Table of Contents
- 1 How much does it cost to set up a company in Guernsey?
- 2 Can you set up a business in Guernsey?
- 3 Why do companies set up in Guernsey?
- 4 How long does it take to incorporate a company in Guernsey?
- 5 How do I dissolve a company in Guernsey?
- 6 Who can be a director of a Guernsey company?
- 7 Is healthcare free in Guernsey?
- 8 How much money do you need in the bank to live in Guernsey?
- 9 Are there any restrictions on investment in Guernsey?
- 10 Why is Guernsey a good place to start a business?
How much does it cost to set up a company in Guernsey?
Guernsey incorporation costs in Year 1 amount to £4,050 and annual company costs in Year 2 and thereafter amount to £750. The average total fees per Guernsey engagement amounts to £13,575, including company incorporation, company secretary, corporate bank account, and legal registered office.
Can you set up a business in Guernsey?
Starting a business in Guernsey The Guernsey Registry offers a choice of Limited Companies, Limited Partnerships, Limited Liability Partnership or Foundations. When considering which type of legal entity is most suited to your proposed new business, the Registry always recommends that you seek independent legal advice.
How do I set up a company in Guernsey?
How to set up a Guernsey limited liability company
- the memorandum of incorporation;
- a statement of the proposed first director(s), such statement to include specific information set out in the Law;
- a statement of the proposed address of the company’s registered office;
- a statement of the proposed first resident agent;
Why do companies set up in Guernsey?
Due to the flexibility that Guernsey companies provide, their tax neutral tax status and the professional expertise available on the island, Guernsey companies should be a first choice for international transactions and structuring arrangements, whether it is for an investment fund, or other capital raising, an asset …
How long does it take to incorporate a company in Guernsey?
DOING BUSINESS IN GUERNSEY IN 2021
| Compare different Guernsey entities | Tax resident LLC | Financial Services Company |
|---|---|---|
| How long to supply corporate bank account numbers? | 3 weeks | 3 weeks |
| How long to supply company registration / tax numbers? | 2 weeks | 2 weeks |
| Corporate tax rate on annual net profits? | 0% | 0% |
| Limited liability entity? | Yes | Yes |
What is the tax rate in Guernsey?
20%
Guernsey resident individuals pay income tax at a flat rate of 20%. The personal income tax year is the calendar year and tax returns must generally be filed (either electronically or on paper) by 30 November of the year following the relevant tax year.
How do I dissolve a company in Guernsey?
Notice of the dissolution of a limited partnership shall be filed with the Greffier (c/o Guernsey Registry) within 7 days of the date of dissolution. A notice must also be published in La Gazette Officielle. There is no set form to notify the Registry of the dissolution of a limited partnership.
Who can be a director of a Guernsey company?
In terms of eligibility, anyone can be a director provided that you are not restricted under section 137 (which prohibits certain people such as minors and disqualified persons from being directors), and you have declared that you are not ineligible and have consented to act.
Do Guernsey companies have to file accounts?
There is no public filing required in respect of the accounts of a Guernsey company. Certain Guernsey companies may be exempt from having their accounts audited. The shareholders may also pass a waiver resolution resolving that it be exempt from audit for an indefinite number of financial years.
Is healthcare free in Guernsey?
You will have to pay for both primary healthcare and emergency treatment in Guernsey, but your Social Security payments will contribute towards these charges, and secondary or specialist healthcare is free of charge to residents.
How much money do you need in the bank to live in Guernsey?
In order to apply for Guernsey residency, the applicant must have £1m available and under their control. Make an investment of at least £750,000 for the benefit of the Bailiwick of Guernsey.
How can a company be incorporated in Guernsey?
Guernsey companies can only be incorporated by a Corporate Service Provider (CSP) who holds a full fiduciary licence from the Guernsey Financial Services Commission. The Registry has a directory of CSPs available here. All companies must have: – A registered office address in Guernsey
Are there any restrictions on investment in Guernsey?
There are no impositions or limitations on investment capital, whether going in or out of Guernsey. The state has minimal intervention on matters of business and economy. This is rather idiosyncratic of past – some would say antiquated – economic practices.
Why is Guernsey a good place to start a business?
Guernsey is regarded as a paradigm of a free enterprise economy with low taxes, a free flow of capital, a talented, flexible workforce and a sophisticated financial and entrepreneurial infrastructure. These idiosyncrasies have brought Guernsey to its position today of a top offshore financial centre.
When do first accounts have to be done in Guernsey?
(Even though the Guernsey tax year is 1 January – 31 December, accounts don’t have to be done to 31 December. The first accounts can end on any date so long as they don’t cover more than 18 months, or more than 2 calendar years); If you are employing anybody.