Business
FORMING A COMPANY Requirements 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 • 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 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 Cost The cost to set up a company is as follows US$1,369(local registrant) US$1,848(foreign registrant) Business Name Registration Certificate $4 Filing Fee $442 - Local Company for profit $921 – External/Foreign Company Attorney’s fee $921 Other Charges: Amendment to Business Name $2 Certified Copy $2 * All fees are quoted in US Dollars Preparing and Notarizing Company Statutes 1. Procures 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 i. Address if different from main place of operation Registering 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, returns 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 (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 Tax Registration Form details needed for Corporations, Partnerships, Joint Ventures • Enterprise Type • Registered Name • Registration Number • Court Registration date • Foreign Parent Name • Trade Types • Bank/Credit Union Information • Trade name • Start Date • Fiscal year Start/End • Residency • Mailing Address • Representative Information • Enterprise Establishment • Enterprise Employment Tax Registration Form details needed 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 Every business operating in Grenada is required to register with the National Insurance Scheme within seven (7) days of the commencement of the business operations. Registration with the National Insurance Scheme is regulated Act No. 14 of 1983, Cap 205. Requirements Every Employer is mandated by the Scheme to: • Be registered within seven (7) days of operations • Ensure that all the employees between the ages of 16 and 60 are registered within four (4) days of employment • 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 2. The employee must complete the employee registration form and submit with the 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 (1) working day. Required Monthly Contributions • 4% contribution deducted from the gross salary of the employee • 5% contribution of the employees gross salary by the employer The benefits provided under the scheme: Long-term benefits: • Age Pension/Grant • Reduced Age Pension • Invalidity Pension/Grant • Constant Attendant • Funeral Grant • Survivors Pensi ???[?8?(?X]?[?Y?]?? ]\?H?[?Y?] ?8?(??X??\??8?(?X]\??] H[??[??H8?(?X]\??] H?[?8?(?[\?[Y[??[??\?H??N??T??\??? ^H?] Z] HY?H?[?Y?] ??????\?[?\???[?YK???B?????