Updates to Guernsey's Company Law have come into force.
Changes in legislation and associated regulations have made amendments to the Law necessary in order to address practical issues and to ensure that Guernsey remains a highly regarded and competitive jurisdiction.
Alan Bougourd, Registrar at the Guernsey Registry, said: "From a Registry perspective I welcome these amendments as they have been designed around feedback from industry users. Amongst other things, companies will now be able to register an alternative name in a non-roman script i.e. using foreign characters and we have reduced bureaucracy for local companies by making amendments to the Law regarding a duty to produce a directors' report. "
Carey Olsen Partner Tom Carey, who sits as a non-political member on the States of Guernsey's Commerce and Employment Board, said that industry welcomed the changes, which took effect yesterday.
"Industry welcomes these amendments to the law which make a number of administrative processes more straightforward and corporate actions such as amalgamations, migrations and takeovers more efficient."
Guidance notes have been issued by the Guernsey Registry detailing the system and process changes brought about by the Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2015.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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