Starting Business
• Register the Company for Taxes .
• Register the Company for Social Security .
• Make Company seal .
• Open bank account .
• Apply for relevant permits & licenses .
COSTS The cost to set up a company is as follows :
• US $ 1369 ( Local Company for profit ).
• US $ 1848 ( Foreign Company ).
• Attorney ’ s fee US $ 921 .
• Name registration certificate US $ 4 .
• Filing fee US $ 442 ( Local companies ) US $ 921 ( foreign companies ).
• Amendment to Business Name US $ 2 .
• Certified Copy US $ 2 .
PREPARING AND NOTARIZING COMPANY STATUTES 1 . Procure 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 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 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
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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
• 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 Every business operating in Grenada is required to register with the National Insurance Scheme within seven days of the commencement of the business operations .
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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
• 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 working day .
NIS MONTHLY CONTRIBUTIONS
• 4 % contribution deducted from the gross salary of the employee
• 5 % contribution of the employees gross salary 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