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Tax Treaties: Jersey and United Kingdom

No Liability to income tax arises on a company granted exempt status for a particular year from the Guernsey tax authorities, provided that the only income derived by the company from Guernsey sources is interest on bank deposits. Otherwsie income is taxable at a rate of 20%

There are no value-added taxes (VAT) in Guernsey. It currently has double taxation agreements with Jersey and the U.K.

Exempt Company

Consent to form a Guernsey exempt company must be received from the Financial Services Commisison and Palms & Company will supply the following information on your behalf.

All Guernsey companies must maintain a registered office in Guernsey. There must be a minimum of one director who may any nationality and there is currently no prohibition on the appointment of corporations as directors. Usually a company secretary is also appointed. The share capital of the company may be denomi- nated in any currency but must have a par value. Bearer shares are not permitted and there must be a minimum of two shareholders that may be of any nationality. The details of the directors, company secretary and shareholders have to be filed, as does an annual return confirming the same. There is no requirement to file audited accounts. This information is available to the public, however nominees may be engaged by corporations to shield the identity of the actual beneficial owners. Guernsey companies must hold an annual meeting in Guernsey and shareholders may attend in person or vote by proxy. There is no requirement for the meetings of directors to be held in Guernsey. Ready-made "shelf" company are not permitted.

Bank secrecy

English common law requires banks and their employees to maintain secrecy, but there is no specific local statutory law regarding confidentiality. Professionals cannot disclose information requested by a foreign court order.

Political status

Guernsey is self-governing and not part of the UK. It is a British Crown dependency (although the UK is responsible for foreign relations and defense). Guernsey is not a member of the European Union, which means that it is under no obligation to harmonise tax or other legislation with other EU jurisdictions. Protocol No 3 of the UK's Treaty of Accession defines the island's relationship with the EU. Effectively, while benefiting from trade liberalization within the EU, Guernsey has no EU obligations.

Investor protection

The Collective Investment Schemes (Compensation of Investors) Rules 1998 provide for compensation for investors in Class A schemes of up to 5 million Pounds in any year. Subject to this limit, the maximum compensation payable for each investor is 90% of the first 50,000 and 30% of the balance up to 100,000 Pounds (a total of 60,000). The compensation scheme is not a funded scheme; every licensee who is a designated manager, designated custo- dian/trustee or principal manager of an authorized Class Al or A2 scheme is a participant under the Rules and liable for its share of the total payment due thereunder. Should an investor have a complaint against a service provider in Guernsey that they are unable to resolve, they may contact the Commission. However, the Commission does not include amongst its functions that of ombudsman or an arbi- ator and a complaint may ultimately be a matter for deliberation in the courts.