DOING BUSINESS IN GREENLAND IN 2023
Since 2003, Healy Consultants Group has assisted our Clients with business registration in Greenland. Our services include i) Greenland company incorporation ii) government license registration iii) business bank account opening iv) employee recruitment v) visa strategies and vi) office rental solutions.
|Summary||Tax Resident LLC||Fast solution||PLC||Branch office||Representative office|
|Also known as:||anpartsselskab||anpartsselskab||aktieselskab||agentschap||representatief|
|Best use of company?||All products and services||Close a customer deal now||Public listing||Specific projects||Marketing & research|
|How soon can you invoice Clients/sign sales contracts?||1 month||2 weeks||2 months||3 months||3 months|
|How soon can you hire staff?||2 months||5 weeks||3 months||4 months||4 months|
|How soon can you sign lease agreement?||1 month||1 week||1 month||1 month||1 month|
|How long to supply corporate bank account numbers?||2 months||4 weeks||3 months||4 months||4 months|
|How long to supply company registration/tax numbers?||1 month||2 weeks||2 months||3 months||3 months|
|Corporate tax rate on annual profits (%)?||25||25||25||25||None|
|Limited liability entity?||Yes||Yes||Yes||No||No|
|Government grants available?||Yes||Yes||Yes||Yes||No|
|Resident director/partner/manager/legal representative required?||Yes||Yes||Yes||Yes||Yes|
|Minimum paid up share capital? (EUR)||17,000||17,000||70,000||None||None|
|Corporate bank account location?||Bank Greenland||Nordikk||Bank Greenland||Nordikk||Bank Greenland|
|Can secure trade finance?||Yes||Yes||Yes||Yes||No|
|VAT payable on sales to local customers?||None||None||None||None||None|
|Average total business set up engagement costs? (EUR)||14,000||Request a proposal||16,000||15,000||12,400|
|Average total engagement period?||2 months||5 weeks||3 months||4 months||4 months|
Greenland business setup summary
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Advantages of Greenland company registration
- A Greenland LLC can be entirely foreign owned with no restrictions on foreign investment or subsidy eligibility;
- Greenland boasts one of the most modern fleets of fishing vessels in the world and a large fishing industry that exports high quality seafood products to markets all over the world. This acts as a major incentive to entrepreneurs who would like to invest in the fishing industry;
- Foreign investors interested in the mining and oil industries are provided with exploration opportunities in Greenland which is rich in minerals and oil offering entrepreneurs a wide range of business opportunities;
- The tourism industry in Greenland is a booming niche market, thanks to the country’s arctic climate and nature of unique quality and inland fjords, offering new adventures for tourists thus boosting the economy;
- Greenland is strategically located between North America and Europe, and global warming will increase its role as a gateway to do business between the two continents;
- The air transportation infrastructure of Greenland is well developed. There are three airports that connect Greenland with Europe and the rest of the world.
Disadvantages of Greenland company registration
- A Greenland LLC requires a minimum paid-up capital of US$19,000 for incorporation to be complete;
- Corporate tax in Greenland is levied at 25%;
- There are is only one bank in Greenland and therefore, getting access to credit facilities for business startup in the country is very difficult. Opening global corporate bank accounts to assist Greenland company formation is the only solution. Healy Consultants works with internationally recognized banks to provide corporate bank account services;
- Greenland has only signed 4 double tax treaties with Denmark, Faroe Islands, Iceland and Norway;
- As Greenland is an island, transportation by sea is necessary in most cases. There are no roads connecting the country’s towns and cities. Sea transport to and from Greenland is therefore the major mode of transport and this can be slow for those industries that have to trade across the borders regularly;
- The official language in Greenland is Greenlandic, therefore all official documents must be translated into either Greenlandic or Danish which slows down the incorporation process. This can also be a communication barrier between foreign investors and local staff as well as government officials.
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