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Why company formation in Guernsey?
Guernsey is an island country located in the English Channel in the west of France. It comes under the Channel Islands and are second largest channel island after Jersey. Saint Peter Port is its capital and the largest town. The transportation here is well developed as Guernsey is accessible by both air and sea. Therefore, it is an attractive destination for foreign investors for the company formation in Guernsey. It brings business friendly environment for global investors specifically I under the financial sectors. If you are looking to start your business journey in Guernsey we got you covered, our experts are ready to provide tailored solutions meeting your customized demands.
Business Entities for company formation in Guernsey
Limited liability Company
The most widely accepted business structure in Guernsey is Limited Liability Company (LLC), under the limited liability company shareholders are only liable for the company’s debt in accordance to their subscribed capital.
Guarantee Company
Guarantee company formation in Guernsey is usually done for charitable or non-trading purposes, under this type of business structure the member of company guarantees a specified amount towards the debts of the business rather than holding the shares of the company.
Unlimited Liability Company
Unlimited Liability Company in Guernsey have shareholders with The shareholders in a limited liability company in Guernsey have an unlimited liability to contribute towards the date of the company.
Mixed Liability Company
It is a hybrid company with both guaranteed members and shareholders. Shareholders may have limited or unlimited liability.
Cell companies
These types of companies have been popular among the investment fund industry and insurance industry. These companies are of two types
Protected cell company- These companies function based on cells whereby the assets and liabilities of a company are segregated. It is a single legal entity. The assets and liabilities of the company are ring-fenced from each other.
Incorporated cell company- Here, each cell of a company functions as an individual cell company that holds its assets and liabilities.
Eligibility for company formation in Guernsey
- Local registered office for company registration in Guernsey
- At least one director for company registration in Guernsey
- At least one shareholder for company registration in Guernsey
- No minimum authorized share capital for company registration in Guernsey
- Drafting MoA and AoA for company registration in Guernsey
- Corporate bank account opening after company registration in Guernsey
- Obtaining licenses and permits after company registration in Guernsey
- Appointing company secretary for company registration in Guernsey
Documents for company formation in Guernsey
- Duly filled application form for company incorporation in Guernsey
- Particulars of directors and shareholders- name, address, nationality
- Passport copies of directors and shareholders
- Local registered office address for company incorporation in Guernsey
- AoA and MoA for company incorporation in Guernsey
- Declaration of compliance for company incorporation in Guernsey
- Declaration of status of tax residency for company incorporation in Guernsey
- Reference letter of banks for directors and shareholders
- Documents for licenses and permits for company incorporation in Guernsey
- KYC (Know your client) Documents for all shareholders and directors
Post Registration compliances for company formation in Guernsey
Annual Validation
After successful company formation in Guernsey, every company must file an annual validation with the registrar before the end of February of each year.
Annual General Meeting
After successful company formation in Guernsey, every company should hold its first annual General meeting within 18 months of company incorporation in Guernsey.
Accounts
After successful company formation in Guernsey, every company should maintain its accounting records so that it can explain its transactions in case any need arises. These records must be kept for at least six years. Financial records for each year must be prepared after the company formation in Guernsey.
Company registers
After successful company formation in Guernsey, every company should maintain its registers which would contain specific details of its members, directors, shareholders, and any resident agent, or secretary.
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Download PDFOur Services for company formation in Guernsey
We at Enterslice offer you the following services
- Annual tax filing services after company formation in Guernsey
- Applying for tax residency certificate after company formation in Guernsey
- Corporate bank account opening after company formation in Guernsey
- Company registration in Guernsey services
- Local registered address services in Guernsey
- Secretary services for company formation in Guernsey
Benefits of company formation in Guernsey
There are many advantages to engaging in company formation in Guernsey, which has been mentioned below
Stable political environment
Guernsey is a British crown dependency and it has a stable political environment which makes it attractive for global investors for their company formation in Guernsey.
Tax regime
Guernsey also has a competitive tax regime such as no value-added tax and no capital gain tax levied by the government of Guernsey. Additionally, the government of Guernsey also provides some tax exemptions to global investors for company formation in Guernsey.
Financial services hub
Guernsey is a well-established financial services hub. Sectors like banking, investment, and insurance are well regulated here as per the international standards which enhances its reputation for company formation in Guernsey.
Well developed infrastructure
Guernsey has a well developed infrastructure and good connectivity which makes it even more attractive for company formation in Guernsey.
Skilled workforce
A skilled and highly qualified labor force makes it the most preferred destination for company formation in Guernsey.
Steps for company formation in Guernsey
We shall help you in your company formation in Guernsey after conducting due diligence on all the Documents that you have provided us. We shall now guide you through the procedure that needs to be undertaken for successful company formation in Guernsey
Choosing an appropriate business entity
The first step is to choose an appropriate business structure as per your specific business needs.
Company name reservation
The second step is to choose a unique name for your company formation in Guernsey and check for the availability of that name.
Appointing Key personnel
The Next step is to appoint key personnel for your company formation in Guernsey such as the directors and shareholders.
Local registered office address
You must have a local registered office address for your company formation in Guernsey where all the correspondence could be sent.
Drafting of Documents
You must carefully draft and submit the MoA and AoA that defines the company’s purpose and structure.
Application for company registration in Guernsey
Submitting the company registration application along with all the relevant Documents to the Guernsey registry for the company registration in Guernsey.
Post Registration Documentation
After successful company incorporation in Guernsey, you will receive a certificate of incorporation.
Obstacles during company formation in Guernsey
Obstacles that you need to overcome while engaging in a company incorporation in Guernsey
- Checking for company name availability
- Ensuring regulatory compliances after company registration in Guernsey
- Preparing all the necessary Paper works for due diligence
- Managing tax considerations, the company incorporation Guernsey
- Language challenges for non-English speakers
Tax Considerations & Company Formation in Guernsey
There is a uniform income tax regime for global investors seeking company formation in Guernsey. The current corporate tax rate for companies in Guernsey is at the rate of 0%. Additionally, there are no inheritance, tax, capital, gain, tax, or any goods and services tax in Guernsey.
Exceptions
- Investment funds can be exempt from tax on a payment of a fee of Euro 1200.
- On specific regulated businesses, corporate income tax at the rate of, 10% is levied
- A corporate tax rate of 20% is levied on companies regulated by the Office of utility regulation
- A corporate tax rate of 20% is levied on companies deriving their income from Guernsey property.
Best regions for company formation in Guernsey
St. Peter Port
This is the capital city and largest town of Guernsey. It is a business and financial services hub. Therefore, banking and legal investors find it attractive for the company formation in Guernsey.
St. Martin
This place is best preferred for those businesses that are looking for a countryside setting for their company formation in Guernsey.
St. Sampson
This is a suitable location for those companies looking for business setup in Guernsey in the logistics sector or warehousing due to its proximity to the harbor and industrial areas.
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