) has faculties of medicine, social science, economics, technology and natural resources. Suriname also has six higher vocational education institutions under the Currency f Life Religion Ministry of Education and Community Development. There are several bachelor f Life Quality The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the institutions that focus on professional skills and theoretical knowledge (��Hoger SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Beroep Onderwijs instellingen). Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), Overall, people in Suriname are equipped with a fine education and well developed voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About basic skills. As a result, the coastal area has a literacy rate of 93% among adults. 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal The literacy rate of the entire country is 88%. The country’s ethnic diversity adds Testimonials Testimonials 56 57 General Information

to the ability of Surinamese people to mix well with people from other cultures. Work permit Ministerie van ATM Surinamese people are also perceived as being very flexible and willing to take on The employer and employee jointly file for a work permit. Further information is Department: werkvergunning

different tasks when fulfilling their job. Moreover, they are generally bilingual and available at the Ministry of ATM. vreemdelingen Economic

are equipped with a Business fine basic education Labor rates Employers do not have any legal obligation to arrange a supplemental pension plan Environment Labor rates in Suriname vary considerable from one company to another. This is for their employees. However, most of the larger companies do offer a pension plan and well developed partly due to the fact that Labor Law specifies no minimum wage. Most of the through collective labor agreements. Employers often pay for the cost of medical care ∼ 90,000 children in basic skills larger private companies in Suriname have labor agreements specifying wage rates, of their employees although there is no legal obligation. 320 primary schools and so does the public sector. Other relevant facts and information regarding labor and labor regulations are: a Business Retrenchment rules and procedures Establishing The Dismissal Permission Act 1983 regulates termination of the working relation Regarding Facts and information between employers and employees. Under this act, employers need permission in According to the Holidays Act the minimum number of vacation days for the first uninterrupted calendar year of service is 12 days for the first year and an Paid vacation the form of a dismissal permit from the Ministry of Labor before they can fire an additional 2 days for each additional year, up to a minimum of 18 days after employee after the probationary period has ended. No dismissal permit is required the fourth year and thereafter. Taxation in the following cases: Sick leave In general employees hand in a doctor’s note for sick leave. • The termination of the labor-agreement is bilateral The law does not oblige a fixed period for maternity leave. The best practice Maternity leave • The employee is in his or her probationary period is 6 weeks before and six weeks after childbirth. All employees have to be insured through the “Surinaamse Ongevallen Re- • The agreed-upon working period has passed Social Security geling”. • Urgent matters lead to termination Under the Free Movement of CARICOM Skilled Nationals Act, all CARICOM

nationals can apply for recognition of the status of CARICOM skilled nation- Sectors Foreign workers CARICOM Nationals al. Once that status is awarded, the CARICOM national is entitled to work Ministry of Justice and Police in other CARICOM territories of countries participating in the CSME and has Main Economic Under working permits legislation, foreign companies are required to give preference Department for Residence Permits unrestricted access to the labor market. Mr. Dr. J.C. de Mirandastraat 10 to hiring local nationals. Foreigners require both a residence permit and a work T (+597) 478592/470995 permit to work in Suriname. The residence permit can be obtained from the Ministry Table 8.2 Relevant facts and information regarding labor and labor regulations www.juspolsuriname.org of Justice and Police. The work permit can be obtained from the Ministry of ATM. Trade

Residence permit 8.3 Trade unions International Foreigners are allowed to stay up to six months without a residence permit, provided that they have a valid visa and a roundtrip ticket. After six months a The unions in Suriname are active in the private and the public sector. Most residence permit is required. A residence permit is valid for two years, after which a employees are members of one of the seven union federations.

request for renewal has to be filed. Labor Market Union Federations

PWO (Progressive Workers Organization) Required documents for a residence permit C-47 (Progressive Union Federation 47) 1. Completed application form in duplicate AVVS (General Alliance of Unions in Suriname) 2. Stamp of SRD 1.50 OSAV (Cooperation of Autonomous Unions) f Life

3. Two passport photos Quality FAL (Federation of Farmers and Land Laborers) 4. A police certificate of good behavior from the country of origin CLO (Civil Servants Unions) 5. Allowance money COL (Central Consultation Organ of Civil Servants Organizations) 6. A fee of US$ 150

