According to the latest figures released last week, Guernsey is seeing a noticeable growth in companies, funds and other structures in the first six months of this year. The Guernsey Registry who are responsible for tracking and communicating the signs of inward and outward migration say that there were 32 companies coming to Guernsey while 15 companies left. This represents a net inward migration of 17 companies moving their domicile to Guernsey so far this year.
These figures build on the positive results of 2016 when 83 companies migrated to Guernsey and only 26 migrated out – signifying a net growth of 57 company migrations.
Now, this is great news for Guernsey, but is it surprising? Dominic Wheatley of Guernsey Finance argues that the demand for the very highest levels of service and standards plays into Guernsey’s hands. He knows the island is an easy place to do business and highly responsive to business needs.
“… increased global scrutiny of standards of transparency and regulation has been pushed to the forefront of clients’ minds, particularly in the aftermath of events such as the Panama Papers,” he says.
“Guernsey is a jurisdiction people respect and are comfortable with. We have a long-established policy of active international engagement, unlike some other international finance centres. Our core strengths as a finance centre are founded on a reputation for quality and compliance, effective regulation, global standards of transparency and AML as well as economic stability, real substance in our industry and the ability to respond quickly to changing market demands,”
Alan Bougourd, Registrar at the Guernsey Registry, says: “The registry is noticing a flight-to-quality and receiving positive feedback on the ease of the migration process and the responsiveness of the registry to the applications received.”
PEA is delighted to be playing its part in offering the very highest standards to its clients. Long may this ‘flight-to-quality’ continue.
by James Orrick
James holds a Masters in Corporate Governance from Bournemouth University, a BSc (Hons) in Accounting and Finance from the University of Essex, is a Fellow of the Association of Chartered Certified Accountants and an Associate of the Institute of Chartered Secretaries and Administrators.