Friday, April 9, 2010
Two years after its introduction, the Companies (Guernsey) Law 2008 is to come under review. The law provides the legal framework for the establishment and operation of companies in the island.
“When it was introduced, the Law represented a fundamental overhaul of Guernsey’s existing legislation, involving the consolidation amendment and updating of existing provisions," Guernsey’s Commerce and Employment Department said in a statement on April 7. "The 2008 Law has been well-received and has proved a successful piece of legislation for Guernsey - providing a competitive and leading framework from which to carry out business locally, nationally and on an international platform."
“Given the significant nature of many of the changes introduced by the Law, Commerce and Employment has conducted a post implementation review in order to identify any amendments that may be necessary. These will address practical issues, take account of developments in company law elsewhere, and ensure that Guernsey maintains its reputation as a highly regarded and competitive business centre,” the statement explains, adding:
“In reviewing the Companies (Guernsey) Law (2008), the Department has taken note of feedback received from a number of individuals and organisations including local Advocates, local industry and the Guernsey Registry, as well as taking into account broader policy considerations.“
Explaining the purpose of the consultation, Deputy McNulty Bauer, Minister, Commerce and Employment, stated:
“The Companies (Guernsey) Law 2008 represented the most significant change to Guernsey company law since protected cell companies were introduced 13 years ago. Guernsey cannot be complacent and must ensure that its law remains cutting edge, flexible and practical. I would encourage all those in industry to provide their feedback on the law and the proposed amendments by responding to the consultation.”
The consultation period runs until May 31, 2010.