Starting a Business
Starting a Business
Starting a Business
LEGAL AND REGULATORY FRAMEWORK
Investors may freely invest in all fields of lawful
economic activity except activities prejudicial to
national security or detrimental to the natural
environment, public health or the national
culture. Investors must register a business name,
a partnership or a limited liability company. A
registered business may be wholly-owned or a
joint venture.
Caricom investors are accorded “Rights of
Establishment” and require “Alien Landholding
Licenses” to invest in property.
STARTING A BUSINESS
It takes Four (4) procedures, eight (8) days and
costs US$14 to register a business in Grenada.
The details are as follows:
1. Business Name Search (3 days, US$4).
2. Business Name Registration
(2 days, US$10) .
3. Tax Registration( 2 days, Free).
4. Social Security (1 day, Free).
• If a company is to be formed, it will take
12 days US$1369 for local registrant and
US$1848 for foreign registrant.
• If a partnership is to be formed it will take
7 days and US$10.
• If permits & licences are required it will
take 30 days.
• To open a bank account and deposit start-
up capital it will take 7-14 days.
22
22
Legal & Regulatory Framework
• To register with a Private Sector Association
(e.g The Grenada Chamber of Commerce) it
will take 30 days and the payment of an annual
membership fee. Any of these steps can be
done simultaneously.
REGISTERING A BUSINESS NAME
Every Business in Grenada is required to register
a business name with the “Office of Corporate
Affairs & Intellectual Property” within 14 days of
commencing operations.
VARIOUS BUSINESS STRUCTURES
• Individual (Sole Trader/Proprietorship).
• A partnership.
• A private or public company with limited
liability for the shareholders.
The process is as follows:
1. Determine type of business structure
(Sole Proprietor, Partnership or Company).
2. Determine the business name.
3. Prepare letter of application (in duplicate)
in the prescribed form to the Registrar
of the Supreme Court Registry requesting the
registration of the business name.
4. Prepare statement of particulars
www.businessgrenada.com
(in duplicate) in the prescribed form.
A statement of particulars must include
the following:
A. The name of the business.
B. General nature of the business.
C. The principal place of business.
D. Where the registration to be effected is
that of an individual.
I. The present Christian name and surname.
II. Former Christian name and surname.
II. The nationality.
IV. The usual residence.
V. The other business occupation of the
individual.
E. Where the registration to be effected is that
of a firm. For each of the individuals who
are partners the following:
I. The present Christian name and surname.
II. Former Christian name and surname.
III. The nationality.
IV. The usual residence.
V. The other business occupation.
I. Corporate name.
II. Registered or principal office of every
corporation which is a partner.
F. Where the registration to be effected is
that of a corporation: Its corporate name.
I. Registered or principal office.
G. Date of commencement of the business
The statement of particulars must in the case of
an individual be signed by him; in the case of
a corporation by a director or secretary and in
the case of a firm by all the individuals who are
partners and by a director or the secretary of all
corporations which are partners. If the statement
is signed by some individual who is a partner or
a director or the secretary of some corporation
which is a partner, the signatory must be verified
by statutory declarations. • At least one director.
• A registered office.
• An address for service. • Make Company seal.
• Open bank account.
•Apply for relevant permits & licenses.
REGISTRY PROCEDURES COSTS
The cost to set up a company is as follows:
• US$1369 (Local Company for profit).
SOLE PROPRIETORSHIP BUSINESS REQUIREMENTS
The following is required to set up an individual
(sole proprietorship) business.
• A name that has been registered with the
Supreme Court Registry.
• An address for service. COST
COSTS
The cost to set up an individual (sole
proprietorship) business is US $14 as follows:
• Registration Certificate US$4.
• Statement of Particulars US$10.
• Amendment to Business Name
(if necessary) US$2.
FORMING A COMPANY
The following is required to incorporate a
company:
• A name that has been registered with the
Supreme Court Registry.
• At least one share.
• At least one shareholder.
1. Register the business name.
2. Prepare and notarize Company Statutes.
3. Register the company with Supreme Court
Registry.
4. Register the company for taxes.
5. Register the company for social security.
6. Make company seal.
7. Open bank account.
8. Apply for permits and licenses.
The cost to set up a company is as follows
US$1,369(local registrant) US$1,848 (foreign
registrant).
• Business Name, Registration Certificate
US$4.
• Filing Fee US$442.
• At least one shareholder.
• At least one director.
• A registered office.
• An address for service.
A company is not legally required to have a
constitution. If the company has a constitution,
it is generally filed at the time of incorporation.
However notice of the adoption of the constitution
does not have to be filed until 10 working days
after the constitution is adopted.
PROCEDURES TO FORM A COMPANY
• Register the business name.
• Prepare & notarize Company Statutes.
• Register the company with Supreme Court
Registry.
• Register the Company for Taxes.
• Register the Company for Social Security.
www.businessgrenada.com
www.businessgrenada.com
• US$1848 (Foreign Company).
• Attorney’s fee US$921.
• Name registration certificate US$4.
• Filing fee US$442 (Local companies)
US$921 (foreign companies).
• Amendment to Business Name US$2.
• Certified Copy US$2.
PREPARING AND NOTARIZING COMPANY STATUTES
1. Procure the services of an attorney.
2. Prepare and notarize the following
company statutes:
A. Articles of Incorporation to include:
I. The name of the company.
II. The class and maximum number
of shares in the company.
III. Restriction on share transfer.
IV. The number of directors.
V. Restrictions if any on the business of the
company.
VI. Name of incorporated
B. Notice of Directors, which include:
The names of the Directors
I. The addresses and occupation of
the Directors
C. Notice of Address to include:
• Location of operations Address
if different from main place of
operation Registering
23
23