With the introduction of Guernsey's central registry
of beneficial ownership of legal persons, Guernsey Registry
staff have issued guidelines on the subject. Appleby Partners Kate Storey and Alison
MacKrill talk to Compliance Matters about how it
works.
The Beneficial Ownership of Legal Persons (Guernsey) Law
2017 came into force on 15 August and should be read together
with the Beneficial Ownership (Definition) Regulations
2017. All companies, foundations and limited liability
partnerships (legal persons) now have to provide beneficial
ownership information at the time of establishment. All existing
legal persons will have to comply with the Law within a given
period of time. For foundations and limited liability partnerships,
compliance is required by 31 October. For companies, compliance is
required by 28 February. This latter period is to coincide with the
submission of the annual validation, which companies have to
complete by the end of February.
