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STARTING A BUSINESS A.

Set Up The Business: Forms of businesses allowed:


No of Procedures: 6 a. Individual (Sole Proprietorship) with a registered
1. Secure a location Time to complete: 20 days business name under the Registration of Business
2. Register a business name Cost to complete: EC$1,235 (EC$10 for Names Act, Cap 281 of the Revised Laws of Grenada
3. Prepare notarized company document and name reservation, EC$25 b. a partnership;
make application to the Supreme Court for name registration, EC$1200 for c. a private or public company with limited liability
Registry for company Incorporation Company Incorporation) for the shareholders under the Companies Act
4. Upon the receipt of the business name regis Attorney Fee: EC$2,500 No 35 of 1994.
tration certificate of incorporation the business a. Determine type of business structure (Sole • Corporate name
has legal status and can legally carryout Proprietor, Partnership or Company) • Registered or principal office of every
business operation in the country: the business Setting up a Company Procedures corporation which is a partner
can now do the following: Requirements 1. Register the business name b. Determine the business name • Where the registration to be effected is that
The following is required to incorporate a company: 2. Prepare and notarize Company Statutes of a corporation
a. Register with the Inland Revenue - a name that has been registered with the 3. Register the company with Supreme Court c. Prepare letter of application (in duplicate) in • its corporate name
Department (IRD) for a Tax Identification Supreme Court Registry Registry the prescribed form to the Registrar of the • registered or principal office
number (TIN) - at least one share 4. Register the company for taxes Supreme Court Registry requesting the • Date of commencement of the business
b. Register with the national Insurance - at least one shareholder 5. Register the company for social security registration of the business name under the
Scheme (NIS) for social security - at least one director 6. Make company seal Business Name Ordinance, Cap.281 of the e. The statement of particulars must in the case
contributions - a registered office 7. Open bank account Revised Laws of Grenada. of an individual be signed by him, in the case
c. Make a company seal if a company - an address for service 8. Apply for permits and licenses of a corporation by a director or secretary
d. Open a bank account in any commercial - A company is not legally required to have a d. Prepare statement of particulars (in duplicate) and in the case of a firm by all the individuals
bank in Grenada constitution. If the company has a constitution, it is Cost in the prescribed form. A statement of who are partners and by a director or the
e. Apply for permits and licenses as required generally filed at the time of incorporation. However, The cost to set up a company is US$1,375 as follows: particulars must include the following: secretary of all corporations which are
It takes six (6) procedures, twenty (20) days notice of the adoption of the constitution does not • The name of the business partners. If the statement is signed by some
and costs US$13 (EC$35) or US$1,400 have to be filed until 10 working days after the Name Search and Reservation $4 • General nature of the business individual who is a partner or a director or the
(EC3,810) to start up a business in constitution is adopted Business Name Registration $10 • The principal place of business secretary of some corporation which is a
Grenada. Details are provided below Filing Fee $442 - Local Company • Where the registration to be effected is that of partner, the signatory must be verified by
$937 - Foreign Company an individual statutory declarations
Attorney’s fee $920 • The present Christian name and surname
Other charges • Former Christian name and surname Preparing and Notarizing Company Statutes
Amendment to Business Name $4 • The nationality a. Procures the services of an attorney
Certified Copy 0.38¢ • The usual residence
*All fees are quoted in USD • The other business occupation of the individual b. Prepare and notarize the following company

