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Company formation in Grenada

Pursuant to the Grenada International Company Act, investors may choose one of three forms of offshore companies: a sole proprietorship, a partnership or a limited company. Of these three types of offshore companies offered in Grenada, the limited liability company is in fact the most widely used offshore company.

The basic purpose of establishing an international company IBC - International Business Company, such as an offshore company from Grenada, is legal reduction of taxes. Offshore company is ideal for tax planning and investing in real estate in Poland and property management. From the point of view of business services, Grenada offshore company serves as a legal service provider used for other business transactions in a tax-free environment.

Grenada offshore companies benefit from a tax exemption for all international profits or income earned outside Grenada. In addition, there is no withholding tax, companies do not pay capital gains tax, inheritance or funds acquired as a result of death or inheritance. Tax exemptions used in IBC Grenada companies are covered by a warranty for a period of 20 years from the date of establishment.

Establishing an offshore company in Grenada is relatively quick, so you can set up a company ready to use in just five days. IBC Grenada regulations state that the registration process must be carried out by an offshore service provider in Grenada or by an "agent". This agent is usually a company licensed and authorized by a government agency that offers registration and maintenance services for IBC Grenada.

Under current law, except Grenada's permanent resident, all foreign Grenada companies must have a local registered address in Grenada. All formal communication for IBC Grenada is sent to this registered address. The assigned agent will act as the recipient and registered address of Grenada offshore company.

Grenada IBC can be formed by one shareholder and one director (who can be the same person or company). Grenada law allows companies to use corporate directors and nominated shareholders.

Nationality or resident status of beneficial owners, directors or shareholders is irrelevant to the requirements for setting up a company. People of any nationality can own offshore companies in Grenada. Data on actual owners, directors and shareholders are not available in the public register.

Although there is no minimum capital requirement, the authorized share capital standard is 50,000 USD. Acceptable types of shares are: registered shares, shares with no nominal value, preference shares, redeemable shares and shares with voting rights or without voting rights.

All companies exempt from Grenada must appoint an official secretary of the company, it can be a natural or legal person.

Notification requirements for Grenada IBC are minimal; there is no requirement to audit the documentation, no requirements for submitting annual tax declaration to local tax authorities. In fact, Grenada offshore company is required to keep financial records that reflect the company's financial position.

There is no general meeting requirement, and directors and shareholders' meetings can be held in any country by telephone or other communication device.