The States of Alderney has approved partnership laws that largely replicate Guernsey’s – with one difference in that Alderney’s has novel ‘Administrative Partner’ provisions.
The Partnership (Alderney) Law 2021 and Limited Partnerships (Alderney) Law 2021 now go forward to the Ministry of Justice and the Privy Council before receiving Royal Assent and should come into Law next year.
The ‘Administrative Partner’ provisions enable one partner, who must be registered and resident in Alderney, to be responsible for compliance and filing all data including taxation liabilities. Such partners will be able to undertake their duties with limited liability while the other partners may reside elsewhere in the world.
‘Administrative Partners’ must be entered on a Register of Limited Partnerships to be established and maintained by the Greffier. Guernsey’s Financial Services Commission assisted Law Officers with the drafting of the laws.
The addition of administrative partner provision is seen as an important ‘economic enabler’ in that Alderney’s tax laws will appeal to large private partnerships around the world which now have the opportunity to make the Island their spiritual and administrative home.
Bill Abel, Chairman of the Policy & Finance Committee, said: “This legislation brings us up to speed with similar jurisdictions around the world but it also gives us a unique advantage with our provision for Administrative Partners. There are partnerships that would benefit from the Administrative Partner concept, especially those with cross-national operations or who see a future in such operations.”
Annie Burgess, Chair of the island’s Economic Development Committee, added: “We welcome those who might consider taking advantage of the new law to settle in our beautiful island.”
