What makes up the Islands Economy ?
Guernsey’s economy has evolved significantly over the past 50 years and continues to do so thanks to the forward-thinking and entrepreneurial spirit of its people. From ship-building, exporting granite and tomatoes in times gone by, the finance industry has been booming in Guernsey for several decades and is currently the main source of income and employment. Guernsey has worked hard to earn its reputation as a tax-transparent, well-regulated jurisdiction where talent and specialist expertise abound. Despite the global financial crisis, Guernsey continues to prosper although the island is working hard to diversify its economic activity in order to be less reliant on finance.
Financial services which are carried out on the island include banking, fiduciary, fund management and insurance and Guernsey is very well-respected as a centre for the management of trusts. At the beginning of 2013, new legislation permitting the registration of Foundations came into law, offering different vehicles which appeal to a wider overseas audience.
The island is also home to Specsavers, a locally-founded optical retail company which now has operations in six countries. Guernsey also offers a growing number of well-respected data centres, and e-commerce is another sector which the island is seeking to grow along with cleantech projects. Tourism, manufacturing and horticulture are in decline in comparison to times gone by, but the people of Guernsey are resilient and islanders are constantly seeking to refine their offering and adapt to market demands. Please click here for further information on Guernsey’s varied business sectors.
Guernsey may no longer be as popular as a destination for family holidays due to the competition from cheap destinations in Europe where sunshine is guaranteed, but the quality of the island’s hotels and restaurants and the beauty of its cliff path walks and beaches have made it increasingly popular with those looking for short-breaks. The island recently developed the world’s first legal register of image rights and has introduced Intellectual Property legislation – further information can be found here.
The expansion of several island firms into Asia is further proof of the island’s continuous economic development and desire to expand and offer services in the emerging markets.
For a confidential discussion if you are planning to start a business in Guernsey please contact:
Office: +44 (0)1534 854574