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 and a Work Permit to gain employment. 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$1848 for foreign registrant. • If a partnership is to be formed it will take 7 days and US$ US$10 • If permits & licences are required it will take 30 days • To open a bank account and deposit start up cap[ital it will take 7-14 days • To register with the Private Sector Association it will take 30 days and the payment of an annual membership fee. Any of these seps 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 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 (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 III. 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 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 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 • At least one director • A registered office • An address for service
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