Doing Business 2009 - Government of Grenada

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Kyrgyz Republic Senegal St. Kitts and Nevis The Kyrgyz Republic, a top reformer globally and regionally, strengthened investor protections through legal amendments allowing minority investors to take legal actions as shareholders. The amendments also require an independent assessment of a related-party transaction before it is approved. Moreover, directors can be held liable for negligence if they harm minority shareholders and will be forced to pay damages and disgorge profits. A new one-stop shop made it easier to start a business by streamlining and simplifying business registration processes and eliminating certain requirements such as proof of residence. Obtaining a company seal became optional. Dealing with construction permits also became easier, thanks to a one-stop shop making it possible to obtain a designing permit, construction license, and occupancy permit at a single place. This reform eliminated nine steps, reduced the time required by almost 6 months, and lowered the cost from 759 percent of income per capita to 406 percent. Senegal’s one-stop shop for business start-up became fully operational, merging more than half the procedures and speeding the process as a result. Similarly, the introduction of time limits at the Land Registry and the Directorate of Taxes and Property sped property registration. The top reformer globally in easing trade, Senegal introduced a single window for customs clearance, cutting document requirements in half. It also set up an electronic data interchange system, implemented risk-based inspections, extended the operating hours of customs, and improved port and road infrastructure. In St. Kitts and Nevis no major reform was recorded. St. Vincent and the Grenadines St. Vincent and the Grenadines reduced its corporate tax rate from 40% to 37.5%. And it introduced a value-added tax at a standard rate of 15% to replace several existing taxes, including the hotel tax, consumption duty, entertainment tax, stamp duty on receipts, and domestic and international telecommunications surcharge. The country also enacted a bankruptcy law, its first set of rules regulating the bankruptcy of private enterprises. 51
APPENDICES Starting a Business in Grenada This table summarizes the procedures and costs associated with setting up a business in Grenada. STANDARDIZED COMPANY Legal Form: Private Limited Liability Company Minimum Capital Requirement: City: St. George's Registration Requirements: No: Procedure Time to complete Cost to complete 1 Search and reserve company name 3 days EXD 10 2 Prepare and notarize company statutes 2 days EXD 2500 3 Register with Supreme Court Registry and receive company 10 days EXD 1200 certificate; register with Internal Revenue Department and National Insurance Scheme 4 Register for taxes 2 days no charge 5 Register for social security 1 day no charge 6 * Make company seal 2 days (simultaneous with previous procedure) EXD 75 * Takes place simultaneously with another procedure. 52
Page 1 and 2:
Country Profile for Grenada
Page 3 and 4: Current features News on the Doing
Page 5 and 6: Economy Rankings - Ease of Doing Bu
Page 7 and 8: Protecting Investors Director Liabi
Page 9 and 10: 1. Historical data: Starting a Busi
Page 11 and 12: 4. Benchmarking Starting a Business
Page 13 and 14: Once entrepreneurs have registered
Page 15 and 16: 3. Steps to Building a Warehouse in
Page 17 and 18: The following table shows Dealing w
Page 19 and 20: 1. Historical data: Employing Worke
Page 21 and 22: The following table shows Employing
Page 23 and 24: 1. Historical data: Registering Pro
Page 25 and 26: 4. Benchmarking Registering Propert
Page 27 and 28: Firms consistently rate access to c
Page 29 and 30: 3. Benchmarking Getting Credit Regu
Page 31 and 32: Companies grow by raising capital,
Page 33 and 34: 3. Benchmarking Protecting Investor
Page 35 and 36: Taxes are essential. Without them t
Page 37 and 38: 3. Benchmarking Paying Taxes Regula
Page 39 and 40: The benefits of trade are well docu
Page 41 and 42: 3. Benchmarking Trading Across Bord
Page 43 and 44: Where contract enforcement is effic
Page 45 and 46: 3. Benchmarking Enforcing Contracts
Page 47 and 48: The economic crises of the 1990s in
Page 49 and 50: 3. Benchmarking Closing Business Re
Page 51 and 52: Number of reforms in Doing Business
Page 53: Burkina Faso Colombia Dominica Burk
Page 57 and 58: Dealing with Construction Permits i
Page 59 and 60: Time to complete: 35 days Cost to c
Page 61 and 62: Firing costs (weeks of salary) What
Page 63 and 64: Procedure 1 Lawyer prepares title d
Page 65 and 66: Getting Credit in Grenada The follo
Page 67 and 68: Protecting Investors in Grenada The
Page 69 and 70: Paying Taxes in Grenada The table b
Page 71: Enforcing Contracts in Grenada This
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Doing Business 2009 - Government of Grenada

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