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Basic Information

Area: 344 km²

Calling code: +1 473

Population: 110,000

Official Language: English

Time zone: (UTC-4), Local time: 09:26


Grenada is a small island that is located among a chain of islands in the Caribbean. The island is located near the coast of Venezuela and it lies about 100 miles from Trinidad and Tobago. Grenada is an independent state and consists of three islands. The smallest island is called Petit Martinique, the middle-sized island is called Carriacou, and the largest island is Grenada. The islands are surrounded by the Caribbean Sea to the west and the North Atlantic Ocean on the east.
Grenada was discovered in 1498 and was then inhabited by the Caribe. During the 17th century, the islands were taken over by the French and in 1763, Grenada was declared British territory. The island is still linked to Britain and is a member of the Commonwealth of Nations.


Tourism is the largest revenue producing industry in Grenada. The entire economy relies on the money that is generated by tourists. Agriculture is also an important industry on the island. In recent years, the economy has flourished due to offshore business banking.
Grenada was often referred to as Spice Island because of the large amounts of nutmeg and mace that is exported from the island. In 2004, a hurricane destroyed much of the infrastructure on the island and the economy suffered. The nutmeg harvest was also affected and it is expected to take many years for the nutmeg to grow as it once did.
Grenada has an upper middle income and was ranked by its GNI as 69th out of 187 countries (2005). In 2005, Grenada saw the beginning of economic recovery and that has continued over the past few years. The islands are currently financially stable. Local and foreign business investments have been on the rise, which is promising for the economy.


There is only one international airport in Grenada. It is called Point Salines International Airport and is connects the islands to other parts of the Caribbean. The airport offers flights to New York, London, Porlamar, Venezuela, Toronto, and Frankfurt. More than 400,000 passengers travel through the airport annually (2008).
The island itself has a good road system, making travel easy. There are many secondary roads, all of which are maintained. Local driving can be a bit crazy, so tourists are urged to take a taxi or bus when travelling around the island.
While Grenada is not advanced in the world of technology, many residents do have mobile phones. However, the number of cellular customers is extremely low compared to other developed countries. The mobile phone penetration is around 74% (2005). Grenada has one electric company that supplies power to more than 99% of the three islands. The company is called Grenada Electricity Services Ltd.


The majority of people in Grenada, 71 per cent, have received basic education, which is provided by Grenada free of charge until the age of 16 (2011). Even with an education, there are not many corporate jobs. Most of the natives will be employees in services or tourism (2010). Grenada does have higher education institutions that can help residents learn technical skills that will assist them in landing higher paying jobs. These skills will also help new businesses who are coming into the area because owners will be aware that there are local workers available to perform duties for the company.

Business Costs

Domestic companies in Grenada are required to pay a 30 per cent corporate tax each year if the income for the company is in excess of 60,000 ECD. There is also a withholding tax of 15 per cent (2011). Businesses do not have to pay any capital gains taxes and there are no exchange controls in Grenada.
The minimum wages were updated ten years ago and were set for various categories of workers. Men in Grenada receive higher wages than women. The current minimum wages are EC $5.00 per hour for men and EC $4.75 per hour for women (2011). The wage scale is attractive to new businesses because it will allow them to save some money while getting the business up and running. Devoted and committed employees will often end up earning much more than minimum wage with new companies.
Commercial rental property is very affordable in Grenada. On average, a business owner can expect to pay between $2 and $5 per square foot of space (2010). The low rent and labour costs make Grenada a desirable business location.
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