Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) Regulations, 2012

Summary

This 2012 Guernsey statutory instrument sets the fees payable to the Guernsey Financial Services Commission for applications seeking its consent to amalgamate companies or to migrate a Guernsey-registered company out of Guernsey under the Companies (Guernsey) Law, 2008. It replaces the equivalent 2010 fee regulations and came into force on 1 January 2013.

• Amalgamation fee: An application for the Commission's consent to amalgamate two or more bodies corporate under Part VI of the Companies (Guernsey) Law, 2008 must be accompanied by a fee of £2,040.
• Migration (outward) fee: An application for the Commission's consent to remove a supervised company from the Register of Companies so it can register under the law of another jurisdiction, under Part VII of that Law, must be accompanied by a fee of £2,040.
• Inward migration: No fee is payable to the Commission when a non-Guernsey company migrates inwardly to become a registered Guernsey company.
• Repeal: The predecessor Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) Regulations, 2010 are repealed.

The Regulations apply to companies (and their advisers) seeking Commission consent for outward amalgamation or migration transactions; they do not create ongoing compliance obligations beyond payment of the specified fee at the time of application.

Key obligations

• An applicant for the Commission's consent to an amalgamation of two or more bodies corporate under Part VI of the Companies (Guernsey) Law, 2008 must accompany the application with a fee of £2,040.
• An applicant for the Commission's consent to remove a supervised company from the Register of Companies for outward migration under Part VII of that Law must accompany the application with a fee of £2,040.

Applies to

companies applying for amalgamation, supervised companies seeking migration (removal from the Register of Companies)

Deadlines

• 1 January 2013: Coming into operation date of these Regulations.

Related documents

• This document is made under Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (Consolidated text)