BusinessGrenada.com BusinessGrenada2019-2020 Issue 8 | Page 24

Starting a Business Starting a Business Business Support Organizations In addition to the Grenada Industrial Development Corporation (GIDC) there are several other organizations which provide support to businesses. BUSINESS SUPPORT ORGANIZATIONS (BSO) a Company with The Supreme Court Registry • Submit company statutes along with required stamps and filing fees to the Supreme Court Registry • Supreme Court Registry will stamp and file documents and return certified copies along with certificate of incorporation REGISTERING FOR TAXES Every business operating in Grenada is required to register with the Inland Revenue Department within one year of commencement of the business operations. However, where the business provides a service which attracts VAT, registration is required prior to the first day of operations. REGISTERING FOR TAXES 1. Present to the Inland Revenue Department a copy of the Business Registration Certificate 2. Present proper Identification (DriversLicense, NIS Card) 3. Complete the Tax Registration Form. A Tax Identification Number is issued within 2-3 days. This procedure is the same for sole proprietorship, partnership and legal corporations. TAX REGISTRATION FOR CORPORATIONS, PARTNERSHIPS, JOINT VENTURES • Enterprise Type • Registered Name • Registration Number • Court Registration date • Foreign Parent Name 24 • Trade Types • Bank/Credit Union INFORMATION REQUIRED • Trade name • Start Date • Fiscal year Start/End • Residency • Mailing Address • Representative Information • Enterprise Establishment • Enterprise Employment TAX REGISTRATION FOR SOLE PROPRIETORSHIP • Owners Name • NIS Number • Trade Name • Start Date • Enterprise Employment • Business Activities • Contact Name/Title • Business Mailing Address REGISTERING FOR SOCIAL SECURITY Businesses operating in Grenada are required to register with the National Insurance Scheme within seven days of commencement of the business operations. NATIONAL INSURANCE SCHEME (NIS) Employers are mandated by the Scheme to: • Be registered within seven days of operations •Ensure that all the employees between the ages of 16 and 60 are registered within four days of employment www.businessgrenada.com •Deduct and pay contributions on behalf of each employee on or before the 14th day of the subsequent month. REGISTRATION PROCESS 1. The employer must complete the employer registration form and submit with a copy of the business registration certificate, birth certificate and any other relevant documents such as marriage certificate, affidavit, deed poll etc. 3. Both employers and employees are assigned individual identification numbers. 4. Processing time is within one working day. NIS MONTHLY CONTRIBUTIONS • 4% contribution is deducted from the gross salary of the employee • 5% contribution of the employees gross salary is made by the employer BENEFITS PROVIDED UNDER THE NIS Long-term benefits: • Age Pension/Grant • Reduced Age Pension • Invalidity Pension • Constant Attendant • Funeral Grant • Survivors Pension/Grant • Death Benefit. Short-term benefits: • Sickness • Maternity allowance • Maternity grant • Employment Injury NOTE: NIS does not pay gratuity age benefits BG SERVICE PROVIDED SOURCE OF FUNDING GRENADA CHAMBER OF INDUSTRY AND COMMERCE Bldg 11 Frequente Industrial Park, St. George’s Tel: [phone], Fax: [phone] Website: www.thegcic.org • Provide advocacy both for individual members and for the Private Sector. We also work to bolster Grenada’s social framework through the Social Partnership • Provide training for companies in order to strengthen their capacity to grow the Grenadian economy. MINISTRY OF TRADE, INDUSTRY, CO-OPERATIVES & CARICOM AFFAIRS Financial Complex, Carenage, St. George Tel: [phone], Fax: [phone] Email:[email protected], Website: www.gov.gd • Promote and facilitate exports with emphasis on product diversification and value addition. • Participate in major trade fairs. • Establish Councils on Trade and the Environment Government of Grenada GRENADA BUREAU OF STANDARDS (GDBS) Queen’s Park, St. George’s, Grenada W.I. Tel: [phone], Fax: [phone] Email: [email protected], Website: www.gdbs.gd • Standards Development, Implementation, Information • Product Development, Testing and Certification • Metrology Services • Training in Standardization, Quality Control and Metrology • Materials Testing • Sale of Packaging Materials Government of Grenada GRENADA PRODUCE CHEMIST LABORATORY Tanteen, St. George’s Tel: [phone] • Product development, modification and adaptation: Develop technological packages for processing indigenous raw materials • Provide lab services, Chemical and microbiological analyses • Provide pilot plant facilities for fruit syrups, juices, alcoholic beverages, meat products and fish products among others Government of Grenada MARKET ACCESS AND RURAL ENTERPRISE DEVELOPMENT PROGRAMME (MAREP) Main Street, Sauteurs, St. Patrick’s Tel: [phone], Fax: [phone] Email: [email protected] • Human and Social Capital Building • Youth Motivational and scholarship programmes • Market access and enterprise development • Rural financial services. GRENADA COMMUNITY DEVELOPMENT ORGANISATION (GRENCODA) Lower Depradine Street, Gouyave, St. John’s Tele: [phone]/9490, Fax: [phone] Email: [email protected], Website: www.grencoda.org • Community Development, Mobilisation and services • Education and training • Institutional strengthening - Human and Financial • Small Business and Entrepreneurial Development AGENCY FOR RURAL TRANSFORMATION Marrast Hill, St. George’s Tel: [phone], Fax: [phone] • Supports community organizations & the development of community skills for personal development, income generation and self employment - particularly among rural women • Conducts rural youth development programmes, targeting children between the ages of 6-16, • Supports health promotion initiatives focusing on food, nutrition and lifestyle diseases including HIV/AIDS. Private Sector Caribbean Development Bank (CDB) and the International Fund for Agricultural Development (IFAD) Depends on Project undertaken GRENADA HOTEL & TOURISM ASSOCIATION (GHTA) St. George’s Tel: [phone], Fax: [phone] Email: [email protected] Website: www.ghta.org • Represents over 70 commercial concerns involved in the Tourism industry • Assists members to attain higher standards for their establishments • Lobbies on behalf of members and the industry • Promotes co-operation & good relations within the industry GRENADA AUTHORITY FOR THE REGULATION OF FINANCIAL INSTITUTIONS (GARFIN) Tel: [phone], Fax: [phone] Email: [email protected] Website: www.garfin.gd • Supervisors of the non banking financial sector including Insurance, Co-Operatives, Money remitters and Offshore financial services. Government of Grenada GRENADA TOURISM AUTHORITY (GTA) Tel:[phone], Fax:[phone] Email [email protected], Website: www.grenadagrenadines.com • Marketing, Promotion, Public Awareness, Training and Research. • Collaborates with the Ministry of Tourism relating to policy, • Product Development and Standards of Operation within the industry. • Offers a range of management and technical services Government of Grenada www.businessgrenada.com Private 25