Registration of companies in Grenada
Grenada is one of the smallest countries in the Western Hemisphere, located in the Caribbean Sea north of the islands of Trinidad and Tobago. Gained independence in 1983 after the suppression of a Marxist uprising by the US military.
Corporate legislation
- The International Companies Act of 1996
- Grenada International Financial Services Authority Act, No. 26 of 1999 (the GIFSA Act)
Company form
International Business Company (IBC), hereinafter referred to as the company.
Permitted activities
Any activity not prohibited by law. A special license is required to provide banking, insurance, reinsurance, and trust services.
Prohibited activities
Companies created in accordance with the Law on International Business Companies are prohibited from carrying out commercial activities with residents and owning real estate in the territory. It is also prohibited to involve resident companies in administrative management (management) and provide registration agent services for resident companies.
Registration period
48 hours from the date of provision of all necessary documents.
Possibility of acquiring ready-made companies
The law does not prohibit the acquisition of already registered companies.
Company name
Must not be identical or similar to already existing and registered names.
Company names can be registered in any language (with mandatory translation into English or French).
The words “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme” or “Sociedad Anomina”, “Public Limited Company”, “Societe”, “a Responsabilite Limitee”, “Berhad”, “Proprietary”, “Namloze Venootschap” ”, “Besloten Venootschap”, “Aktiengesellschaft” or “Limited Life Company” or abbreviations “Ltd”, “Corp”, “Inc”, “S.A.” “PLC”, “S.A.R.L”, “Bhd”, “Pty”, “NV”, “BV”, “A.G.” or “LLC” will form part of each company’s name.
Required documents for registration
Memorandum and Articles of Association.
Legal address
Provided by the registered agent and must be located in the administrative territory of the jurisdiction. Used only to receive mail from government agencies.
Authorized capital of the company
The company’s authorized capital is declared; there are no requirements for mandatory payment and the establishment of a minimum and maximum amount.
Proposed authorized capital
5,000 USD, divided into 5,000 shares with a par value of 1 USD.
Stock
It is permitted to issue registered shares and bearer shares, with or without par value, specified in any currency.
Shareholders
Shareholders of the company can be both legal entities and individuals who are residents of any country in the world. The minimum number of shareholders is one.
Directors
The directors of the company can be both legal entities and individuals who are residents of any country in the world. The minimum number is one director, who is vested with all rights, except those that are in the exclusive competence of shareholders (determined by the memorandum, company charter and/or law).
Holding a meeting of shareholders/directors
Meetings can be held in any country in the world; the possibility of holding meetings by telephone is not excluded. Minutes of meetings may be kept at any address specified by the company’s shareholders in the constituent documents.
Information available upon request from third parties
The confidentiality of owners and directors is guaranteed by law. Information from the constituent documents, copies of which are stored in the register of companies, can be presented to third parties only after the adoption of an appropriate court decision made on the basis of the evidence provided about the company’s involvement in the illegal sale of drugs, weapons, support for terrorist activities, laundering of illegal proceeds obtained as a result criminal activity.
Documents kept at the registration office
The place of storage of constituent and financial documents is any country in the world.
Taxation
The company is exempt from paying taxes on profits, distributed dividends and capital gains.
Annual fees
- Annual license fee (IBC) – $187
- Registration Fee (IBC) – $224
- Banking license of the first category – $22,320
- Banking license of the second category – $ 18,600
- Full Employment License – $11,160
- Captive insurance companies (license) – $4,464
Company bank accounts
The law does not limit the company in the choice of banks and countries of their location, as well as the total number of accounts required for its own commercial needs. The law ensures the confidentiality of information about the company’s banking operations.
Treaties for the avoidance of double taxation
There are no concluded conventions or agreements.
To get advice on registering a company in Grenada, contact the lawyers of Farrion.
