Up to Six Flowchart

Summary

This is a decision-tree flowchart published by the Guernsey Financial Services Commission to help individuals determine whether acting as a director of a company or unincorporated body triggers registration or licensing requirements under the Fiduciaries Law's director registration regime. It walks through a series of yes/no questions covering location, remuneration, ownership structure, listing status, regulatory status of the company, and the number of directorships held.

• Out of scope: If you do not act as director in or from the Bailiwick, or do not do so by way of business, the activity falls outside the Fiduciaries Law and no registration is needed.
• Exempt: Directorships of quoted companies (or their subsidiaries), companies with an established Bailiwick place of business, GFSC licensed or registered companies, majority owner directors, certain non Bailiwick regulated banking/insurance/investment companies, States of Guernsey bodies, and executive directors whose directorship is incidental to their primary role can be exempt from the registration requirement.
• Six or fewer directorships test: An individual who is a director of six or fewer non exempt companies is not required to register, provided those directorships are either administered by a corporate services provider or are of registered non profit organisations.
• Registration required: If none of the exemptions apply and the six or fewer test is not met (or the qualifying categories are not satisfied), the individual is required to Register as a director.
• Personal Fiduciary Licence: Individuals who exceed the permitted number or type of directorships without qualifying for an exemption should contact the Commission about applying for a Personal Fiduciary Licence.

The flowchart is a practical guidance tool rather than a standalone legal instrument, and does not itself set out new obligations beyond directing the user to the appropriate registration, exemption, or licensing pathway under the existing director registration regime.

Key obligations

• An individual who does not qualify for any exemption and does not meet the six-or-fewer directorships test (with qualifying categories) is required to register as a director under the Fiduciaries Law
• An individual who exceeds the permitted directorships without an applicable exemption must contact the Commission regarding an application for a Personal Fiduciary Licence

Applies to

individuals acting as directors, corporate services providers, non profit organisations, trading companies, collective investment schemes