The Foundations (Guernsey) Law, 2012 has come into force today [Monday, 7 January 2013]. It will be possible to create a Guernsey Foundation from Wednesday, 9 January 2013. "With Guernsey Foundations now 'open for business' the Collas Crill fiduciary team are anticipating a significant rush of registrations in the Island," said Collas Crill fiduciary expert Edward Stone. "The Guernsey Foundation legislation is the best of its type in the world and our clients understand and are keen to take advantage of the opportunities this provides." The Guernsey Registry has announced it will be accepting registration of Foundations from 9 January 2013 following confirmation of its fee proposals, which are anticipated to be similar to those applicable to Guernsey companies. Registration of foundations can only be undertaken by Guernsey licensed fiduciaries and, in anticipation of the Foundations Law coming into effect, the Guernsey Financial Services Commission has issued a consultation on a draft Code of Practice applicable to Foundation Service Providers. The Commission has requested comments on the consultation by 25 January 2013.
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