Table 8.3 Union federations Tabel 8.1 Required documents for a residence permit Testimonials 56 57 General Information

different tasks when fulfilling their job. Moreover, they are generally bilingual and available at the Ministry of ATM. vreemdelingen Economic

Wagenwegstraat 47 Development usually speak both Dutch and English well. T 475241 Legal obligations for employers E [email protected] Employers are required to insure their employees against the financial causes of job- www.atm.sr.org People in Suriname 8.2 Labor/Industrial regulations related accidents and illnesses. Employers are also required to withhold 2% of the gross wages for premium payments to the General Old Age Pension fund (AOV). are equipped with a Business fine basic education Labor rates Employers do not have any legal obligation to arrange a supplemental pension plan Environment Labor rates in Suriname vary considerable from one company to another. This is for their employees. However, most of the larger companies do offer a pension plan and well developed partly due to the fact that Labor Law specifies no minimum wage. Most of the through collective labor agreements. Employers often pay for the cost of medical care ∼ 90,000 children in basic skills larger private companies in Suriname have labor agreements specifying wage rates, of their employees although there is no legal obligation. 320 primary schools and so does the public sector. Other relevant facts and information regarding labor and labor regulations are: a Business Retrenchment rules and procedures Establishing The Dismissal Permission Act 1983 regulates termination of the working relation Regarding Facts and information between employers and employees. Under this act, employers need permission in According to the Holidays Act the minimum number of vacation days for the first uninterrupted calendar year of service is 12 days for the first year and an Paid vacation the form of a dismissal permit from the Ministry of Labor before they can fire an additional 2 days for each additional year, up to a minimum of 18 days after employee after the probationary period has ended. No dismissal permit is required the fourth year and thereafter. Taxation in the following cases: Sick leave In general employees hand in a doctor’s note for sick leave. • The termination of the labor-agreement is bilateral The law does not oblige a fixed period for maternity leave. The best practice Maternity leave • The employee is in his or her probationary period is 6 weeks before and six weeks after childbirth. All employees have to be insured through the “Surinaamse Ongevallen Re- • The agreed-upon working period has passed Social Security geling”. • Urgent matters lead to termination Under the Free Movement of CARICOM Skilled Nationals Act, all CARICOM

request for renewal has to be filed. Labor Market Union Federations

Table 8.3 Union federations Tabel 8.1 Required documents for a residence permit Testimonials 58 59 General Information

QUALITY Economic 9 OF LIFE Development Business Environment

9.1 Healthcare a Business As mentioned in chapter 6, the overall level of medical knowhow and experience is Establishing relatively high. Altogether Suriname has around 1,300 hospital beds, there are 1,225 doctors and almost all health disciplines are available. Suriname has four state- owned hospitals and two private hospitals. The general level of sanitation and health in Paramaribo is considered to be fair. Dengue and malaria remain a threat in all of Suriname. HIV/AIDS rate is around 3%. Taxation Life expectancy is 71.6 years. Death rate is around 6.8 deaths per 1,000 persons. About 80% of all births take place in a hospital. Infant mortality rate was 15.9/1,000 live births. Sectors 9.2 Living Main Economic

Accommodations Suriname has many hotels, motels, lodges and guesthouses, as indicated in chapter 6. The primary business hotels are Torarica (with Royal Torarica and Eco-Resort), Trade Marriot, Krasnapolsky, Best Western and Residence Inn. Accommodations exist for every budget. International

Restaurants Countless restaurants are located in Paramaribo. They range from casual to trendy Labor

and from budget to haute cuisine. The cultural diversity also expresses itself in the Market international cuisine, which ranges from spicy curried Hindustani cuisine to complex Javanese food. In short, there is a tremendous offering of delicious food. Some good business restaurants include Torarica, Fa Tai (Chinese), Lucky Twins (Chinese), Martin House of Indian Food, Joosje (Indian), Mirosso, Jawa (Javanese/ Indonesian), Un Patu (Surinamese/Creole), Waaggebouw (European), Garden of Eden (Thai). f Life Quality

Service club & volunteer work There are many non profit and social organizations, including a Diplomatic Ladies Group (consisting of female embassy and consulates workers in Paramaribo), Rotary, Lions, Kiwanis, Jaycees, Salvation Army and Red Cross. Testimonials 58 59 General Information

QUALITY Economic 9 OF LIFE Development Business Environment

Restaurants Countless restaurants are located in Paramaribo. They range from casual to trendy Labor

Shopping Shopping malls such Hermitage Mall and Maretraite Mall are gaining popularity. More traditionally shopping can be done at the Central Market on the riverside of Paramaribo, or the market in Nieuw-Nickerie. Fresh herbs, fresh fruit and fresh fish can be found here. Also electronics, clothes, art or jewelry made of Surinamese gold can be found at the market.

