Guernsey company audit, financial statements, accounting, consulting in Guernsey

Audits in Guernsey are required only for large companies that exceed the statutory thresholds for turnover, total assets and employee headcount. Other entities may be exempt from audit provided they adopt and file the relevant resolution. Although companies are not generally required to lodge their financial statements with the public register, all companies must file an annual tax return accompanied by financial statements. Our audit services include drafting and filing the exemption resolution, preparing financial statements and tax returns, and submitting audited accounts to the tax authorities.

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(according to the actual time spent)

100-400 USD per hour

(according to the actual time spent)

100-400 USD per hour

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General requirements

Companies incorporated in Guernsey must comply with requirements of the Companies (Guernsey) Law, 2008. The law does not require companies to file financial statements with the Registrar (Guernsey Registry). However, companies must file online an Annual Validation from 1 January to the last day of February.

The Law also requires that within 14 or 30 days after acceptance companies file the following with the Registrar:

any changes in the company’s details (14 days);
resolution of exemption from audit;
resolution of exemption from holding an annual meeting of shareholders;
resolutions of changes in the share capital, etc.

Audit of accounts

Audit of accounts is compulsory for large companies.

A company is large if in the current and previous year it meets 2 of the 3 below criteria:

proceeds are 6 500 000 GBP or more;
assets (balance) are 3 260 000 GBP or more;
number of employees is 50 or more.

If the company is not expected to exceed the said limits and holders of 10% or more of the company’s shares do not express desire to audit the company, a resolution of exemption from audit must be adopted and filed with the Registrar by the end of the financial year; it also applies to the first financial year. A resolution of exemption from audit can be filed online.

Compulsory audit requirement for companies regulated by the Guernsey Financial Services Commission, unless they are large, is determined by the regulator.

Tax accounts and financial statements

All companies incorporated in Guernsey must file tax accounts. Accounts shall be filed online. Normally, the deadline for filing is 1 year and 2 months after the end of the calendar year. For example, the profit tax return for the year 2021 must be filed before or on 28 February 2023.

Tax accounts must be accompanied by financial statements.

If a company has previously applied for audit exemption, financial statements must be accompanied by a report of an independent certified accountant who is currently a member of ICAEW, or ICAS, or ICAI, or ACCA, or has an analogous level of proficiency confirmed by director. If a company has a local agent (service provider), the company’s tax accounts can be filed by that agent.

Consolidated financial statements

Preparation of a consolidated report is not required.

Frequency Asked Questions

Do Guernsey companies require an audit?

It depends on the size and type of the Guernsey company. Under the Companies (Guernsey) Law 2008, a Guernsey company is generally required to have an audit unless it qualifies for an exemption. The exemptions include small companies, dormant companies, and companies that meet certain criteria related to turnover, balance sheet total, and number of employees. Small companies, for example, are exempt from audit if they meet two of the following three conditions: turnover of no more than 6 500 000 GBP, balance sheet total of no more than 3 260 000 GBP, and no more than 50 employees.

Who can audit a Guernsey company?

In Guernsey, audits can only be conducted by registered auditors who are approved by the Guernsey Financial Services Commission (GFSC). The GFSC maintains a list of approved auditors who meet specific qualification and experience requirements. The auditor must be independent and not have any financial interest in the company being audited.

Do Guernsey companies have to file accounts?

Companies in Guernsey are required to maintain accounting records and file an Annual Validation with the Guernsey Registrar, and, where applicable, submit a resolution to opt out of audit. Preparation of financial statements is mandatory, although public filing of full accounts depends on the company type. Licensed/regulated entities and tax residents face additional obligations (tax returns, audits and economic‑substance requirements).

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