Guernsey Registry receives 90 percent of validations on time

Wednesday 04 February 2009

The new Companies (Guernsey) Law 2008 required, for the first time, companies to complete an on-line annual validation in January 2009.

By midnight on 31 January 2009, the Registry had received 15,608 annual validations which represents 90% of the companies on the Register that were due to submit an annual validation.

When compared to the same period in 2008, under the old system at the Greffe, a total of 1,149 annual returns had been processed in the first month of the year.

The Registry would like to thank all companies and their directors for their cooperation and effort in achieving this number which, in a worldwide registry context, is an impressive level of compliance.

In addition to the annual validations received, the Registry incorporated 95 new companies in January 2009. This is a 16% fall compared to the previous year but is likely to be due to current market conditions.

From 1 July 2008 to 31 December 2008, the Registry processed 44,355 transactions.

33,595 transactions were processed during January this year.