A Guernsey Company Limited by Guarantee may have share capital and shareholders, but its key feature is that each guarantor member undertakes to contribute a guaranteed amount in the event of the company being wound up.
Guarantor members may have differing guarantee amounts but this does not alter their interest in the company. The member’s interest is therefore a contingent liability rather than an asset; as such a company limited by guarantee can be a useful vehicle for tax and inheritance planning.
On completion of a company incorporation submission form to the Company Registry, a normal incorporation will be processed within 24 hours. However, a ‘rapid’ or ‘special’ incorporation may be selected for incorporation processing of two (2) hours or 15 minutes respectively (at extra cost). A company must file an Annual Validation to the Registrar together with the prescribed fee within one month of the Annual Validation date. There is no requirement to file accounts with the Registrar, but a company must keep accurate and up-to-date accounting records.”