Guernsey Lawmakers Discuss New Company Law

by Jason Gorringe, Tax-News.com, London

09 January 2008

A proposed new Guernsey Companies Law sponsored by the Commerce and Employment Department has been published and is amongst the items in the January Billet d’Etat, the States of Guernsey has announced.

This legislation, which will be discussed by the States at the end of the month, is the culmination of many years work through both HM Procureur’s office and latterly, the Commerce and Employment Department.

This has included continued consultation with local firms to ensure that the new law properly reflects the needs of the Guernsey business community. It has also been the subject of 2 States Reports, both agreed by the States in 2007.

Deputy Stuart Falla, Minister of the Commerce and Employment Department, observed that:

“The new Guernsey Companies Law is an excellent example of the strong working relationship between the Commerce and Employment Department and the local business community."

He continued: “There has been extensive consultation, particularly over the last three years, on the re-writing of the existing legislation into the new law and we are grateful to all those who have taken a keen interest in its development, which at more than 500 pages is obviously quite a substantial piece of work."

“It is also a great illustration of the way in which the consultation process can work to the benefit of the local business community. The legislation has been drafted so that all companies based in Guernsey are able to work more effectively in what is an increasingly competitive marketplace.”

If approved, the new law is expected to be granted Royal Assent by the Privy Council in time for it to come on-stream at the start of July 2008, alongside the new Guernsey Companies Registry that was approved by the States last year.

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