Sports & relaxation Suriname has the All sorts of sports are possible in Suriname, such as swimming, golfing, tennis, lowest crime rate in volleyball, basketball, soccer, horseback riding and sport fishing. There are four the region private clubs that have among others swimming pools and tennis courts. Some hotels offer the use of their swimming pool to non-guests. Of course is a visit to Suriname’s incredible luscious rain forest a must.

9.3 Safety

Suriname is safe compared to its surrounding countries and has the lowest crime rate in its region. Since 2004 the number of crime incidents is declining. Also Suriname’s homicide rate is relatively low compared to the surrounding countries.

Suriname is not a signatory of the UN Convention Against Corruption. Accepting or giving a bribe is a crime punishable by a fine or a prison sentence of three months to five years, depending on the severity and amount of the bribe. Corruption however is a problem. An anti corruption act is in the making. Transparency International ranks Suriname 72 of 180 in its 2008 corruption perception index. 60

9.3 Safety

Suriname is not a signatory of the UN Convention Against Corruption. Accepting or giving a bribe is a crime punishable by a fine or a prison sentence of three months to five years, depending on the severity and amount of the bribe. Corruption however is a problem. An anti corruption act in is in the making. Transparency International ranks Suriname 72 of 180 in its 2008 corruption perception index. 62

Colofon Design & Layout: Harrie Wilkens, Berenschot, Netherlands Photography: Hedwig ��- PLU - de la Fuente, Suriname, Rike Weeda, Marjolein Lem, Sarah Milou Steenhorst, Netherlands © Copyright 2010 KPMG and Berenschot

Berenschot 64 63 General General Information

Service club & volunteer work There are many non profit and social organizations, including a Diplomatic Ladies

testimonials Economic

Group (consisting of female embassy workers and consulates in Paramaribo), Development Rotary, Lions, Kiwanis, Jaycees, Salvation Army and Red Cross.

Shopping 10 Shopping malls such Hermitage Mall and Maretraite Mall are gaining popularity.

More traditionally shopping can be done at the Central Market on the riverside of Business Suriname has the Paramaribo, or the market in Nieuw-Nickerie. Fresh herbs, fresh fruit and fresh fish Environment lowest crime rate in can be found here. Also electronics, clothes, art or jewelry made of Surinamese the region gold can be found at the market.

Sports & relaxation a Business

All sorts of sports are possible in Suriname, such as swimming, golfing, tennis, Establishing volleyball, basketball, soccer, horseback riding and sport fishing. There are four private clubs that have among othersswimming pools and tennis courts. Some hotels offer the use of their swimming pool to non-guests. And of course a visit to “Berenschot has a long and extensive record in providing consultancy and Suriname’s incredible luscious rain forest is a must. (project) management services in a broad range of countries. Berenschot was

founded in 1938 in the Netherlands, and holds an Taxation impressive track record within both the public and private sector, as well as 9.4 Safety within the not-for-profi t sector. Although originally mainly active in the Nether- lands, Berenschot nowadays explores activities in many countries in Europe, SSuriname is safe compared to its surrounding countries and has the lowest crime Africa, Asia and Latin America. In this respect we also maintain a broad expe- rate in its region. Since 2004 the number of crime incidents is declining. Also rience in issues of international cooperation and development. Suriname’s homicide rate per year is relatively low compared to the surrounding Sectors countries. Berenschot is currently involved in the implementation of the Twinningfaciliteit Main Economic Suriname Nederland, which - together with our Surinamese partner Nikos - is Suriname is not a signatory of the UN Convention Against Corruption. Accepting or currently managing over a hundred projects in Suriname, in various areas: giving a bribe is a crime punishable by a fine or a prison sentence of three months education, health, culture, tourism, welfare, etc. During our presence in Suri- to five years, depending on the severity and amount of the bribe. Corruption name we have built an extensive network of key fi gures within the Surinam- Trade

however is a problem. An anti corruption act in is in the making. Transparency ese society. We are dedicated to contribute to the development of Suriname, International International ranks Suriname 72 of 180 in its 2008 corruption perception index. by means of making available our broad knowledge and experience’’.

