Guernsey offers the advantage of formation of several types of legal entities, with different characteristics and thus serves a wide spectrum of business needs. The most usual type of company selected is that of a Limited Liability company (Ltd) i.e. a company whereby its Shareholders are held liable, seldom, for the company’s debts to the amount unpaid on the shares issued on their name. GFA TRUST offers professional and quality formation services in Guernsey.
The incorporation process takes 1 day with the ability also of forming a company within 2 hours if an additional fee is paid. The tax on offshore profits and exchange controls are non-existent.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in Guernsey with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in Guernsey, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
Public filings are restricted only to the Directors of the company, hence, safeguarding the Shareholders and the Ultimate Beneficial Owners from publicly disclosing their information. In connection to the Annual Filing Requirement, there exists the obligation of submission of the Ltd’s Annual Return as also the submission of Audited Accounts, from which, as per the Companies (Guernsey) Law, 2008 companies qualified as small companies are exempted.
Whereas the issuance of bearer shares is non-acceptable, and the acquirement of shelf companies non-available, company re-domiciliation is permitted, as also, the appointment of Corporate Directors.
Our team of experts is able to assist our clients, also, in the consultation and formation of several other types of Guernsey companies, based upon the client’s needs and business goals:
- Guarantee Company; The Members of a Guarantee Company do not hold any share in their name but proceed with guaranteeing a specific amount towards the debts of the company thus limiting their liability as per the amount of their guarantee.
- Mixed Liability Company; A hybrid company consisted both of guarantee members and shareholders
- Unlimited Liability Company; Whereby the shareholder has an unlimited liability in connection to the contribution to the company’s debts while they are a shareholder with the unlimited liability being terminated a year after they cease to be a shareholder
- Cell Company; Protected/Incorporated Cell companies allow the formulation of cells whereby, by statute, the statutes and liabilities are segregated. Each cell is to be conceived as a separately incorporated company, combining assets and liabilities, which influence only its on parameters thus not endangering the sustainability of the other sales. It is highly appreciated by the investment fund industry and insurance sector.