1. STARTING A BUSINESS
1. Secure a location
2. Register a business name
3. Prepare notarized company document and
make application to the Supreme Court
Registry for company Incorporation
4. Upon the receipt of the business name regis
tration certificate of incorporation the business
has legal status and can legally carryout
business operation in the country: the business
can now do the following:
a. Register with the Inland Revenue
Department (IRD) for a Tax Identification
number (TIN)
b. Register with the national Insurance
Scheme (NIS) for social security
contributions
c. Make a company seal if a company
d. Open a bank account in any commercial
bank in Grenada
e. Apply for permits and licenses as required
It takes six (6) procedures, twenty (20) days
and costs US$13 (EC$35) or US$1,400
(EC3,810) to start up a business in
Grenada. Details are provided below
A. Set Up The Business:
No of Procedures: 6
Time to complete: 20 days
Cost to complete: EC$1,235 (EC$10 for
name reservation, EC$25
for name registration, EC$1200 for
Company Incorporation)
Attorney Fee: EC$2,500
Setting up 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
Forms of businesses allowed:
a. Individual (Sole Proprietorship) with a registered
business name under the Registration of Business
Names Act, Cap 281 of the Revised Laws of Grenada
b. a partnership;
c. a private or public company with limited liability
for the shareholders under the Companies Act
No 35 of 1994.
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 US$1,375 as follows:
Name Search and Reservation $4
Business Name Registration $10
Filing Fee $442 - Local Company
$937 - Foreign Company
Attorney’s fee $920
Other charges
Amendment to Business Name $4
Certified Copy 0.38¢
*All fees are quoted in USD
Registering a Business Name
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. The process is as follows:
a. Determine type of business structure (Sole
Proprietor, Partnership or Company)
b. Determine the business name
c. 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 under the
Business Name Ordinance, Cap.281 of the
Revised Laws of Grenada.
d. Prepare statement of particulars (in duplicate)
in the prescribed form. A statement of
particulars must include the following:
• The name of the business
• General nature of the business
• The principal place of business
• Where the registration to be effected is that of
an individual
• The present Christian name and surname
• Former Christian name and surname
• The nationality
• The usual residence
• The other business occupation of the individual
• Where the registration to be effected is that of
a firm
• For each of the individuals who are partners
the following:
• The present Christian name and surname
• Former Christian name and surname
• The nationality
• The usual residence
• The other business occupation
• Corporate name
• Registered or principal office of every
corporation which is a partner
• Where the registration to be effected is that
of a corporation
• its corporate name
• registered or principal office
• Date of commencement of the business
e. 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
Preparing and Notarizing Company Statutes
a. Procures the services of an attorney
b. Prepare and notarize the following company
statutes:
i. Articles of Incorporation to include:
• The name of the company
• The class and maximum number of shares
in the company
• Restriction on share transfer
• The number of directors
• Restrictions if any on the business of the
company
1 2 3 4 5 6
Name
Reservation
No. Days: 3
No. Steps: 4
# of docs: 3
Cost: EC$10
Preparation of
Company
Documents
No. Days 2
No. Steps 7
# of docs: 8
Atty. cost:EC$2500
Supreme Court
Registration
No. Days 10
No. Steps 5
# of docs: 1
Bus Name: EC$25
Company:
EC$1200
Tax
Registration
No. Days: 2
No. Steps: 4-7
# of docs: 2-8
Cost: FREE
Social Security
Registration
No. Days: 1
Max. Steps: 1
# of docs: 1
Cost: Free
Company Seal
No. Days: 2
No. Steps: 1
# of docs: 0
Cost: EC$75

2. StartingaBusinessinGrenada
Frequente Industrial Park
Frequente, St. George’s,
Grenada W.I.
Phone: (473) - 444-1035/40
Fax: (473) - 444-4828
E-mail: invest@grenadaidc.com
Website: www.grenadaworld.com
• Name of incorporated
ii. Notice of Directors, which include:
• The names of the Directors
• The addresses and occupation of the
Directors
iii. Notice of Address to include:
• Location of operations
• Address if different from main place of
operation
Registering a Company with the Supreme Court
Registry
a. Submit company statutes along with required
stamps and filing fees to the Supreme Court
Registry
b. 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
• Trade name
• Start Date
• Fiscal year Start/End
• Residency
• Mailing Address
• Foreign Parent Name
• Trade Types
• Bank/Credit Union Information
• 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: Short-term benefits:
Age Pension/Grant Sickness
Reduced Age Pension Maternity allowance
Invalidity Pension/Grant Maternity grant
Constant Attendant Employment: Injury
Funeral Grant
Survivors Pension/Grant
Death Benefit
Note: NIS does not pay gratuity age benefits
Grenada Industrial
Development Corporation
Grenada Industrial
Development Corporation
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