Luc Steenhorst (Member of the Board at Berenschot) Labor Market Ik heb geen foto 22 ontvangen f Life Quality Testimonials 64

“What makes Suriname unique in terms of investment opportunities? What sets Suriname aside from other emerging economies is its place among A premier ecotourism the High forest cover, low deforestation countries, combined with a strong international recognition as a premier eco-tourism destination and global destination and global leader in nature conservation. This combination provides for an entire range of leader in nature interesting and potentially lucrative business venture opportunities. Interest- conservation ingly enough, the current lack of competitive banking and entrepreneurial support structures, which result in exceedingly high barriers to capital, place the conversion of these opportunities well beyond reach of most local businesses and entrepreneurs. A catching example of what happens when existing local opportunities and business leadership are combined with adequate external financing, is the uncontested success of the Bergendal Eco resort where local banks have joined forces with international financing institutions including the IADB Group and regional investors to finance the largest investment ever in the interior of Suriname. Bergendal is the example of sustainability combining profit, people, planet and heritage in an unique and unprecedented manner in Suriname’’.

Shirley Sowma (Chief Executive Officer of C. Kersten en Co. N.V.)

“Investing in Suriname means taking advantage of a market with so many opportunities. What makes this process so unique in Suriname is the ease and speed by which investors can be connected with the right organizations and the right people to get the job done. Due to the informal business culture relationships and subsequent investments can be carried out a lot faster than in many other countries where ‘red tape’ can mean all the difference between an opportunity gained – but also lost. One of Hakrinbank’s unique services is providing that introductory network support to investors and guiding them on their own journey in taking advantage of those opportunities every step of the way’’.

Steven Coutinho (Chief Commercial Officer of Hakrinbank N.V.)

‘‘KPMG sees Suriname as a country full of potential. Suriname has proven There are all the ingredients to realize economic growth while the world was in the financial and eco- to accommodate long term nomic crisis. There are all the ingredients to accommodate long term growth: growth abundant natural resources, safe working environment, improving investment climate and a motivated and skilled workforce. As KPMG we are committed to support the further growth of the Surinamese economy and are here to support investors, whether national or international, who are considering to invest in Suriname’’.

Victor Bergisch (Managing Director of KPMG Assurance Services N.V.) 7 6

65 General Information

‘‘The future of tourism in Suriname. 1.2 Constitution & policies religion. There is a small number of Buddhists, Jews, Bahai and other religions to The attraction to invest in Suriname is due to the fact that this country is part which 3% of the population belongs. Around 5% claim no particular religion.

of the Amazon basin, known for its biodiversity and virgin rain forests. In addi- Economic

Suriname is a constitutional democracy. Elections for the National Assembly, Development tion, the global trend is appreciation for the environment. The key to maintain which in turn elects the President and Vice-President, are held every five years. Language this is to invest in sustainable eco-tourist attractions. The unique combination The ministers are appointed by the President. The country is divided into 10 The official language is Dutch, which is spoken by more than 60% of the population of virgin rain forests, a multi-cultural society and hospitable people, constitute administrative districts, each headed by a district commissioner who is also as its first language. Sranan Tongo (Surinamese) is the lingua franca, while English the most important ingredients for Suriname for a competitive tourist product. appointed by the President. Members of the Ressort Council (comparable to a is also widely spoken. Most of the population also speak their ethnic language Tourism is on the verge of a spectacular growth, so the time is now to invest city council) are elected at the same time as the National Assembly. Based on the such as Sarnami Hindi, Javanese, different maroon and indigenous (Amerindian) Business

in this sector’’. Environment Around 492,000 number of Ressort Council (Ressort Raad) members, political parties are awarded languages. Brazilians speak mainly Portuguese, while recent Chinese immigrants Official language is members for the District Council (District Raad). The Ressort and District Councils speak mainly Mandarin in contrast to the older Chinese immigrants that spoke habitants, with a very Ernie de Vries (Chairman of the Association of Surinam Tour Operators) Dutch, English is diverse ethnic heritage are important democratic institutions at the local and regional level. Hakka. Suriname is the only Dutch-speaking nation on the South-American widely spoken continent.

