Guernsey regulator issues warning on new Sark company registry

Added 19th May 2017

Guernsey’s financial regulator has issued a warning about an organisation on the nearby tiny Channel Island of Sark, where it has a website promoting a company registry there for the first time.

Guernsey regulator issues warning on new Sark company registry

The entity, named Sark Company Registry and with a website of the same name, is registered as a non-profit organisation, the Guernsey Financial Services Commission (GFSC) said in a statement.   

The GFSC said the existence of this organisation had come to its attention and "wishes to emphasise that there is no company legislation in Sark. Anyone considering using the services of this organisation is advised to seek legal advice on the standing of anything that is 'registered' with it. The commission has been working with the Sark authorities on this matter”.

A professor Dr Stanislovas Tomas, PhD (Sorbonne), register of the Sark Company Registry, sent an email to International Adviser earlier this month, promoting the registry which he stated was set up in January 2017.

“In the past there was no registration of companies on the island, neither any foreign registry (the Guernsey one, or the UK Company House) was performing this service. The Fief of Sark has no corporate tax, no VAT, and personal tax is from £275 (€320, $357) to £6,500 a year irrespectively of incomes.”

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