flag Suriname Suriname: Investing

FDI in Figures

According to the UNCTAD's World Investment Report 2023, FDI inflows to Suriname totaled USD 7 million in 2022, compared to a negative inflow of USD 124 million one year earlier. At the end of the same period, the FDI stock was estimated at USD 1.94 billion, around 55.1% of the country’s GDP. Gold, bauxite, and oil are the main sectors that attract FDI. Recent investments have also been made in palm oil. The main investing countries are the United States, Belgium, and the Netherlands. Apache, an American exploration firm, and TotalEnergies from France recently revealed a substantial oil find in the waters off Suriname. Following this, Apache, along with major players like ExxonMobil from the US and Petronas from Malaysia, have continued to make additional discoveries in the region. Suriname and China announced that they would be working on a strategic partnership of cooperation in areas such as infrastructure construction, agriculture, forestry, fisheries, communications and energy, digital economy, tourism, and ocean economy. The Chinese government also said it encouraged more Chinese companies to invest in Suriname, so significant investments from China are expected in the coming years. The primary multinational players in Suriname's gold mining sector are Newmont Corporation, headquartered in the United States, and IAMGOLD from Canada, which sold its Suriname operation to Zijin Mining Group in October 2022. These companies remain pivotal in the industry, contributing substantially to the government's revenue through their operations.

The Surinamese government actively supports and promotes foreign investment. To attract FDI, the government has outlined plans to modernize the country's institutional and legal frameworks to protect investors and eliminate restrictions regarding investment income transfers. Except for the oil sector, Suriname has no economic or industrial policies that discriminate against foreign investors or foreign-owned investments; oil ownership, however, is restricted by law to the State Oil Company Suriname (Staatsolie). No law requires Surinamese nationals to own a share of foreign investments nor is there a requirement for said share of foreign equity to be reduced over time. The low level of investment in Suriname, despite its rich natural resources, can be explained by the country's poor business environment, which is hampered by various factors, including a lack of clarity in the concession and tender awarding processes, corruption, limitations in institutional capacity, and a general lack of transparency. Suriname's Investment and Trade Agency (SITA) serve as the country's primary Trade and Investment Promotion Agency. It functions as an autonomous state-owned entity under the oversight of the Ministry of Foreign Affairs, International Business, and International Cooperation of Suriname. Finally, the country ranks 87th among the 180 economies on the 2023 Corruption Perception Index and 161st out of 184 on the latest Index of Economic Freedom.

 

Country Comparison For the Protection of Investors

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

Source: Doing Business - Latest available data.

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

 
Foreign Direct Investment 202020212022
FDI Inward Flow (million USD) 0-1247
FDI Stock (million USD) 2,051.01,928.81,939.7
Number of Greenfield Investments* 0.01.03.0
Value of Greenfield Investments (million USD) 01255

Source: UNCTAD - Latest available data

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

 

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Tax Rates

Value Added Tax (VAT).
10% on goods and 8% on services. Luxury goods are taxed at 25%; whereas exports and imports from Caricom are zero-rated.
Company Tax
Flat rate of 36%
Withholding Taxes
Dividends: 25%; Interests: 0%; Royalties: 0%.
Social Security Contributions Paid By Employers
6.75%
Other Domestic Resources
Directorate of Taxes, in Dutch
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
 
 

Individual Taxes

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

Country Comparison For Corporate Taxation

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

Source: Doing Business - Latest available data.

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Investment Opportunities

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

Business Setup Procedures

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

Source: Doing Business.

 
 
 

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Latest Update: May 2024

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