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What are the duties and responsibilities of a company secretary?

To initiate and carry incorporation procedures like authenticating documents and proceedings used in registration; assuring delivery of registration and allotment details to registrar; making application for increase in share capital; overseeing delivery details of share certificates of allotment; keeping records of …

Does a Guernsey company need a secretary?

Directors and secretaries There is no requirement under the Law for the directors to be resident in Guernsey, however if there are no resident directors, the company will need to appoint a CSP as resident agent. The directors of a company may appoint a company secretary however this is not required by Law.

Do Guernsey Companies need to file accounts?

There is no public filing required in respect of the accounts of a Guernsey company. Certain Guernsey companies may be exempt from having their accounts audited. The shareholders may also pass a waiver resolution resolving that it be exempt from audit for an indefinite number of financial years.

How do I incorporate my business in Guernsey?

To incorporate a company under the Companies Law, a corporate service provider (a “CSP”), being a person holding a full fiduciary licence under the Regulation of Fiduciaries etc. (Guernsey) Law, 2000, as amended, must make an application to the Registrar of Guernsey Companies.

What is the tax rate in Guernsey?

Guernsey resident individuals pay income tax at a flat rate of 20%. The personal income tax year is the calendar year and tax returns must generally be filed (either electronically or on paper) by 30 November of the year following the relevant tax year.

Who can be a director of a Guernsey company?

All Guernsey companies must have at least one director at all times. A resident agent is also required (some exemptions apply, see resident agent guidance below). All directors/resident agents must be registered with the Guernsey Registry before they can be appointed on the system.

How many directors does a Guernsey company need?

one director
A Guernsey limited liability company must have at least one director. The business and affairs of a Guernsey limited liability company must be managed by, or under the supervision of, the board of directors of the company.

Is Guernsey expensive to live?

The cost of living in Guernsey is considerably higher than in the UK, according to a report for the States. It shows that most residents need a 20-30% higher budget to achieve a minimum standard of living. It also revealed that food and drink in Guernsey cost 36% more than in the UK.

Is healthcare free in Guernsey?

You will have to pay for both primary healthcare and emergency treatment in Guernsey, but your Social Security payments will contribute towards these charges, and secondary or specialist healthcare is free of charge to residents.

How much does it cost to set up a company in Guernsey?

Guernsey incorporation costs in Year 1 amount to £4,050 and annual company costs in Year 2 and thereafter amount to £750. The average total fees per Guernsey engagement amounts to £13,575, including company incorporation, company secretary, corporate bank account, and legal registered office.

Which is hotter Jersey or Guernsey?

‘Guernsey people are definitely much warmer and we’ve got sunnier personalities. Guernsey also performed better than Jersey in the rainfall charts, with significantly less total rainfall recorded. Nearly 900mm was recorded in Guernsey, compared with 1062mm in Jersey.

What are the duties of a director in Guernsey?

Directors duties in Guernsey arise from customary law, statute and contractual obligations but are not codified under the Companies (Guernsey) Law 2008, as amended (the Law) and instead are drawn from the English common law duties in place prior to the introduction of the United Kingdom Companies Act 2006.

What is the role of the company secretary in the UK?

According to the July 2018 UK Corporate Governance Code, “All directors should have access to the advice of the company secretary, who is responsible for advising the board on all governance matters. Both the appointment and removal of the company secretary should be a matter for the whole board.”.

How did the company law change in Guernsey?

The Law introduced a modern company incorporation and registration system (the “Guernsey Registry”) replacing the role that the Greffe, Advocates and the Court played in the process of incorporation and the maintenance of company records. In general the principles contained in the Law are based on English company law.

Which is the best source of corporate governance in Guernsey?

One of the most significant sources of corporate governance for many Guernsey companies is the GFSC’s code of corporate governance for the finance sector, which is supplemented by a series of codes of practice applicable to specific industries (for example, company directors, corporate service providers and trust service providers).