Guernsey Exempt Corporation
Guernsey Exempt Corporation
Guernsey is one of the Channel Islands, famous for its tax-haven status. In recent years, Guernsey’s financial centre has become increasingly important, with most international banks having either a branch or subsidiary in Guernsey. The island is also home to branches or subsidiaries of many major international insurance companies. In terms of security and stability, Guernsey is as good as it gets. Guernsey has agreed to implement the OECD Exchange of information treaty and has signed an agreement with the UK. This allows HM Revenue & Customs (HMRC) to ask for the bank account details of any company that could be liable for income tax, corporation tax, capital gains tax or VAT in the UK.
Key Features
| Guernsey Exempt Company | Corporate Details |
| General | |
| · Type of Entity | Exempt Company |
| · Type of Law | English Common Law |
| · Registered Office in Guernsey | Yes |
| · Shelf company availability | No |
| · Our time to establish a new company | 1 Business days |
| · Corporate Taxation | No |
| · Access to Double Taxation Treaties | No |
| Share capital or equivalent | |
| · Standard currency | GBP |
| · Permitted currencies | Any |
| · Minimum paid-up | GBP 1 |
| · Usual authorized | GBP 10,000 |
| Directors | |
| · Minimum number | 1 |
| · Local required | No |
| · Publicly accessible records | Yes |
| · Location of meetings | Anywhere |
| · Corporate directorship allowed | Yes |
| Members | |
| · Minimum number | 1 |
| · Publicly accessible records | Yes |
| · Corporate members allowed | Yes |
| · Location of meetings | Anywhere |
| Company Secretary | |
| · Required | No |
| · Local or qualified | No |
| Accounts | |
| · Requirements to prepare | Yes |
| · Audit requirements | No |
| · Requirements to file accounts | No |
| · Publicly accessible accounts | No |
| Other | |
| · Requirement to file annual return | Yes |
| · Migration of domicile permitted | No |
Advantages
- No authorized share capital
- Unlimited objects
- Single members are permitted
- No requirement to file accounts
- Ability to waive requirement to hold AGM’s and to have accounts audited (subject to certain conditions)
- Distributions are by way of a solvency test
- Simple and cost-effective striking off
- Standard rate of tax applicable to companies is 0%
The Valsen Advantage
- Speedy, Efficient and consistent Services.
- Relentless effort to obtain bank accounts.
- Expert advice on structuring options.
- Dedicated ongoing compliance support.