In order to comply with The Companies Law in Guernsey a Guernsey Company must have a Registered Office and Resident Agent in Guernsey (if there is no Guernsey Resident Director these services can only be provided by a CSP). Parish Group can provide these support services as well as company secretarial support on an ongoing basis. We can also provide nominee shareholders or corporate directors if required.
- A Guernsey Company must have at least one director, one shareholder and there is no minimum capital requirement.
- A Guernsey company must file an annual validation in January every year (similar to an Annual Return in the UK).
- There is no requirement to file accounts with the companies registrar in Guernsey.
- The Company law requires that the Company prepare annual financial statements which must include a profit and loss account, balance sheet and directors report.
- A Guernsey company can be exempt from audit (provided it fulfils the small company requirements) and waive the requirement to hold an AGM (the Audit and AGM are usually waived for small non-regulated companies and are completed by way of shareholder resolution which are filed with the Guernsey Registry).
- After incorporation the company should have a Certificate of Incorporation, M&A (often the standard template), corporate registers (directors/secretaries/shares), first minutes and audit wand AGM waivers in place. These documents are required in order to comply with the Company Law.
- The corporate documentation must be kept at the registered office address. At Parish Group we scan all documents and these are available to our clients as pdf documents.
- Parish Group provide a full suite of accounting services to include bookkeeping, payroll, preparation of annual unaudited financial statements, preparation of company and personal tax returns and tax computations.
Our process for setting up a Guernsey Company is as follows:
- We discuss your requirements and the most appropriate structure for your needs. There may need to be some input from tax and/or legal advisers to ensure the structure is right to achieve the best result moving forward.
- We provide you with a quote for services.
- Once you agree the quote we will request you complete our company formation form, client introduction form and our director’s declaration form – we send these to you electronically.
- We do our internal compliance checks, set up files etc. and when all is complete we issue our letter of engagement and terms and conditions and set up your company (or appropriate structure as advised).
- We e-mail through all the relevant paperwork for your signature and return (by e-mail with originals to follow by post).
- In practice once any advice that may need to be sought is in place the process for setting up the company is relatively quick. Once all the forms and our due diligence are complete the company will only take 24-48 hours to establish.
Parish Group work with many entrepreneurial style clients helping to enable them to get the best out of the opportunities in Guernsey. We recognise that our clients and their businesses want the best service in a short time-frame for a competitive price and endeavour to deliver on these expectations.