‘‘A tip from RBTT bank for (new) investors. a Business

1.3 Facts about Suriname National holidays Establishing As a potential investor, you need only go as far as the nearest commercial The diverse history, culture, ethnicity and religion of Suriname’s people are reflected Suriname withstood the bank for a better understanding of what lies ahead. Suriname has a well Population and ethnicity in the variety of its national holidays: global economic crisis developed banking sector, which has had limited exposure to the international The last census was held in 2004, when 492.464 people were counted. The reasonably well Date financial markets and withstoodNational Holidaythe global (Official economic name) crisis reasonably well. population grows at an average rate of 1% per year. In most descriptions of JanuaryApart 10 from providing essentialNew Year’s financial Day (Nieuwjaarsdag) services, a conversation with a banker

Suriname the people are described as being open and friendly. Suriname has a Taxation may be just what you need to get your business venture off the ground. Bank- very diverse ethnic heritage, consisting of native indigenous people (Amerindians), March 1 (varies) Phagwa (Holi) ers are generally well informed about the business and investment climate, maroons (direct descendants of former African slaves, still living traditionally in the April 2 (varies) Good Friday (Goede Vrijdag) about what is involved in doing business in the country and will provide critical hinterland), mixed Afro Surinamese (Creoles), descendants of immigrants from April 4 (Sunday) Easter (Pasen) information on the legal, regulatory and other requirements involved in set- India, China, Indonesia and Europe and all possible mixes of these groups, and April 5 (varies) Second day of Easter (2e Pasen) ting up a new enterprise or embarking on a commercial venture. Your banker increasing numbers of immigrants from China and Brazil. The indigenous inhabitants May 1 Labor Day (Arbeidersdag)

will also direct you to other experts or relevant authorities for any additional Sectors (Amerindians) were the original inhabitants; all other ethnic groups came later. The July 1 Freedom Day (Dag der Vrijheden) information and support. While all of the answers may not reside at the bank, country consists exclusively of ethnic minorities, since no ethnic group has majority, August 9 Day of the Indigenous people (Dag der Inheemsen) Main Economic your banker can certainly put you on the right track to further explore your as seen below: Varies each year End of Ramadan (Id-Ul-Fitr) Novemberopportunities’’. 25 Independence Day (Onafhankelijkheidsdag)

1. Note: In the official data the ethnicity of 7% was 1 listed as “unknown”. By using estimates on ethnic Ethnic group In % of the population December 25 Christmas (Kerstfeest) distribution from alternative sources of population Peter Ng A Tham (President of RBTT Bank (Suriname)e N.V) data, the “unknown” were redistributed among the East Indians (Hindoestanen) 29% December 26 Second day of Christmas (2 Kerst) Trade above categories.

Creoles (Creolen) 19% International Tabel 1.2 National holidays Maroons (Marrons, Bosnegers) 16% Javanese (Javanen, Indonesiërs) 15% Climate Mixed 13% The daily average temperature for Suriname is around 27°C year-round. The country Amerindians 4% Labor

has a tropical climate with two wet seasons, one from April to August and one from Market Other (Chinese, Brazilian, Whites) 4% November to February, as well as two dry seasons, one from August to November Total 100% and one from February to April. Suriname lies outside the hurricane and earthquake Table 1.1 Population and ethnicity (source: Algemeen Bureau voor de Statistiek (short ABS), zone. general bureau of statistics)

Currency

Religion f Life The Surinamese Dollar (SRD) has been the currency of Suriname since 2004. The Quality The diversity of the population is reflected in its culture and religion. Using the SRD is divided into 100 cents. The Surinamese currency includes coins of 1, 5, 10, 2004 census data, 49% of the population is believed to be Christian. The largest Ik heb geen rechten 25, 100 and 250 cent and bank notes of 5, 10, 20, 50 and 100 Dollar. Exchange rates denominations are Catholics and Moravians (Evangelische Broeder Gemeente), voor foto 2 are published daily in the local papers. although in the past decades Pentecostals have grown into a sizeable group. About 23% of the population is Hindu and 16% Muslim, while 4% adhere to a tribal Testimonials

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