Greenland

Legal form:

LLC, LLP, Inc.

Delivery:

3 months

Price: $

4000

Payment methods:

Requirements:

Document checklist:

Local legal address (Handled by B2B Hub)

1.Passport
2.Proof of Residence

Go to applicattion

Inquiry

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Registrar

Organization name

Abbreviation

Country

Greenland

Phone

Listing

Open website

About

Greenland

Capital
Official languages
Population
Currency

ISO 4217

Nuuk

Greenlandic (Kalaallisut)

56,483

Danish Krone

DKK

FAQ

FAQ for Company Formation in Greenland:

Q: What are the different types of companies that can be formed in Greenland?

A: The most common types of companies formed in Greenland are the Private Limited Company (ApS) and Public Limited Company (A/S).

Q: What is the process for forming a company in Greenland?

A: The process for forming a company in Greenland involves several steps, including:

1. Choose a unique company name.

2. Obtain a CVR number (Central Business Register) from the Danish Business Authority.

3. Draft and sign the company's articles of association.

4. Register the company with the Greenlandic Business Authority.

5. Obtain a business license.

6. Register for VAT (if applicable).

7. Register employees for social security and taxation purposes.

Q: What is the minimum share capital required to form a Private Limited Company (ApS)?

A: The minimum share capital required to form a Private Limited Company (ApS) in Greenland is DKK 50,000.

Q: What is the minimum share capital required to form a Public Limited Company (A/S)?

A: The minimum share capital required to form a Public Limited Company (A/S) in Greenland is DKK 500,000.

Q: What are the requirements for appointing a board of directors in a Public Limited Company (A/S)?

A: A Public Limited Company (A/S) must have a board of directors consisting of at least three members, one of whom must be a chairman.

Q: What are the requirements for appointing an auditor in a Public Limited Company (A/S)?

A: A Public Limited Company (A/S) must appoint an auditor to audit the company's financial statements.

Q: What is the corporate tax rate in Greenland?

A: The corporate tax rate in Greenland is 30%.

Q: What is the value-added tax (VAT) rate in Greenland?

A: The value-added tax (VAT) rate in Greenland is 25%.

Q: What is the deadline for filing corporate tax returns in Greenland?

A: The deadline for filing corporate tax returns in Greenland is 6 months after the end of the fiscal year.

Q: What is the deadline for filing VAT returns in Greenland?

A: The deadline for filing VAT returns in Greenland is 1 month and 10 days after the end of the VAT period.

Economy

Greenland has a small, open economy that is heavily dependent on exports of fish and seafood products. According to the World Bank, the GDP of Greenland in 2019 was estimated to be $2.2 billion, with a GDP per capita of $50,845. The unemployment rate in Greenland was 4.2% in 2019, and the inflation rate was 1.2%. The main industries in Greenland are fishing, fish processing, and tourism. The main exports of Greenland are fish and seafood products, which accounted for over 90% of total exports in 2019. The main trading partners of Greenland are Denmark, the United States, and the Faroe Islands. The government of Greenland has implemented a number of policies to promote economic growth, including tax incentives for businesses and investments in infrastructure.

Taxation

Greenland is an autonomous territory of Denmark and has its own tax system, which is separate from that of Denmark.

Corporate Taxation:

Companies registered in Greenland are subject to a corporate tax rate of 24.5%. In addition to corporate tax, companies may also be subject to other taxes such as payroll tax, value-added tax (VAT), and resource tax.

Personal Taxation:

Individuals who are resident in Greenland are subject to income tax on their worldwide income. The tax rates for individuals range from 9.08% to 42.8% depending on their income level.

Tax Payment Process:

The tax year in Greenland runs from 1st January to 31st December of the same year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in April of the following year.

Taxpayers can make their payments at any authorized bank or online through the Greenlandic tax authorities' website. In addition to income tax, taxpayers may also be subject to other taxes such as property tax, motor vehicle tax, and energy tax.

In summary, the tax system in Greenland is based on a corporate tax rate of 24.5% for companies and a progressive income tax system for individuals, with tax rates ranging from 9.08% to 42.8%. The tax year runs from January 1st to December 31st with the deadline for filing tax returns being in April of the following year. Taxpayers can make their payments at any authorized bank or online through the Greenlandic tax authorities' website.

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