Legislation of Guernsey

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List of state regulatory authorities

States of Guernsey
Guernsey Registry Online Services Portal
Guernsey Financial Services Commission
Intellectual Property Office
Channel Islands Competition and Regulatory Authorities
Royal Court of Guernsey
Guernsey International Business Association
Guernsey Society of Chartered and Certified Accountants
Guernsey Legal Resource

Corporate info

Legal system
based on the principles of Norman French and English common law
Types of entity
sole trader; partnership; limited partnership; company limited by shares; company limited by guarantee; unlimited liability company; mixed liability company; cellular company; branch of foreign company; trust
Shelf companies permitted
No
Incorporation timescale for a new company
1 day
Company suffix
"Limited", "With limited liability", "Ltd.", "Avec responsabilité limitée", or "ARL"
Sensitive words
bank, fund, insurance; prophanities; words implying patronage of the Crown or government, etc.
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
company records (register, index, record, accounting records, agreement, memorandum, articles, minutes or other document)
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
Yes / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / anywhere
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1
Minimum paid share capital
1
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
Pound sterling
Standard authorized share capital
1
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
20%
Сorporate tax
0%
Corporate tax (in detail)
The corporate income tax rate is 0%, with a few exceptions when the tax rate is 10% or 20%.
Capital gains tax
No
Capital gains tax. Details
Capital gains in Guernsey are not subject to tax.
VAT
No
VAT. Details
Withholding tax
No
Other taxes
Social Contributions, Property Transfer Tax
Exchange control
No
Government fee
Stamp duty

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Western Europe
Total area
78 sq. km
Population
63.026 (2016)
Capital
Saint Peter Port
National currency
Pound sterling
Conditional reduction of currency
GBP
Against USD
0.6
Climate, average max and min t°
temperate with mild winters and warm sunny summers; avg. maximum temperature is 20°C, avg. minimum temperature is 6°C
Time difference from Moscow
- 4 hours
Dialing code
+44-1481
State language
Ethnic groups consist of British and Norman descent
Ethnic groups
UK and Norman-French descent with small percentages from other European countries
Literacy rate
no data
History
In 933 the Channel Islands, formerly under of control of the Duchy of Brittany, were annexed by the Duchy of Normandy. When Guillaume Duke of Normandy conquered England in 1066, he became King William I as well as Duke of Normandy. However when 138 years later King John lost the territory of Normandy, the Channel Islands remained loyal to the English crown. In return for this loyalty, King John granted to the islands certain rights and privileges in 1215 which enabled them to be virtually self-governing. Over the ensuing centuries, possession of the islands switched back and forth between the English and French several times. The 19th century saw a dramatic increase in prosperity of the island, mainly due to its success in the global maritime trade. The Bailiwick of Guernsey was occupied by German troops in World War II. Post war, tourism started to really take off, and the reduction of tax rate in 1959 lead to a large influx of wealthy UK individuals. In 1973 Guernsey became an Associate member of the EEC. Banking and Finance became the main income earners from the 1980’s onwards and have brought huge wealth to Guernsey and a respectable standing in the world of Offshore Finance centers.
Credit rating
AA-
Government type
Parliamentary democracy
Executive branch
Government and Chief Minister
Legislative branch
States of Guernsey (45 members)
Judicial branch
Royal Court and Magistrates Court
Unemployment
0.9% (2015)
GDP per capita rank
185 (2015)
Corruption perceptions index rank

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