Grenada is an island country in the Caribbean, considered one of the best tax havens in the world. The country is rich in natural resources and attractive as a tourist destination. Grenada is an offshore country, where most of the income of non-residents is exempt from taxes. Entrepreneurs can promote international trade and gain access to the US market by opening a company in St. George or another city in Grenada. Local laws protect the rights of investors.
Benefits of registering a company in Grenada
Well-developed infrastructure;
Political stability;
Access to the international market;
Minimum registration requirements;
Prospects for obtaining citizenship by investment;
Possibility of opening a company with one owner in Grenada;
No need to hold shareholder meetings, publish data on beneficiaries and directors;
Main forms of legal presence and doing business
Partnership;
Sole proprietorship;
International business company (IBC);
Limited Liability Company (LLC).
Registration Procedure
Reserving a unique company name with the Corporate Affairs and Intellectual Property Office;
Go through the Grenada company registration process, submit the required documents and receive a certificate;
Obtaining a company seal;
Submitting information to the Inland Revenue Department for tax purposes;
Register with the National Employee Social Security Scheme;
Open a bank account;
Obtaining the necessary licenses and permits for business activity.
Legislation and Regulatory Environment
Grenada is a common law country that follows the legal structure of the United Kingdom. The Companies Act regulates the incorporation of new companies. According to the document, to open a business in Grenada, you must:
Appoint one or more directors and secretaries, who may be natural or legal persons;
Have a registered agent and a registered office.
There is no minimum capital requirement for registering a company in Grenada. The issuance of bearer shares is prohibited, but securities may be issued with or without par value, redeemable or preferred, registered or with voting rights.
According to the Land Ownership Regulation Act, an entrepreneur must obtain a license from the central government to purchase land or real estate. Otherwise, property, shares or liens on land acquired by a foreign investor may be confiscated in favor of the state.
Tax system
The tax system is based on the principle of tax residency. Corporate taxation is triggered if a company is registered in the country or has many business or financial transactions carried out in Grenada. The income of individuals is subject to local taxes on a general basis, provided that they reside in the state for more than 183 days a year and receive payment from local sources.
A Grenada company that is considered a resident pays the following taxes:
Corporate tax - 30%;
VAT - from 0% to 20%, depending on the category of goods or services;
Corporations formed under the International Companies Act are completely exempt from corporate tax on business conducted outside the jurisdiction of the island. An investor can set up a company in Grenada and apply for a 20-year tax exemption.
Local individuals pay income tax at the rate of:
10% if income is less than XCD 24,000 (approximately $9,000);
30% otherwise.
There is no inheritance, wealth or capital gains tax, nor is there a stamp duty.
Companies in Grenada must keep accounting records. However, there is no requirement to file financial documents with regulators.
How our experts can help
Let’s say you are evaluating the formation or purchase of a company in Grenada. In this case, the lawyers of "Smart Startup UK" are ready to put this option into practice by providing legal support for the following aspects of business registration in Grenada:
Request and collect all data and documents for opening a business in Grenada;
Choose the name and in the interests of the client, all negotiations are conducted by us with local authorities and banks;
We arrange the legal address, accounts and employees, as well as all necessary documents for applying for the future company;
We provide comprehensive legal support for the further functioning of the new legal entity in Grenada.
The portfolio of "Smart Startup UK" specialists is formed by more than 8,000 cases in the field of registration and support of international business. Our lawyers will apply this experience to the goals of your project.
CREATE A COMPANY
Company name check and reservation
Company registration, including government fees
Obtaining an administrative identification number
Registering the company with government agencies
Writing a company charter
A set of company charter documents in electronic form
Bank contribution for the company's authorized capital
Obtaining a foreign investment permit
Opening an account at: Republic Bank Grenada, Grenada Co-Operative Bank
Opening a personal bank account
Apostille and translated corporate documents
Obtaining a residence permit
Free consultation
Assistance with online trading and opening an account at viva.com for online trading
Accounting services - 12 months
Accounting services
Annual renewal 1500 Euro (paid from the second year)
*Within 35 days
IMPORTANT! We can provide you with the initial share capital (if the amount is over 5000 Euro) for registering your company in the form of a loan from our company.
Please, if you are interested, make an inquiry to us.
What is the procedure!
1. You submit an application for company registration using the application form.
2. We check whether the company name for registration is free and eligible for registration.
3. Choose a bank that meets your company's needs from a list of Smart Startup UK partner banks.
4. We send you a proforma invoice for payment to be paid to our bank account + the amount for the initial capital of your company.
5. You receive all the necessary company documents for reconciliation.
6. You receive details of your newly opened bank account.
7. Within the specified period (for Grenada it is 35 days) you receive all the services included in the package.
8. You can manage all the services included in the package through our platform, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticket system for our customers, through which we process each of your support requests.
All services such as management, accounting, bank account opening requests, licensing, tax return filing, tax payment and more are carried out through your account on our platform, making it easier to manage your business!
