Business entities in Greenland

Business entities in Greenland

Healy Consultants will assist our Client in selecting and setting up the optimum Greenland corporate structure for Greenland company formation. There are several ways of doing business in Greenland and the most common is the limited liability company. Foreign investors can also establish a public limited company, a branch of their foreign company or a representative office.

The Greenland limited liability company (anpartsselskab or ApS)

    company setup process in Greenland

  • A Greenland limited company (LLC) can be set up with only i) 1 shareholder ii) 1 director and iii) a share capital of US$19,000. 100% foreign ownership is allowed in majority of the business sectors. At least 1 director must be residing in either Greenland, or be a citizen of Denmark or any other Nordic country. To assist our Clients complying with these requirements, Healy Consultants will be pleased to offer passive nominee resident shareholder and/or director services;
  • The Greenland LLC must also provide the Greenland government with a registered address in Greenland to complete incorporation. After incorporation, it will be required to submit annual audited financial statements and must appoint for that purpose either i) one state authorized public accountant or ii) an auditor.

The Greenland public limited company – PLC (aktieselskab or A/S)

  • Incorporation of a Greenland public limited company (PLC) requires a minimum of i) one shareholder ii) three directors and iii) a share capital of at least US$75,000. Foreign ownership is not restricted in majority of the business sectors;
  • Residency requirements are however tight, as at least one of the directors must be residing in Greenland, or is required to be a citizen of Denmark or any other Nordic country. If needed, Healy Consultants will be pleased to offer passive nominee resident shareholder and/or director services;
  • The Greenland PLC must also provide the Greenland government with a registered address in Greenland to complete incorporation. After incorporation, it will be required to submit annual audited financial statements to the Greenland Tax Authority and must appoint for that purpose either i) a state authorized public accountant or ii) an auditor.

The Greenland branch (filial)

Only one shareholder and one director are required for incorporation of a branch in Greenland. Only a company with a legally registered office in the EU, USA, Canada or the Nordic countries can open a branch in Greenland. The director must be resident in Greenland and Healy Consultants may assist our Clients with complying with that requirement either by i) applying on their behalf for a work visa or ii) providing nominee resident shareholder services. The branch office must file a certified copy of the foreign company’s audited financial statements with the GER within five months of fiscal year-end. The foreign financial statements will be made available to the general public.

The Greenland representative office

The Greenland representative office is established solely for market research or an office to establish contacts and enter the market, and promote business of the parent company. This entity is not allowed to pursue production-related or commercial activities. A resident representative must be appointed and the representative office is not subject to corporate tax in Greenland.

 LLCPLCBranchRep. office
Also known as:Private limited companyPublic limited companyBranchRep. office
How long to set the company up?2 weeks4 weeks4 weeks2 weeks
How long to open company bank account?3 weeks3 weeks4 weeks4 weeks
Legal liability?LimitedLimitedUnlimitedUnlimited
Wholly foreign owned?YesYesYesYes
Minimum paid - up share capital?US$19,000US$75,000N/AN/A
File annual tax return?YesYesYesNo
Tax registration certificate required?YesYesYesYes
Recommended corporate bank account?CitibankNuna BankDanske BankJyske Bank
Does our Client need to travel?NoNoNoNo
Resident director required?YesYesYesNo
Resident shareholder required?NoNoNoNo
Minimum directors allowed?1311
Minimum shareholders?1111
Tax identification code needed?YesYesYesYes
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?YesYesYesYes
Statutory audit required?YesYesNoNo
Greenland corporate tax rate?31.80%31.80%31.80%N/A
Annual financial statements required?YesYesNoYes
Regulated by?GERGERGERGER
Allowed to issue sales invoices?YesYesYesNo
Allowed to sign contracts?YesYesYesNo
Allowed to import and export goods?YesYesYesNo
Can rent an office space in Greenland?YesYesYesYes
Can buy Greenland property?NoNoNoNo
Total Greenland business setup costs in yr. 1?US$14,000US$16,000US$15,000US$12,400
Subsequent annual costs (incl. accounting and tax fee)?US$6,900US$6,900US$7,900US$5,600
Sample engagement invoice?Greenland LLC setup costGreenland PLC setup costGreenland branch company setup costGreenland representative office setup cost

Contact us

For additional information on our business setup services in Greenland, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Grace Odhiambo, directly:
client relationship officer - Grace
bank of greenland bureau of minerals and petroleum DCCA GER Government of Greenland