GUERNSEY

The isle of Guernsey belongs to the Channel Islands situated in the British Channel at the distance of 160 kilometers to the South of Great Britain and 32 kilometers to the West of France.

Political system: an independent country.

The population is 58, 000 people. The official language is English.

It has a combined legislative system incorporating elements of British and French law.

1	Advantages	An off-shore company with a high international reputation. The availability of professional banking, legal and accounting services.
2	Disadvantages	A comparatively high cost of incorporation and administration of the company. The information on the beneficial owner of the company may be disclosed to the authorities but not to any third parties.
3	Corporate Law	The Companies Law of 1994
4	The form of tax-free company	A tax-free Company, hereinafter referred to as the “Company”
5	Permitted activities	Any activity not prohibited by the law. A special license for banking, insurance, reinsurance and trust services is required.
6	Prohibited activities	Making transactions with residents of Guernsey
7	Taxation	The Company is free from any taxes and duties on operations beyond the border=1s of Guernsey
8	The period of registration	7 to 13 days
9	The possibility to buy a shelf company	None
10	The name of the Company	Should not be identical or similar to any one registered in Guernsey or Great Britain. The name should have the word “Limited”, no abbreviation “Ltd.” is permitted. The words: “Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Co-operative”, “Imperial”, “Insurance”, “Municipal”, “Royal”, “Trust Company”, “Trustee Company” or other words and word combinations having the same meaning may not be used in the name of an IBC.
11	The documents required for the registration	Memorandum of incorporation, the Articles of Association, the document of registered office and the nomination of the first director
12	Who signs the incorporation documents?	At least two subscribers who appoint the first Director
13	The share capital of the Company	The share capital of the company is announced, there is no requirement of obligatory payment and minimum and maximum size
14	The recommended share capital	GBP 10,000 divided into 10,000 shares with face value GBP 1 per share
15	Shares	The issue of bearer shares and those without any face value is prohibited
16	Shareholders: -- minimum number -- nominee shareholders -- trust ownership of shares	Two private individuals or corporate entities permitted permitted
17	Possible re-domiciliation of the company in any other jurisdiction	None
18	Whether the law provides non-disclosure of the information: -- on the beneficial owner of the Company -- on banking operations	No Yes
19	Directors: -- minimum number -- ethnic origin and nationality -- status	A single private individual or corporate entity No requirements All rights except those within the exclusive competence of the shareholders (determined by the memorandum, Articles of Association)
20	The existence in the territory of Guernsey of: -- registered office -- registered agent -- a local secretary	Obligatory Not obligatory Obligatory
21	Meetings of -- shareholders -- directors	The meetings may be held in any part of the world and the minutes of the meetings may be kept in any place. The annual meeting of shareholders is obligatory No requirement
22	The requirement of: -- the accounting -- preparing the annual statement -- submission of the auditors’ opinion	None Yes, including the information on the names and addresses of directors, shareholders and the number of shares owned by them. None
23	The information available upon request of any third parties	The share capital, registered address, names and addresses of directors and shareholders, the number of shares owned by them
24	Documents kept in the registered office	The register of members, directors and secretaries; annual statements, minutes of the meetings, corporate books and the seal
25	Double taxation avoidance treaties	Great Britain, Jersey
26	Currency control	None