Friday, July 30, 2021

FAQs

About General Questions

How is an application for a license submitted to the FCS?

You can get a license from the FCS after submitting documents confirming the payment of the required duties and fees. The list of required documents, as well as a complete list of licenses, can be seen on the FCS website.

By sequentially following the steps prescribed in the instructions when submitting an application, it is easy to achieve the desired result. Be sure to fill in all the fields in the form so that the submitted application will not be returned. If you do not fulfill all the requirements, then the document will be returned for revision and time will be wasted.

How long does it take to receive a response to a license application?

After reviewing the standard FCS services you can see that for each specific case there is a time frame for receiving a detailed response to obtain a license.

If I want to stop the procedure for obtaining a license after all the documents have been submitted, will the FCS charge me full payment?

By filling out an application, submitting all the necessary documents, paying the due fees and duties, the applicant, regardless of new circumstances arising, will not receive the money back. The procedure will be completed in due time, the amount of the fee will remain on the account of the FCS Office.

How to submit the necessary documents for a license by mail or entrusting the required action to a third party?

It is better to do everything that is required to obtain the FCS license yourself. So that there are no problems, the application after consideration is necessarily confirmed by feedback. Supporting documents, the license are sent to the addressee. The third party must provide the contact details of the applicant so that there are no problems.

What are the fees charged by the FCS?

Going to the section “Set fees” on the FCS website, each applicant will see a complete list of payments required to obtain a license.

What does the term “politically exposed person” mean?

A politically exposed person is a citizen of Grenada or another country who, over the past three years, has been actively involved in social activities, holding any public office or working in world organizations.

These can be also close relatives or guarantors of the person who applied for the license. This term gives the applicant the right to receive tax benefits.

What are the required procedures for applying for a FCS license to obtain a tax exemption certificate for non-residents of Grenada?

Citizens who do not reside permanently in Grenada are required to provide all the documents specified in the list in order to receive tax exemption from the tax service of the state in which they are actually registered.

If necessary, the FCS has the right to send a letter to the applicant with the requirement to provide all the necessary information from his tax service or directly contact the tax service of the state where the applicant actually lives to obtain the necessary data.

 What is the role of the Financial Control Service?

The FCS, or Grenada’s Financial Control Service, acts as the regulator of non-banking financial services in Grenada. The body supervising the issuance of licenses, non-banking activities in the territory of Grenada was established in 2013. Its activities are regulated by the Financial Control Service Act or by the FCS Act. In addition, the FCS regulates the registration, controls the activities of all non-residents of the country on the territory of Grenada.

What if there is a need to file a complaint about a license from the FCS?

You will need to accurately formulate the essence of the problem by providing documents that all attempt to directly resolve the issue have exhausted their capabilities. If the conflict between the complainant and the authorities does not lead to the expected compromise, the complainant will complete a special form. The complaint is submitted by e-mail to the address of the FCS or by official letter in compliance with all the necessary formalities provided by the Financial Control Service. Having received the message, having checked the authenticity of all available information, the special service will conduct the necessary investigation, giving a response in due time.

Where can I learn more about the rules for using the license?

Detailed information on all important laws, acts, orders regulating financial, non-commercial and other activities with the help of the license obtained from the FCS is available on the organization’s website. By visiting the section, each applicant will receive full answers to his questions. Use the site tabs to understand the essence of the problem.

About Registry

How can I register an IBC?

You can apply for an IBC in Grenada by going through all the required procedures in the ICSP. After obtaining the required license from the FCS you can conduct the necessary activities in Grenada without restrictions.

How long does it take to register with an IBC?

Each specific case requires a certain passage of official instances, details can be found on the official website or by consulting with the responsible employee of the state body.

About Fiduciary

Can IBC or CSL do business in Grenada?

There are np restrictions for those who have passed the licensing procedure in Grenada.

Criteria for the formation of authorized capital for a business organization?

Article 8 (2) of the ICSP Act says that in order to obtain the required license the applicant must provide all documents confirming the amount of capital required for registration. Details are available in Appendix 4 of the ICSP Act.

If a candidate has a need for several licenses, according to the ICSP law, the FCS can provide a lower limit for the authorized capital among the possible licenses.

Consequences of late payment of annual payments provided for by the legislation of the country?

Each holder of a license from the FCS in case of non-fulfillment of financial obligations stipulated by the law of Grenada is fined 50% calculated on the due annual fees. All necessary transfers must be made by January 31 of the current year. The penalty is charged for the entire delay period.

Will the license applicant be allowed to pay a reduced license fee if the application is approved by the FCS in the middle of the year or month?

It all depends on the time of approval of the application. Having received a positive answer, the applicant can significantly reduce the amount of the first quarterly payments when starting activities in the current year.

About Insurance

Can IBC Grenada have an insurance business in Grenada?

No arguments give the right to conduct an insurance business in Grenada. Such activities are strictly prohibited by law.

Can the company appoint a foreign actuary, auditor, bank?

After submitting an official request to the FCS you can attract foreign counterparties.

Is paid capital required to be kept in banks in Grenada?

All domestic or foreign insurance companies are required to have their corsets in the bank of Grenada to conduct business in the country, in compliance with existing legislation.

What is the minimum capital requirement for general insurance, including a long-term insurance license?

At least 100,000 US dollars must be kept in the bank account or its equivalent in any other currency permitted by law in order to conduct the necessary activities in the territory of Grenada.

If the outside insurance company does not have an office in Grenada, the company may require a main insurance representative. Can a registered agent be PIR?

The company secretary is enough. However, any registered agent may, with the approval of the regulatory authority, act as a PIR.

What are the criteria for starting a brokerage business?

According to the Act of 2008, regulating the action of insurance companies, in order to obtain brokerage licenses, it is required to provide a full package of documents provided for by the FCS regulation. Detailed information on the documents required to obtain a license can be found on the FCS website with all the necessary explanations for insurance of the brokerage business.

About Gambling

Is there a need to register a company in Grenada to apply for a license?

Only a company with the required permission in accordance with the acts passed in 1972 can apply for a license to operate a gambling business in accordance with the SGA.

Is it necessary to obtain permission from the Federal Customs Service to import any gaming devices, including accessories?

Careful control excludes the possibility of illegal transportation of gaming devices and their accessories of any nature to the territory of Grenada.

What are the criteria for hiring gambling employees?

Only if the applicant has the necessary license can he be granted the right to work in a gambling establishment. Each employee is required to undergo a check and obtain a work permission from the FCS. A sample of personal questionnaires for obtaining a work permission in the structures of the gambling business is on the official website of the FCS. All criteria in Section 34 (1) SGA must be strictly adhered to. Only those applicants who fully meet all the prescribed requirements can apply, without exceptions.

Areas of gambling business supervised by the FCS?

According to the Act on the gambling business adopted in the territory of Grenada in 2014, the FCS is responsible for licensing, control, regulation of the types of activities of all business structures involved in the gaming industry in Grenada, including lotteries or other types of business that can be classified as gaming. The Grenada Licensing Office fully controls everything related to the gaming industry on the territory of the state.

About Capital Markets and Collective Investment Schemes

How does FCS relate to platforms like Forex?

The FCS is not responsible for regulating financial markets. This is the prerogative of the country’s Central Bank.