An independent guernsey trust companies provide legal entities that act as a fiduciary, agent, or trustee on behalf of a person or business for the purpose of administration, management, and the eventual transfer of assets to a beneficial party. The trust company acts as a custodian for trusts, estates, custodial arrangements, asset management, stock transfer, beneficial ownership registration, and other related arrangements.
What is an Independent Guernsey Trust Company
An Independent Guernsey Trust Company is one of the services provided by the Official Trustee. They are not registered as an attorney or law firm in the Channel Islands and they do not provide tax advice. The OAG defines an Independent Guernsey Trust Company as one that, “is an entity set up by way of a deed and formed for the purposes of the law and registered in Guernsey. The company is not a legal entity that is a subsidiary of, or controlled by another company or organization in Guernsey. The company is either resident or incorporated in Guernsey and its key functions are to act as an administrator for legal entities in the Channel Islands. The company is separate and distinct from its clients”. What type of clients does the OAG offer for the services provided?
Key Benefits of the Independent Guernsey Trust Company
Accountability. Independent Guernsey Trust Company is an independent business that can operate without direct contact with its management or owner. Interoperability. The bank enables funds to be transferred between entities using the highest levels of security with no need for contracts or emails or any fees. Trust. The independent Guernsey Trust Company is a regulated trust, which means it is independent and subject to oversight from the Guernsey Financial Services Commission (GFSC). The Independent Guernsey Trustees Authority (GFSC), the government entity responsible for the oversight body.
The advantages of the IFRS 16 (Financial Instruments) business tax system are becoming more visible. This is why any company that does not have to restate prior years figures for the latest standard will be relieved of the burden of having to declare a special or deferred tax expense. Nevertheless, these businesses will still be subject to tax rates above 100% if certain activities are conducted outside of Guernsey, or if they are carried out outside of the U.K.