How do I set up a company in Guernsey?

## How to Set Up a Company in Guernsey

Setting up a Guernsey company is straightforward but must be done through a licensed corporate service provider (CSP) — you cannot self-incorporate in Guernsey as you can at Companies House in the UK.

## Step 1: Choose Your Company Structure

Guernsey offers several company types:

Limited Company (Ltd) — the most common choice for trading companies and holding structures. Shareholders have limited liability. Directors manage the company.

International Business Entity (IBE) — suitable for non-resident-owned international structures. Cannot do business with Guernsey residents or own Guernsey land. Simplified regulatory obligations.

Protected Cell Company (PCC) — popular for insurance captives and investment structures. Assets and liabilities of each 'cell' are legally segregated.

Incorporated Cell Company (ICC) — similar to PCC but each cell is a separate legal entity.

Limited Partnership — used for private equity and venture capital fund structures.

Foundation — a hybrid between a company and a trust, used for wealth planning.

For most entrepreneurs and SMEs, a standard Limited Company is the appropriate structure.

## Step 2: Choose a Licensed Corporate Service Provider

All Guernsey companies must have a registered office provided by a GFSC-licensed Corporate Service Provider (also called a 'registered agent' or 'administrator'). The CSP: - Prepares the Memorandum and Articles of Association - Handles the incorporation filing with the Guernsey Registry - Provides the registered office address - Files the annual validation - May also provide nominee director, company secretary, and accounting services

Well-known Guernsey CSPs include Intertrust, Aztec Group, JTC Group, Vistra, Carey Olsen, Walkers, and many boutique local firms.

## Step 3: Anti-Money Laundering Requirements

Before incorporating, the CSP must verify the identity and source of funds of all beneficial owners, directors, and shareholders. You will need to provide: - Certified copy of passport or national ID - Certified proof of address (utility bill, bank statement) - Source of wealth declaration (for significant shareholders) - Business plan or description of the intended activities

This is mandatory under Guernsey's AML regime and cannot be bypassed.

## Step 4: Incorporation Process

• CSP prepares Memorandum and Articles of Association tailored to your business
• CSP files the incorporation application with the Guernsey Registry
• Registry processes the application (typically 1-5 business days)
• Registry issues the Certificate of Incorporation
• CSP obtains the company's registered number
• Company is live and can open bank accounts and transact

Guernsey incorporation fees: Registry incorporation fee (approximately £200-£400) plus CSP fees which vary by provider.

## Step 5: Register with the Revenue Service

All Guernsey companies must notify the Revenue Service of their existence and register for corporate tax purposes within 28 days of incorporation (or commencing business, whichever is earlier).

If the company employs staff, it must also register as an employer for ETI (PAYE and social insurance) purposes.

## Step 6: Open a Bank Account

Guernsey has a mature banking sector. Major banks include: Barclays, HSBC, NatWest, Lloyds, Butterfield Bank, Credit Suisse (Guernsey), and various private banks.

Bank account opening in Guernsey has become more rigorous under AML requirements. Expect to provide: - Certificate of Incorporation - Memorandum and Articles - Ultimate beneficial owner documentation - Business plan - Expected transaction profile

Opening timelines can be 4-12 weeks.

## Ongoing Obligations After Incorporation

| Obligation | Timing | Who to | |------------|--------|--------| | Annual validation | January | Guernsey Registry | | Corporate tax return | 6 months after year end | Revenue Service | | ETI return (if employers) | Monthly | Revenue Service | | Substance declaration | With tax return | Revenue Service | | GFSC reporting (if licensed) | Varies | GFSC |

## Typical Annual Running Costs

• Registered office and company secretarial: £1,500 – £5,000
• Annual validation fee: ~£500
• Accountancy and tax return: £1,500 – £5,000
• Total minimum: approx. £3,500 – £10,000 per year