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Grenada offers preferential and industry incentive policies to foreign investors
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Grenada offers preferential and industry incentive policies to foreign investors

  • Categories:Industry News
  • Author:
  • Origin:驻格林纳达大使馆经贸之窗
  • Time of issue:2020-12-04 10:13
  • Views:0

(Summary description)  For foreign investment enterprises, the Grenada government provides preferential policies and industry incentive policies.

Grenada offers preferential and industry incentive policies to foreign investors

(Summary description)  For foreign investment enterprises, the Grenada government provides preferential policies and industry incentive policies.

  • Categories:Industry News
  • Author:
  • Origin:驻格林纳达大使馆经贸之窗
  • Time of issue:2020-12-04 10:13
  • Views:0
Information
  For foreign investment enterprises, the Grenada government provides preferential policies and industry incentive policies.
 
  1. Preferential policy framework
 
  The Grenada government provides preferential policies for domestic and foreign investment enterprises. At the same time, for investment companies originating from CARICOM member states, the United Kingdom, etc., Grenada promises to exempt double taxation, and in accordance with the bilateral "Protection and Promotion Agreements" signed with CARICOM member states, the United Kingdom, the United States, etc. , Compensation for expropriation, return of funds and dispute settlement, provide equal, fair and non-discriminatory treatment to investors from the aforementioned countries However, the 1983 Investment Incentive Law of Grenada stipulates that investment companies do not enjoy double preferential policies.
 
  [Fiscal Incentives Act, Fiscal Incentives Act (FIA) 1974] Mainly stipulates that approved enterprises can use tax cancellation and accelerated depreciation methods to obtain raw materials, equipment, machinery, spare parts, etc. in the production of approved goods. Various degrees of reduction and exemption of link taxes and in-app purchase consumption taxes.
 
  [Investment Incentive Law, The Investment Code Incentive Law 1983] mainly empowers the Minister of Finance to approve the repatriation of funds from foreign-funded enterprises to the country of origin, exempt foreign-funded enterprises from using land purchased as investment, exempt income tax, and increase Depreciation rates for factories and machinery, hotel buildings, etc.
 
  [Hotels Aid Act 1954] specifies the requirements and application procedures that investors engaged in the hotel industry can enjoy tariff exemption or deduction when importing or in-house purchase of hotel construction and facility materials.
 
  [Common External Tariff, Common External Tariff (SRO 37/99)] This law is mainly aimed at eligible manufacturing and tourism industries, in importing machinery, equipment and transportation facilities and production materials, construction materials, decoration materials, sports and entertainment facilities Tariff relief granted.
 
  [General Consumption Tax Act (GCT) 7/95] mainly involves local inputs and services for manufacturing and tourism projects, enjoying government consumption tax reductions and exemptions. Foreign investment in tourism and manufacturing can enjoy a 10-year income tax exemption. For the machinery, transportation equipment, raw materials, parts and components imported by the manufacturing industry, except for the 5% customs fee, the rest are all tax-free.
 
  2. Industry encouragement policies
 
  According to the "Investment Incentive Law" and "Investment Promotion Law", the investment amount exceeds 500,000 ECA or employs more than 20 local employees, and can increase foreign exchange reserves through import and export, promote technology transfer, reduce energy imports, and help careers Technical training, large-scale use of local resources and services, investment that is conducive to the development of a diversified economy, high added value, and connecting traditional industries and emerging industries will enjoy industry incentive policies.
 
  [Industry Encouragement Policy] The industries that encourage investment in Grenada are:
 
  (1) Service industry: tourism, information and communication technology (ICT), offshore financial services, health services, education and training services, machine shop services (Machine Shop Services), sightseeing/taxi services, laundry and dry cleaning services, etc.;
 
  (2) Manufacturing: film production, publishing and printing, handicrafts, agricultural processing, light industry, etc.;
 
  (3) Agriculture: fresh fruits and vegetables, fishing and shrimp farming, gardening, aquaculture, hydroponic planting, cocoa, bean curd, bean curd and other spices, seedlings, herbal and organic production, animal husbandry, etc. ;
 
  (4) Ship and yacht industry, water sports, indoor and outdoor sports, etc.;
 
  (5) In order to protect the development of fisheries, the Grenada government stipulates that the owners of fishing vessels engaged in fishing in the territorial waters of Grenada must be citizens of Grenada or Caribbean countries, and companies engaged in fishing and exporting must engage in joint ventures or cooperation in the form of a controlling stake in Georgia. Investors from other countries can only hold up to 49% of the shares, and fishing nets are not allowed.
 
  Source: Economic and Trade Window of the Embassy in Grenada
 
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