International accounting firm BDO officially launched its operations in Guyana on Thursday evening during which it was highlighted that it will be manned by an all Guyanese staff.
The firm will be offering auditing, accounting and advisory services, with access to the firm’s global network.
Albert Lopez, the Chief Executive Officer of BDO Americas, told the gathering at the official launch held at the Marriott Hotel that the opening of this branch in Guyana extends the company’s network within the Caribbean to 21 countries. Lopez said that the company is one of the younger international firms that started in the 1960s. The CEO highlighted that globally the company completed 2019 with just over $9.6 billion in revenue across the 167 countries and territories they operate in.
Lopez said that BDO noticed large economies setting their eyes on Guyana and clients who ventured into the Guyana market inquired about BDO having an office here. Subsequently, he said, BDO began talks to have operations in Guyana set up.
“We’re not bringing people in from other countries, from other territories. What we’re doing is investing in people that know the economy, that know the industry and more important, people that are here and know the culture,” Lopez said.
According to the CEO, they aspire to be the go-to firm in Guyana as they offer world class standards and resources. “In today’s environment, people want more than just an audit firm, a tax firm. They want advisors,” he said.
Meanwhile, BDO Guyana partner Rakesh Latchana recalled that talks about a local operation began in July 2019 and the firm’s Guyana office, which is located in Quamina Street, Georgetown, was opened last November. Latchana said that BDO’s offices in Suriname and other Caribbean territories have served companies operating in Guyana for years and as a result of the country’s expected economic growth, provisions were made for a local operation.
“Guyana is on the cusp of transformation. There was never a better time for BDO to formally establish its presence here,” Latchana said. He noted that the company will seek to improve and extend its services to clients through the use of technology, giving an example as “BDO’s Digital Audit Suite.”
Latchana indicated that the company is focused on fostering local content and said that it will separate itself from others as they will have 100 per cent local staff, local ownership and local knowledge. He said while that is the focus, other partners from other territories are there to assist, bring global resources to Guyana and help develop knowledge of the industry.
“We cannot do it on our own, BDO is as new to some of us as it is to you, our partners are here to help us,” he said. The local partner added that he was proud to be a part of the historic occasion.
Giving brief remarks at the launch, Georgetown Chamber of Commerce and Industry President Nicholas Deygoo-Boyer said that audit and tax advisory are going to be crucial as the economy moves forward and as Guyana internationalises the way business is done. “It’s very impressive to see them (BDO) opening with local content, something that we have fought hard [for]… because we recognise that our economy is changing but we still want to find a role for our bright young people…in this economy,” Deygoo-Boyer said.
The company has already taken on some clients since opening its local office. A number of those clients and members of the local business community were present at the launch.
