The procedure to establish a company in Greenland is easy. If you want to start a company here, follow this simple guide.
Procedure for registration
The following are the steps taken:
Select a company name
Choosing a unique name for your new company is the first step in registering in this country. There can’t be any confusion with other firms that use the same or a similar name.
Choose a legal form for your company
Before registering your company, you need to figure out what kind of legal entity it will be. Limited liability companies (LLCs) and sole proprietorships dominate the commercial landscape.
Fill in the required paperwork
Form a corporation and file it with the Greenlandic Business Authority by filling out the required paperwork and submitting it to them (Erhvervsstyrelsen). Company names, corporate structures, addresses, and names of directors and shareholders must all be included in the registration form.
Obtain a business license
A business license may be required before beginning operations, depending on the type of firm you intend to launch. Depending on your line of work, you may need a special permit or license.
Acquire a tax identification number
Tax registration is required after company formation with the Greenlandic tax office. A tax identification number (CPR number) will be required for your business.
Set up a bank account
You will need to create a bank account with a Greenlandic bank in order to do business there. This will allow you to get paid and pay your vendors, workers, and government dues.
Get the necessary licenses
Get the appropriate licenses and certifications from the appropriate Greenlandic agencies, these may vary depending on the nature of your firm.
In general, a business can be registered here with little difficulty. To make sure you meet all legal and regulatory standards, however, you should consult an expert.
Price of setting up a business in Greenland
How much it will cost to incorporate in Greenland is subject to factors including the sort of business entity being formed and the scope of services needed from a local agency.
Registration for a limited liability company (Anpartsselskab) in Greenland costs 6,500 DKK (about 1,040 USD). The Greenlandic business administration also charges a stamp duty fee of 1,500 DKK (approximately 240 USD). A public limited company (Aktieselskab) must pay a registration charge of 8,000 Danish kroner (about 1,280 US dollars) in addition to a stamp duty fee of 1,500 kroner.
Payment for services like legal advice, bookkeeping, and appointing a registered agent may be necessary in addition to the registration expenses. These services can range in price based on the source chosen and the extent of help necessary.
For additional information on the precise charges associated with forming a company in Greenland, you should speak with a local registered agent or an attorney.
Greenland’s company registration options
In Greenland, you can set up a number of different kinds of businesses:
Sole proprietorship
One individual owns and runs a business known as a sole proprietorship (Enkeltmandsvirksomhed) in Danish. Although simple to form and manage, this company structure places personal responsibility for corporate obligations squarely on the shoulders of the owner.
Partnership
In Swedish, a firm held by two or more people is called an “Interessentskab” (Partnership). All debts and liabilities of the firm are to be borne by the partners jointly and severally.
Limited liability corporation
An Anpartsselskab is a limited liability corporation, which is a type of business entity apart from its owners. The company’s profits are not included in the shareholders’ personal income tax returns, and they have limited liability for the company’s debts and liabilities.
A limited liability corporation (Aktieselskab) with the power to sell shares to the general public is a sort of public limited company. It needs at least 500,000 Danish Krone in share capital (approximately 80,000 USD).
A branch office
A branch office (Filial) is the Greenland outpost of a parent corporation based in another country. Both registration with the Greenlandic Business Authority and the selection of a local representative are mandatory for the branch office.
To find out which business structure is ideal for your firm in Greenland, talk to a local attorney or registered agent.
