Сompany registration in the Grenada: Legal aspects and advice

Company registration is the process of formalizing the status of a legal entity in accordance with the laws of a certain country. During this process, the company is officially recognized as a legal entity with its own legal capacity.

To receive this status, it is necessary to provide certain documentation and fulfill the requirements established by the state authorities. Due to registration, the entity is able to conduct commercial activities, conclude contracts, participate in court proceedings and perform other legally significant actions.

If you plan to start a business in the Caribbean region, Grenada is an excellent choice for registering your company. The Manimama team has conducted in-depth research, analyzed the main subtleties of incorporating in Grenada, and is ready to share its results and help you choose the right jurisdiction. 

What are the main advantages of incorporating a company (business) in Grenada?

1. Promising location and developed Infrastructure

Located in the Caribbean region, Grenada boasts a prime geographic position for international trade. The country has modern infrastructure, including ports, airports, and telecommunications networks, facilitating efficient logistics and communication. This makes Grenada an attractive hub for business in the region.

2. Favorable tax regime

Grenada offers advantageous tax conditions for companies, including the absence of capital gains, inheritance, and wealth taxes. Additionally, its territorial tax system ensures that income earned outside the country is not subject to taxation. This allows entrepreneurs to optimize their tax liabilities and retain more profits.

3. Political and economic stability

Grenada is known for its political stability and predictable economic environment. These factors provide entrepreneurs with confidence in long-term prospects and minimize the risks associated with running a business. The country’s stability also attracts foreign investors and fosters the development of international partnerships.

4. Special economic zones

Grenada has designated special economic zones that offer additional incentives for businesses. Companies registered in these zones can benefit from tax advantages, simplified customs procedures, and access to well-developed infrastructure. This creates favorable conditions for business growth and expansion.

5. Confidentiality and data protection

Grenada ensures a high level of confidentiality for company owners. Information about beneficial owners is not publicly disclosed, safeguarding personal data and commercial secrecy. This is particularly important for entrepreneurs who prioritize privacy in their business operations.

How to register a company in Grenada and what are the main requirements for such registration?

Step 1. Initial setup

  • Initiating a preliminary project assessment, assessing risks, choosing the type of company, preparing the necessary documents and obtaining the necessary permits, determining the time frame, budget, and resources required to complete the process.
  • Preparation and filing of the package of documents.

Step 2. Company registration

  • Appointment of a registered agent;
  • Choosing a company name;
  • Preparation of corporate documents;
  • Company registration in the Grenada Corporate Affairs and Intellectual Property Office;
  • Obtaining a stamped documents and Certificate of Registration;
  • Registration for taxes with the Inland Revenue Division of Grenada;
  • Opening a bank account.

Requirements for registering a company in Grenada on the example of an International Business Company (IBC):

  • Shareholders: at least one shareholder.
  • Director: at least one director (may be a natural or legal person and is not required to reside in Grenada).
  • Company Secretary: at least 1 company secretary.
  • Minimum Share Capital: there is no minimum capital requirement.
  • Office: registered office is required in Grenada.
  • Registered Agent: is required.
  • Liability: limited to the amount of capital they have invested in the company through their shares.
  • Accounting: yes.

What do you have to know about taxes when registering a company in Grenada?

Corporate income tax (CIT):

  • Net profit before tax for Grenadian companies is taxed at a flat rate of 30%.
  • Grenadian offshore companies can claim tax exemption for 20 years.

Personal income tax (PIT):

  • Personal income up to XCD 24,000 (€ 8,100) is taxed at 10% in Grenada.
  • Any amount in excess of XCD 24,000 (€ 8,100) is taxed at 30%.
  • PIT is only levied on income earned in Grenada, such as salaries and business income.

Value-added tax (VAT):

VAT is charged at the rate of 15% on most goods and services.

Reduced VAT rates:

  • 10% on hotel accommodation and dive operations;
  • 0% on some goods and services (supplying staple food or water).

For readers 

Manimama provides assistance in choosing the right jurisdiction for company incorporation and in registering a business specifically in Grenada. We have a good understanding of the tax and legal peculiarities of specific jurisdictions, which helps our clients make an informed choice based on their unique needs and development strategies. In our work, we take into account factors affecting the business environment, such as the level of competition, access to financial and human resources, as well as opportunities for further growth and development in different jurisdictions. 

By choosing our company formation service in Grenada, you are working with a law firm that values integrity, competence, and client satisfaction. Let us help you set up a company in Grenada and pave the way for your business success!

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The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.