The services offered by accountants in Guernsey are essential to the management of the business as companies incorporated in this jurisdiction are expected to comply with the annual submission requirements, as stipulated in the Companies (Guernsey) Law of 2008.
Our chartered accountants in Guernsey offer complete solutions for companies according to the applicable accounting, filing, and audit requirements and also offer support for compliance with the applicable rules in case of trusts.
Company formation in Guernsey is a straightforward process that is, however, subject to several mandatory steps, as well as the regular submissions companies are subjected to under the Companies Law. Our team offers accounting, fiduciary, and company formation services, all of which are essential at different stages of the company formation process and the subsequent management of the legal entity.
Table of Contents
Services offered by our accountants in Guernsey
Our team caters to the needs of businesses, as well as individuals looking to administer trusts or foundations in Guernsey. Our services focus on the following:
- Accounting and bookkeeping: general ledger keeping, payment processing, bank account, merchant account reconciliation, and others;
- Payroll: posting payroll, handling the calculations and the payments to the company’s employees; observing the company’s requirements for the purpose of making the employer’s social security contributions;
- Preparing the annual accounts: drawing up the company’s annual financial statements according to the accounting principles;
- Audit: our team can also assist business owners who wish to pass a waiver resolution for the purpose of exempting the company from audit; if the company is not exempted from audit, our team will also provide the services related to auditing the company’s accounts for the respective financial year.
In addition to basic accounting and bookkeeping solutions, we also offer tax and business advisory services. Our client support is oriented toward legal entities, however, our team is also able to assist high-net-worth individuals who have questions about the management and administration of existing Guernsey trusts. We also assist those who wish to set up a trust in Jersey.
Taxation and annual submission requirements in Guernsey
The taxation regime in Guernsey is a very attractive one, with an exemption to corporate taxation. Our team lists the main corporate tax rates below:
- most companies are subject to a 0% corporate income tax, depending on their activities;
- companies involved in banking, fund administration, fiduciary services, or domestic insurance businesses, and those in other sectors are taxed at a 10% rate;
- companies performing activities regulated by the Guernsey Competition and Regulatory Agency are subject to a 20% tax rate, and so is income from the ownership of Guernsey land and buildings, as well as income from property development.
Our local team of chartered accountants in Guernsey can help investors with additional information on the applicable tax rates according to the company’s profile.
Companies in Guernsey are subject to the following requirements:
- prepare the annual financial statements;
- there is no requirement to file the annual accounts with the Registry;
- there is no requirement to file the minutes of a company’s Annual General Meeting.
The filing and payment requirements make it necessary for companies to file the tax return after the end of the tax year. For 2023, the tax is due in four quarterly installments. The filing is done electronically. Guernsey companies that hire employees also need to keep in mind that they are subject to social security contributions.
Contact us for more information about the packages and the solutions offered by our accountants in Guernsey.
Our team is also able to assist investors with company formation in Jersey.