Doing Business 2009 - Government of Grenada

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Time to complete: 1 day Cost to complete: (lawyer’s fees paid in procedure 1) Comment: Procedure 7 The deed is executed in the presence of the lawyer and the cheque is exchanged for the deed. All previous deeds relating to the land, all papers (including insurance policy), and all keys are delivered to the purchaser. Payment of Stamp Duty at the Deeds & Land Registry Time to complete: Cost to complete: 1 day 1% of property value Comment: Procedure 8 Registration of the deed in the Deeds & Land Registry Time to complete: Cost to complete: 60 days EC $5 (registration fee) Comment: The deed is collected by the purchaser’s lawyer after registration and processing. Documentation required: - Original deed - New deed (with stamps from procedure 7) - Proof of payment of all taxes and rates relating to the property - History of title 61
Getting Credit in Grenada The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit registries in Grenada. Getting Credit Indicators (2008) Indicator Private bureau coverage (% adults) Private credit bureau Public credit registry score 0 Are data on both firms and individuals distributed? No No 0 Are both positive and negative data distributed? No No 0 Does the registry distribute credit information from retailers, trade creditors or utility companies as well as financial institutions? No No 0 Are more than 2 years of historical credit information distributed? No No 0 Is data on all loans below 1% of income per capita distributed? No No 0 Is it guaranteed by law that borrowers can inspect their data in the largest credit registry? No No 0 Coverage 0.0 0.0 Number of individuals 0 .. Number of firms 0 .. Legal Rights Index Can any business use movable assets as collateral while keeping possession of the assets; and any financial institution accept such assets as collateral ? Does the law allow businesses to grant a non possessory security right in a single category of revolving movable assets, without requiring a specific description of the secured assets ? Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of the secured assets ? May a security right extend to future or after-acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets ? Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations and debts can be secured by stating a maximum amount rather than a specific amount between the parties ? Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the grantor's name of a security right ? Do secured creditors have absolute priority to their collateral outside bankruptcy procedures? 9 Yes Yes Yes Yes Yes Yes Yes Do secured creditors have absolute priority to their collateral in bankruptcy procedures? Yes 62
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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
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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 and 54: Burkina Faso Colombia Dominica Burk
Page 55 and 56: APPENDICES Starting a Business in G
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: Procedure 1 Lawyer prepares title d
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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