An important stage has been reached in the careful process of overhauling and modernising Guernsey company law, according to Peter Crook, Director General of the Financial Services Commission.
'New legislation will soon be in place which will enable companies to operate in a variety of ways which were previously not catered for and which will help maintain the Island's competitive edge in the world of international finance centres,' he says.
Mr Roper says that of particular importance are changes enabling companies to be limited by guarantee and by shares (hybrid companies), to migrate to and from other jurisdictions, to merge with companies registered in other jurisdictions, to issue no par value shares, and to be set up as 'protected cell' companies.
'The whole thrust of this new legislation is to encourage greater use of Guernsey as a base for the formation of many different kinds of companies by having legislation that is relatively straightforward and geared to the needs of today's international businessmen, investors and professionals,' says Mr Roper. He adds that in reforming existing legislation the Commission is working closely with representatives of the Guernsey International Business Association.
'Our task will not be over when the amending legislation is in place because we are in the process of designing a second generation company law for Guernsey. As this will take time, these amendments are being made urgently to meet an immediate need. Thereafter, we intend to keep the situation under constant review,' says Mr Roper.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.
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