Greenland

Greenland

Greenland is a part of the Kingdom of Denmark. If you decide to register a company in Greenland, YB Case experts will assist you at all stages of this process, as well as provide you with professional advice on how to open an account in Greenland. You can get into the country by plane or by sea, in addition, you should remember, that there are no roads inside the country, so you can only get from one city to another by air (small planes fly about once or twice a week).

Setting up a company in Greenland is a bit easier, than registering a company in Denmark.

Greenland is not an offshore zone, therefore, companies with a limited tax liability will be taxed up to 44% of the income from sources within the country.

Any enterprises, that have the opportunity to open in Greenland are registered in a special Commercial Greenland registry. After that, the company is registered as an employer, in the case of recruitment planning.

YB Case specialists inform potential customers, that you can open a company in Greenland for a non-resident in several ways:

  • a representative office;
  • an official branch;
  • a licensed mineral development company;
  • a subsidiary.

By the way, the subsidiary in Greenland is an independent structure, and the liability of the company's shareholders is limited only by the size of their shares.

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Not regulated by the local Law on Enterprises, another type of enterprise is a joint ventures. Foreign citizens can start a joint business in Greenland. They can open a partnership in Greenland, the activity of which is regulated only by partnership agreements. A joint venture can also be formed by jointly owning shares in a subsidiary. If you decide to register a company in Greenland, YB Case lawyers will assist you at all stages of this process, as well as help you to open an account in Greenland.

According to the provisions of the Law, to set up a commercial company in Greenland you can in one of two types of limited liability:
  • aktieselskab - an open company;
  • anpartsselskab is a private limited company.

In both cases, you will receive individual numbers, the authorized capital can be contributed by both finance and assets (tangible).

In the first case, the capital contributed at the time of registration is granted in the amount of 76 000 USD, the amount is fully credited to the account. The company has the ability to sell 10% of the shares. A company is registered with at least one founder (an individual/legal entity), but the requirement of the law: a founder must be necessarily a citizen of Greenland.

In the second option, the amount is less (19 000 USD). Bearer shares are not provided. The founder is also at least one (the individual/legal entity).

Registration of a company in Greenland allows a foreign company to open a local branch in Greenland. The main enterprise must have an official legal status in the country, where it is registered. It is important, that a permission to open a Greenland branch can be obtained only on one condition: the main enterprise must have its registration in the EU, USA, Canada or the countries of Scandinavia.

YB Case specialists will provide you with support services at all stages of registration of your business in Greenland. We will also provide professional advice on the licensing of businesses in Greenland and the opening of accounts for the Greenland company.

Please, check with our specialists for possible solutions for your business.

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