1 2 3 4 5 6 • Where the registration to be effected is that of


a firm i.
statutes:
Articles of Incorporation to include:
Registering a Business Name • For each of the individuals who are partners • The name of the company
Name Preparation of Supreme Court Tax Social Security Company Seal
Every business operating in Grenada is required to the following: • The class and maximum number of shares
Reservation Company Registration Registration Registration
Documents register a business name with the Supreme Court • The present Christian name and surname in the company
No. Days: 2 Registry within 14 days of commencement of the • Former Christian name and surname • Restriction on share transfer
No. Days: 3 No. Days 2 No. Days 10 No. Days: 2 No. Days: 1
No. Steps: 4 No. Steps 5 No. Steps: 4-7 Max. Steps: 1 No. Steps: 1 business operations. The process is as follows:
No. Steps 7
# of docs: 0
• The nationality • The number of directors
# of docs: 3 # of docs: 8 # of docs: 1 # of docs: 2-8 # of docs: 1
Cost: EC$10 Atty. cost:EC$2500 Bus Name: EC$25 Cost: FREE Cost: Free Cost: EC$75 • The usual residence • Restrictions if any on the business of the
Company: • The other business occupation company
EC$1200
• Name of incorporated Tax Registration Form details needed for • Ensure that all the employees between the
ii. Notice of Directors, which include: Corporations, Partnerships, Joint Ventures ages of 16 and 60 are registered within four (4)

Starting a Business in Grenada


• The names of the Directors • Enterprise Type days of employment
• The addresses and occupation of the • Registered Name • Deduct and pay contributions on behalf of
Directors • Registration Number each employee on or before the 14th day of
iii. Notice of Address to include: • Court Registration date the subsequent month.
• Location of operations • Trade name
• Address if different from main place of • Start Date Registration Process
operation • Fiscal year Start/End 1. The employer must complete the employer
• Residency registration form and submit with a copy of the
• Mailing Address business registration certificate
Registering a Company with the Supreme Court • Foreign Parent Name 2. The employee must complete the employee
Registry • Trade Types registration form and submit with the birth
a. Submit company statutes along with required • Bank/Credit Union Information certificate and any other relevant documents
stamps and filing fees to the Supreme Court • Representative Information such as marriage certificate, affidavit, deed
Registry • Enterprise Establishment poll etc.
• Enterprise Employment 3. Both employers and employees are assigned
b. Supreme Court Registry will stamp and file individual identification numbers.
documents, returns certified copies along with 4. Processing time is within one (1) working day.
certificate of incorporation Tax Registration Form details needed for Sole
Proprietorship Required Monthly Contributions
Registering for Taxes • Owners Name • 4% contribution deducted from the gross salary
Every business operating in Grenada is required to • NIS Number of the employee
register with the Inland Revenue Department within • Trade Name • 5% contribution of the employees gross salary
one (1) year of commencement of the business • Start Date by the employer
operations. However, where the business provides a • Enterprise Employment
service which attracts GCT payments, registration is • Business Activities The benefits provided under the scheme:
required prior to the first day of operations. • Contact Name/Title
• Business Mailing Address Long-term benefits: Short-term benefits:
Procedure for Registering for Taxes Age Pension/Grant Sickness
Registering for Social Security Reduced Age Pension Maternity allowance
1. Present to the Inland Revenue Department a Every business operating in Grenada is required to Invalidity Pension/Grant Maternity grant
copy of the Business Registration Certificate Grenada Industrial
register with the National Insurance Scheme within Constant Attendant Employment: Injury Development Corporation
2. Present proper Identification (Drivers License, NIS seven (7) days of the commencement of the Funeral Grant
Card)
Frequente Industrial Park
business operations. Registration with the National Survivors Pension/Grant
3. Complete the Tax Registration Form Insurance Scheme is regulated Act No. 14 of 1983, Death Benefit
Frequente, St. George’s,
Cap 205. Grenada W.I.
Grenada Industrial
The Tax Identification Number is issued within 2-3 Note: NIS does not pay gratuity age benefits Phone: (473) - 444-1035/40 Development Corporation
days Fax: (473) - 444-4828
Requirements E-mail: invest@grenadaidc.com
This procedure is the same for sole proprietorship, Every Employer is mandated by the Scheme to: Website: www.grenadaworld.com
partnership and legal corporations • Be registered within seven (7) days of
operations Design & Artwork by: MwendaRobinson.com