Guernsey

Population:

60,000

Currency:

Pound sterling; 1 = US$1.77 (mid-2005)

Language:

English

Time zone:

GMT plus 1 in summer

Centre's expertise:

Well-regulated centre offering global financial services

General requirements

Type of entity

Limited company;  company limited by guarantee; protected cell company

Type of law

Common Law plus statues

Shelf company available

Yes, but subject to requirement to obtain approval of beneficial ownership

Time to establish a new company

Minimum 48 hours

Taxation

Exemption generally available

Double taxation agreements

Only UK and Jersey

Forex restrictions

None

Language & name restrictions on companies

English; restrictions on choice of names (subject to approval by FSC and law offices)

Share capital

Permitted currencies

Any

Minimum paid up

No minimum

Usual authorized capital

10,000 or equivalent

Directors and personnel

Minimum number

1

Local required

No, unless company is carrying on a restricted activity

Company secretary & qualifications

Service providers regulated by Guernsey FSC

Shareholders and AGM

Minimum number

2

Disclosure requirements

Beneficial owners disclosed to Guernsey FSC and to Crown officers

Publicly accessible records

Yes

Obligations for annual meetings

Yes

Location of AGM

No restriction

Accounts

Requirement to prepare

Yes

Audit requirements

Audit exemption possible

Account filing obligations

None

Publicly accessible accounts

None

Other

Requirements to file annual return

Yes

Change in domicile permitted

Yes

Need to registered office

Yes, to be maintained in Guernsey

Number of companies set up in last year

1,172

Total number of companies on register

16,400