Offshore island Guernsey

Registration of an offshore company in Guernsey

The island of Guernsey is located in the English Channel and is part of the Channel Islands. The island is under the jurisdiction of Britain, but is not considered part of the United Kingdom. It is not included in the European Union, but is part of its customs territory. Capital – St. Peter Port, monetary unit – the Guernsey pound (GGP), which is pegged to the British pound.

The main sources of income for local residents – financial services, tourism, fishing, agriculture. Offshore Guernsey is recognized by the OECD as partially compliant with its requirements, while in Ukraine the jurisdiction is included in the "black list".

Guernsey is not one of the most popular offshore companies in the world. This jurisdiction – not the best place to do business. Most often, offshore companies are created to manage investments, use tax incentives in international planning. The island is most suitable for those wishing to create a trust or an online casino.

Registration of companies in Guernsey takes place in accordance with the Alderney Companies Act 1994 and amendments to this regulation of 1995.

Legal forms and requirements for companies

The most common types of companies on the island are:

1. Limited Companies
2. Incorporated Cell Companies.
3. Limited by Guarantee.
4. Unlimited and Mixed Liability Companies.

Any company must have at least one director and one shareholder – natural or legal person. The name must be unique and contain the word Limited or LTD. To approve the name, an official request is submitted to the Financial Service Commission. A registered office in Guernsey is required, as is a resident secretary. There are no requirements regarding the minimum authorized capital, the standard size – £10k

An important point: even when using a nominee service, the real beneficiary must be known to the representative of the registration authority. Relevant information can be provided to public authorities upon request.

Taxes and reporting

Income tax rate for resident companies – 20%. The same tax is paid by non-residents if they receive income on the island. To be exempt from taxation, a non-resident company must not carry out activities with residents, acquire shares of resident companies.

Non-resident companies pay an annual fee – €600 plus €100 for updating registry information.

Recording and submission of the annual balance sheet are required. A penalty is charged for late submission of the report.

If you want to buy or open a company in Guernsey, but have questions about the feasibility of investing – consult with Crystal Tax specialists. We will answer all your questions about offshore companies and help you decide on the most beneficial jurisdiction for you.