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Registration of a company in Greenland in 2020
Key benefits of doing business in this jurisdiction:
- A largest island in the world;
- A strategic location;
- Greenland is located in four time zones;
- Greenland has a special status under the EU - an associated foreign country with customs privileges;
- No customs duties on the export of products.
Support in company registration is from €3700
Approximate terms of company registration from 18 daysDetailed information
Greenland is a part of the Kingdom of Denmark. However, if you decide to register a company in Greenland and personally draw up documents, you will need to obtain a separate Greenland visa - you will not get a Danish visa to Greenland. You can get into the country by plane or by sea, in addition, you should remember, that there are no roads inside the country, so you can only get from one city to another by air (small planes fly about once or twice a week).
Greenland is not an offshore zone, therefore, companies with a limited tax liability will be taxed up to 44% of the income from sources within the country.
Any enterprises, that have the opportunity to open in Greenland are registered in a special Commercial Greenland registry. After that, the company is registered as an employer, in the case of recruitment planning.
IQD Consulting specialists inform potential customers, that you can open a company in Greenland for a non-resident in several ways:
- a representative office;
- an official branch;
- a licensed mineral development company;
- a subsidiary.
By the way, the subsidiary in Greenland is an independent structure, and the liability of the company's shareholders is limited only by the size of their shares.
Not regulated by the local Law on Enterprises, another type of enterprise is a joint ventures. Foreign citizens can start a joint business in Greenland. They can open a partnership in Greenland, the activity of which is regulated only by partnership agreements. A joint venture can also be formed by jointly owning shares in a subsidiary. If you decide to register a company in Greenland, IQD Consulting lawyers will assist you at all stages of this process, as well as help you to open an account in Greenland.
- aktieselskab - an open company;
- anpartsselskab is a private limited company.
In both cases, you will receive individual numbers, the authorized capital can be contributed by both finance and assets (tangible).
In the first version, the capital contributed during registration is provided in the amount of 500 thousand Danish kroner, the amount is fully paid into the account. The company has the ability to sell 10% of the shares. A company is created with at least one founder (an individual/legal entity), but the requirement of the law (a one founder) is necessarily a citizen of Greenland.
In the second option, the amount is less (125 thousand). Bearer shares are not provided. The founder is also at least one (the individual/legal entity).
Registration of a company in Greenland allows a foreign company to open a local branch in Greenland. The main enterprise must have an official legal status in the country, where it is registered. It is important, that a permission to open a Greenland branch can be obtained only on one condition: the main enterprise must have its registration in the EU, USA, Canada or the countries of Scandinavia.
If you decide to do business in Greenland, IQD Consulting can offer you to buy a ready-made company in Greenland.
The information posted in the article is current at the time of its publication.
Please, check with our specialists for possible solutions for your business.