Starting a Business

PROCEDURES

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

REGISTRATION PROCEDURE

BUSINESS REGISTRATION PROCEDURE
It takes Four (4) procedures, eight (8) days and costs US$14 to register a business in Grenada. Details are provided below. Business name search (3 days ,US$4) Business name registration (2 days, US$10) Tax registration (2 days, Free) Social Security (1 day, Free)

REGISTERING A BUSINESS NAME
Forms of Businesses Allowed • Individual (Sole Proprietorship) with a registered business name under the Registration of Business Names Act, Cap 281 of the Revised Laws of Grenada • A partnership • A private or public company with limited liability for the shareholders under the Companies Act No 35 of 1994 Every business operating in Grenada is required to register a business name with the Supreme Court Registry within 14 days of commencement of the business operations.

REGISTERING FOR TAXES
Every business operating in Grenada is required to register with the Inland Revenue Department within one (1) year of commencement of the business operations. However, where the business provides a service which attracts GCT payments, registration is required prior to the first day of operations. Procedure for Registering for Taxes
1. Present to the Inland Revenue Department a copy of the Business Registration Certificate
2. Present proper Identification (Drivers License, NIS Card)
3. Complete the Tax Registration Form The Tax Identification Number is issued within 2-3 days This procedure is the same for sole proprietorship, partnership and legal corporations.

TAXATION

The rate of tax on companies in Grenada is 30%.
Grenadian resident companies are liable to income tax on all sources of nonexempt income wherever arising. A company is regarded as resident in Grenada if its central management and control is located and exercised in Grenada or if it was incorporated in Grenada. A non-resident company is taxed on income of a branch carrying on a trade or business in Grenada, i.e. the income arises in Grenada.

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