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Guernsey

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Registering a company in Guernsey in 2020

The main advantages of doing business in this jurisdiction:

  • A developed financial services sector;
  • A modern infrastructure;
  • A pragmatic regulation;
  • A flexible tax system;
  • No requirements for authorized capital;
  • A geographical proximity to London and continental Europe;
  • A presence of innovative legal forms, namely PCC and ICC.

A cost of registering a company in Guernsey is € 1990

Terms of starting a business in Guernsey are from 14 days.

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To register a company in Guernsey is a justified and a promising solution. The jurisdiction has a flexible political and a tax policy, a high level of follow-up, maintains a favorable environment for raising a capital, storing assets and other business goals. Today, more than 60 thousand companies operate on Guernsey. The local government has a pragmatic and a responsive governance regime. These features have made jurisdiction extremely popular for opening offshore companies in Guernsey.

Key features

To set up a company in Guernsey is carried out in accordance with the Companies Act (Guernsey) of 2008 as amended. Key features include:

  • Frequently, a corporate income is taxed at 0%;
  • A separate legal personality;
  • There is no stamp duty on the issue, transfer or redemption of shares;
  • There is a quick registration of business firms in Guernsey (up to 24 hours, or 15 minutes with accelerated);
  • To open a business in Guernsey can 1 member limited liability company;
  • There is a registration of LLC in Guernsey, companies with unlimited liability, mixed liability and limited warranty;
  • there are no requirements for the authorized capital (with the exception of mandatory solvency checks);
  • Standard constituent documents are available by default;
  • There is no compulsory codification of the responsibilities of the tops of the board;
  • A voluntary exclusion of inactive firms from the registry without an official, costly liquidation process.
Advantage of establishing Guernsey firms:
  • The financial industry is at a high level of development;
  • A professional legal framework;
  • A pragmatic management;
  • A clear working process;
  • The government neutrality in taxes;
  • The internationally recognized jurisdiction;
  • A geolocation not far from London and Europe;
  • Not part of the EU;
  • A London time zone;
  • The availability of PCC and ICC.
What does it take to set up a business firm in Guernsey?

Commercial firms are established by a Corporate Services Provider (CSP) with a fiduciary license from the Guernsey Financial Services Commission.

All companies need:
  • to register an office in this jurisdiction;
  • at least 1 director is required;
  • to conclude an agreement with a local agent (a resident);
  • to draw up and submit a MOA, in accordance with which one or more founders have the right to register a company in Guernsey;
  • to provide a package of constituent documents;

Before registering a Guernsey company, it is possible to reserve a name for three months. The process of setting up an enterprise in Guernsey is a simple electronic procedure, that can be done in 1 day, subject to the preconditions and formalities for combating money laundering.

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A capital

No need for the authorized capital. If the company has one class of shares, directors may issue shares or grant rights to subscribe for shares, if there is permission in accordance with the Memorandum or decision of the participants. With a larger number of one class of shares, their issue requires permission by authorization in the Memorandum, company documents, or on the basis of a general decision.

Taxes

Local resident companies pay 0% tax, unless the company is a bank, a fiduciary company, the insurance intermediary/manager, then tax is 10%. Utility providers and land/building owners

contribute 20% to the treasury.

Guernsey does not have a separate income tax, capital gains, inheritance taxes, capital transfers, value added taxes. There is no stamp duty for the issue, a transfer, a repurchase of shares.

If you need legal advice on tax accounting in Guernsey, contact IQ Decision professionals for help.

The audit

Guernsey accounts are not checked annually. Large companies regulated by GFSC are not eligible for this exemption. The exemption is available, if the company decides not to conduct an audit (relate to a specific financial year).

Registering companies in Guernsey

If you decide to register a company in Guernsey, for its successful implementation, it is advisable to enlist a support of experienced lawyers. IQ Decision experts are ready to offer services to advise clients on the subject of this article, as well as legal support clients during company registration or when opening a corporate bank account in Guernsey.

The information posted in the article is current at the time of its publication.

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

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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