General Overview. Onshore and offshore business activities are well regulated and monitored by local authorities in Grenada. The jurisdiction adheres to international rules for efficient offshore banking services and it has implemented the necessary anti-money laundering standards.
Banking Sector. It is possible to obtain a banking license in Grenada by providing all the necessary information and documents to the government, as well as complying with all the rules and requirements of the local authorities. Two types of a banking license may be issued in Grenada: Class 1 or unrestricted license, or Class 11 or restricted license. Secrecy laws are strong and confidentiality s protected by law.
Insurance Sector. International Insurance Act regulates international insurance business in Grenada, which does not allow conducting insurance business on the territory of the jurisdiction. It is possible to incorporate an offshore captive insurance company in this country.
Gambling Sector. International betting and gambling business in general is well developed in Grenada. In order to conduct such a business activity, a company must obtain an offshore gambling license, by adhering to all the requirements of the authorities. Such a company must have a main office in the jurisdiction as well as a required minimal capital in a local bank account at all times. Authorities may occasionally conduct checks and controls of companies which manage offshore gambling business.