Guernsey

Personal income tax

20%.

Corporate income tax

0% on company profits, except for 10% tax on income from banking, insurance (relating to domestic business, intermediary and management), custody, fiduciary, fund administration, investment management for individuals, compliance and other related
activities provided to regulated businesses, operating an investment exchange, operating
an aircraft registry, and 20% tax on income from the ownership of land or buildings in Guernsey, operating a regulated utility company, retail in Guernsey (where taxable profits exceed £500k), importation and/or supply of oil and gas, cultivation of cannabis plants (or the use of those plants) and licensed production of controlled drugs.

Exchange restrictions

None.

Tax information exchange agreements

60 signed TIEAs as of August 2017.

As of July 2, 2019

Argentina, Japan, Australia, Korea (Republic of), Austria, Latvia, Bahamas, Lesotho, Belgium, Lithuania, Bermuda, Macau, Botswana, Mauritius, Brazil, Mexico, British Virgin Islands, Montserrat, Bulgaria, Netherlands, Canada, New Zealand, Cayman Islands, Norway, Chile, Poland, China, Portugal, Costa Rica, Romania, Czech Republic, San Marino, Denmark, Seychelles, Faroe Islands, Slovakia, Finland, Slovenia, France, South Africa.

Full Double Tax Treaties

Cyprus, Hong Kong, Isle of Man, Jersey, Liechtenstein, Luxembourg, Malta, Mauritius, Monaco, Qatar, Seychelles, Singapore, United Kingdom.

Partial Double Tax Treaties

Australia, Denmark (Individuals) (Shipping & Aircraft), Faroes (individuals) (Shipping & Aircraft), Finland (Individuals) (Shipping & Aircraft), Greenland (individuals) (Shipping & Aircraft), Iceland (individuals) (Shipping & Aircraft), Ireland, Japan, New Zealand, Norway (Individuals) (Shipping & Aircraft), Poland (Individuals) (Shipping & Aircraft), Sweden (Individuals) (Shipping & Aircraft).

Permitted currencies

Any.

Minimum authorised capital

No minimum authorised share capital is prescribed by the Companies (Guernsey) Law, 2008.

Minimum share issue

One share for a company limited by Shares.

Shelf companies

No, but standard Memorandum and Articles of Incorporation are available.

Timescale for new entities

One day standard, 15 minute incorporations possible where standard memorandum and articles from the Guernsey Registry are used.

Incorporation fees

Fee dependent on speed of incorporation ranging from £100 (24 hours) to £750 (15 minutes).

Annual fees

Annual validation fee dependent on type of company, ranging from £250 (non-regulated) to £1,000 (regulated) for non-cellular companies. Fee for cellular companies dependent on number of cells, at £750 plus £100 per incorporated cell and £50 per protected cell.

Minimum number

One.

Residency requirements

No, as a matter of corporate law. Regulated businesses will require resident directors.

Corporate directors

Yes, but not for regulated businesses.

Meetings/ frequency

AGM not required (subject to waiver resolution being passed).

Disclosure

Yes, but beneficial ownership not publicly available.

Bearer shares

No.

Minimum number

One.

Public share registry

No.

Meetings/ frequency

Accounts to be laid before AGM (subject to waiver resolution being passed).

Annual return

All Guernsey companies must file an annual validation with the Registry between 1 January and the last day of February (except companies incorporated in December the previous year).

Audit requirements

Yes unless waived by members' waiver resolution (various exemptions available but not for regulated businesses, or 'large companies' under the Companies (Audit Exemption) Regulations, 2008).

Registered office

Yes.

Domicile issues

Migration of companies in/out of jurisdiction permitted where reciprocal legislation exists in corresponding jurisdiction.

Company naming restrictions

Yes, compulsory wording such as 'ICC' and 'PCC' for incorporated or protected cell companies, and prohibited wording such as 'Royal', 'Bank', or 'Fund', where there is no such connection.