REGISTRATION
The following registration processes are required for the establishment and operation of a business/company.
Formation of a Company
The formation and registration of a company is regulated by the Company Act No. 35 of 1994. One (1) or more persons may incorporate a company. The following steps are required.
File the Articles of Incorporation to include:
1. The name of the company
2. The class of shares in the company
3. The number of directors
File the Notice of Directors, which include:
1. The names of the Directors
2. The addresses of the Directors
• File Notice of Address to include:
1. Location of operations
2. Address if different from main place of operation
Fees:
Certificate of Incorporation & Legal Fees-$1124
Filing Fee: $450 - Local Company $937 - Foreign Company
Name Search-$4
*All fees are quoted in USD
Registration of a Business
Registration of any Business is regulated by Cap. 281 of the Registration of Business Act
The following steps are required:
• Submission of request in the format of a letter which must contain a statement of particulars include:
• The name of the business
• General nature of the business
• Intended address of the business
• Name of business owner
• Owner’s nationality
• Any previous surnames e.g. maiden names
• Any other occupation by owners
• Date of commencement of business
A statutory declaration must be made to indicate that the statements in the particulars are true.
Fees:
Name search and reservation- $4
Business Registration-$10
Amendment to Business name-$4
Certified Copy-0.38¢
*All fees are quoted in USD
Registration with the National Insurance Scheme
Registration with the National Insurance Scheme is regulated Act No. 14 of 1983, Cap 205 and acts as a form of security and protection for contributors to the scheme against economic and social distress. The regulations mandate that all employed persons between the ages of 16 and 60 must be registered with the Scheme.
Every Employer is mandated by the Scheme to:
• Be registered within seven (7) days of operations
• Ensure that all the employees 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
The employer is required to complete the employer registration form which must be submitted with a copy of the business registration certificate.
The employee is required to complete the employee registration form which must be submitted with the birth certificate and any other relevant documents such as marriage certificate, affidavit, deed poll etc.
Both employers and employees are assigned individual identification numbers. 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 can be classified into two categories
Long-term benefits, which include:
- Age pension/Grant
- Reduced Age Pension
- Invalidity Pension/Grant
- Constant Attendant
- Funeral Grant
- Survivors Pension/Grant
- Death Benefit
Short-term benefits, which include:
- Sickness
- Maternity allowance
- Maternity grant
- Employment: Injury
Note: NIS does not pay gratuity age benefits
Registration with the Inland Revenue Department
Every business 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 has a service area which attracts GCT payments, registration is required prior to the first day of operations.