Grenada: Offshore Business Sectors
In 1998 The International Betting Act came into force in Grenada, making provision for the granting of International Betting licences in a regulated framework.
An application for a license to conduct international betting must be made to the Registrar of Offshore Services.
Application for a license under the Act may require an examination of the financial status and history of the Applicant Company and any of its directors, associates or affiliate and the character and experience of the directors thereof. The objective is to ensure that Grenada is maintained as a clean and transparent jurisdiction.
Licencees must maintain a principal office in Grenada and must conduct their business in a way that is consistent with the interest of persons placing bets. A deposit of at least ECD1m must be permanently maintained in a licensed bank in Grenada.
A licensee under the Act pays a 2% (at the time of writing) tax on the gross receipts derived from betting each month to the Comptroller of Inland Revenue.
Examination by the appropriate authority may be done at any time without prior notification.