Friday 21 December 2012
Foundations (Guernsey) Law Commencement
On 12 December 2012, the Privy Council approved the Foundations (Guernsey) Law, 2012. The Foundations Law was approved by the States in July this year. The Law will be registered in the Royal Court on the 7th of January and the Department will bring the Law into force immediately thereafter. The Guernsey Registry will accept applications to form Guernsey foundations from the 9th of January.
The Minister for Commerce and Employment said:
"The introduction of Foundations in the New Year represents an excellent opportunity for Guernsey and is a welcome boost for the financial services industry as we enter 2013. Offering a new structure for financial services will increase Guernsey's competitive advantage and give industry an edge in an increasingly competitive global environment.
2013 is shaping up to be a year of innovation, with foundations following on from the successful launch on image rights, and the new LLP Law which will go the States for Approval in the first quarter of 2013"
The Registrar of companies, Mr Alan Bougourd commented:
"The Registry has been planning for the launch of foundations since the Law was approved and we are looking forward to the launch in the New Year.
For further information contact: Mr J Cowley-Grimmond - Director of Finance Sector Development, Commerce and Employment Department. Tel 234567