Fact File

Location

Channel Islands

Fact File Supplied By:

We are Guernsey

Time zone

GMT +1 in summer

Population

62,754 (Sept 2018)

Capital

St. Peter Port

Airport(s)

Guernsey

Language

English

Currency

Pound Sterling (Monetary Union).

Political System

Democracy with a unicameral parliament

International dialing code

+44 1481

Legal system

Guernsey has its own legal system - customary law with statutes

Centre's exptertise

Insurance, investment funds, fiduciary, pensions, investment management, banking, green finance.

Personal income tax

20%

Corporate income tax

0% on company profits, except for 10% tax on income from banking, insurance (relating to domestic business), fiduciary and fund administration, and 20% tax on income from the ownership of land or buildings. Investment funds can apply to be exempt from taxation

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 incorporation 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 £10 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

No annual submission of accounts to Guernsey registry reuired.

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.