Grenada Company Incorporation

To incorporate a Grenada offshore company a few basic important steps must be followed. For instance, an offshore agent who is registered and authorized to provide offshore company setup services in Grenada must be provided with the necessary identification documents of the persons who intend to own the company, be a director and hold shares. Specific incorporation rules exist in the International Business Companies Act for the use, application and approval of names, regulation of business activities with regard to where business can be conducted, the types of businesses which cannot be conducted such as banking and insurance, as well as the issuance, transfer, class and types of shares a Grenada offshore company can issue, company liquidation, the appointment of directors and conduct of general meetings.

Where offshore company names are concerned, a company is incorporated with a name only if approved by the registrar and is permitted for use provided that it has the required ending (Limited, Corporation, Inc., etc) which indicates that the company is a limited liability company or does contain a word or phrase that means royal or government patronage.

For transparency and necessary incorporation procedures, the beneficial owners of a Grenada offshore company are required to disclose personal and address details. This is done by submitting a valid copy of a passport or national ID card. Some persons may wish to remain private or anonymous so as to not be identified as the beneficial owners of the company, so nominee directors and shareholders may be appointed. Appointing nominees for the beneficial owner would mean that his name and other personal details do not appear on any of the charter documents prepared for the company and instead, those of the nominees would appear. This facility is essential in further enhancing privacy especially if a person or company main objective for incorporation an offshore company in Grenada to protect assets.

The rules for operating a Grenada offshore company in compliance with the Act are summarized in the offshore company’s constitution which comprises the memorandum and articles of association. The members of a company who wish to add specific clauses and objectives may do so provided that they are approved in accordance with the law. In the constitution of a Grenada offshore one would fine the company’s name, registered address, by-laws, information on shares, authorized capital, the powers of directors, intended business of the company and other relevant details.

The formation documents of a Grenada offshore company are prepared by the registered agent who submits the documents required to incorporate a company with the companies’ registry. Upon being satisfied that the constitution, name requirements and general documentation of an offshore company to be incorporated meet legal standards. The incorporation of a Grenada offshore company is finalized upon the issuance a registration number and certificate of incorporation which signify that a company has been duly constituted and registered under the laws of the country.

Other documents which accompany a company’s constitution include registers of directors and shareholders, share certificates and the minutes of the first meeting held by the members.