Sark Offshore Company
Sark is a small privately owned island found in the Channel Islands. However, Sark is not politically, legally, or economically connected with the other Channel Islands. In fact, this British crown dependency has rejected all attempts by the States of Guernsey to legislate for it and instead Sark is absolutely self-governed. However, Sark has no company register and Sark companies can be incorporated through the Guernsey Company Registry and all Sark corporations are governed by the company laws of Guernsey offshore companies.
Companies registered in other tax-free jurisdictions can actually have their business addresses on Sark and appoint Sark directors. This service offered by Sark residents is a revenue generator for the island.
The island of Sark has no income tax and where other British Dependent territories like Isle of Man, Jersey and Guernsey have reciprocal tax arrangements with the with the United Kingdom and other countries in the world, Sark has no such arrangements. In Sark there is no income, capital gains or inheritance taxes. Neither does it have any reciprocal tax or disclosure of information agreements with anyone.
Applications containing the Memorandum of Articles for the Sark Offshore firm production, like Dominica company formation, are made with a Judge in Chambers to incorporate. The Memorandum of Articles complete with the following information:
- The proposed name of the corporation
- The address of the registered office
- The names, nationality and addresses of the company directors
- The names, address and nationalities of shareholders
- The business operations the company intends to undertake
- The authorized share capital
- The currency in which shares will be issued
- The By- laws of the corporation
Under Guernsey company’s law, the Sark offshore corporations are categorically limited liability companies that may be a private company that is limited by shares or guarantee.
Sark corporations must indicate the company’s limited liability in the company’s name by adding the associated words or abbreviations applicable. Accepted words indicative of limited liability are:
- Limited Corporation,
- Sociedad Anonima
Inc, Ltd, S. A.
Following the rules for Guernsey corporation, a Sark offshore company cannot used or include the words royal, imperial, Windsor, municipal, crown, bank, assurance, insurance and chamber of commerce in the company’s name.
A Sark company is incorporated with one shareholder, and there can be one or more director. A Sark Company director can be an individual or a body corporate.
Sark is well known for its protection and privacy of directors, and as the information regarding the shareholders and directors of offshore companies in Sark. is filed at the Public Registry, the use of nominee shareholders and directors is not only permitted, it is highly recommended. In fact.
Sark Offshore and onshore companies have the same tax treatment and both are exempt from corporate taxations pay zero taxes on its income. Under the Guernsey Companies law, companies who gain income from banking activities such as lending, or other income earning bank activity, will pay a tax of 10% on its earnings from such activities. A tax of 20% is paid on income gained from real rent, lease or other investments on real estate property
Sark offshore corporations can be used for trading in any country in the world and are sound vehicles for asset protection. The legislation of Guernsey that governs the Sark offshore company provides privacy and secrecy for owners a characteristic, which is highly regarded in the jurisdiction.
Anonymity, highest level of privacy protection, limited liability without any paid up capital requirement, legal tax exemption, no taxation on any kind of income, no accounting requirements, no reporting requirements, no accountants costs, no auditing, no requirements on profession or financial standing, business can be conducted internationally
company formation process on the Sark may take up to 14 days, typically. And as the incorporation process for Sark companies is a little more tedious than other jurisdiction, it is highly recommended that incorporators use the services of offshore agent.