Guernsey Offshore Company

Guernsey is the second largest of the Channel Islands which has an area of about 27 sq. miles. The Channel Islands are a group of islands which lie in the English Channel which separates Great Britain and France. The island has a history which dates back to about 5,000 years B.C and it has a population of about 65,000. The capital and financial hub of Guernsey is St. Peter Port. The environment is mainly rural. There is an attractive coastline which offers many facilities to visitors. The official language of the island is English which is used for all aspects of financial and commercial activities. French is still spoken by a few people; French still remains the official language of Guernsey’s Royal Court, but it is used on ceremonial occasions. The Island is a British dependency, with the Lieutenant Governor representing the British Crown. The British Government is responsible for foreign affairs and defense. The main industries in the island of Guernsey are financial services, agriculture, and tourism. Guernsey is one of the most popular locations for establishing a Guernsey Offshore Company. The currency used here is the Great Britain Pound.

Many investors have come forward and taken the opportunity to protect their assets and obtain a reduced tax liability with the establishment of a Guernsey Offshore Company. Guernsey is a haven for offshore companies for those who would like to incorporate their company in other countries and where they can avail the benefit of low or no taxation. Another reason why this island is a popular choice is its proximity to the United Kingdom and the mainland of Europe. Annual fees are minimal and formation of a company takes between 8-10 days. The fact that Guernsey has become one of best destinations in the setting up of offshore businesses is seen by the number of companies that have already come up and contributed significantly to the region’s economic growth.

The following requirements have to be fulfilled when you apply for the establishment of a Guernsey Offshore Company:

• There should be a minimum of one director.
• There should be a minimum of two shareholders.
• The company should have a company secretary who can be a resident or non-resident.
• The name of the company should have a suffix of ‘Limited’.
• Before forming the company, it is necessary to disclose to the authorities the names of the persons who will be the beneficial owners.
• Corporate shareholders are allowed.
• Details of the beneficial owner of the company must be forwarded to the authorities.
• A share register must be maintained at the registered office address of the company.
• The normal authorized share capital is GBP 10,000, though the minimum authorized capital is GBP 2
• A Guernsey Offshore Company may be re-domiciled to another region.
• Accounts of the offshore company need not be audited.

The following procedures have to be followed for incorporating an offshore company in Guernsey:

- A Guernsey Offshore Company is incorporated by submission of the Memorandum and Articles of Association to the Financial Services Department along with details of the registered office address, names, nationalities, addresses and other details of the directors and shareholders. Details of the company’s proposed trading and investment activities should also be furnished.

- A Guernsey Exempt company cannot trade within Guernsey or do banking, accept deposits, insurance, asset management, and any other activity associated with finance.

You will enjoy a number of benefits and advantages when you open a Guernsey Offshore Company. Post 9/11, the laws and restrictions have become stricter than ever before. Therefore, no readymade offshore companies for sale are available in Guernsey. Guernsey is reputed to be one of the tax havens and it is easily accessible by the residents of the European Union.

The island of Guernsey offers you a tantalizing variety of opportunities and invites you to invest in a Guernsey Offshore Company.