The Committee for Economic Development’s first round of applications to the Guernsey Enterprise Investment Scheme should enable more than £1million of local investment for innovative Guernsey businesses.
Launched in October 2024, the Guernsey Enterprise Investment Scheme (GEIS) aims to facilitate private capital funding into high growth, early-stage businesses in Guernsey by providing an investment linked repayment to investors into eligible start-ups and developing businesses. It will initially operate as a limited trial with the aim of a wider deployment if successful.
The initial application round attracted six applications, with five companies subsequently qualifying for the scheme. This will enable a potential GEIS-qualifying total investment of £1.24m for the five businesses.
Successful applicants are issued with a Certificate of Advance Assurance. Valid for one year, the certificate demonstrates to potential investors that the start-up is eligible for the GEIS investor incentive. This enables them to apply for a repayment of up to 30% of their investment value, which is funded via the Government Work Plan.
A second application round for Guernsey companies will open on 5th February 2025 and will close on 19th March 2025. Businesses and investors are encouraged to visit the GEIS webpage in advance to learn more about the scheme and how to apply.
Deputy Sasha Kazantseva-Miller, Economic Development’s Lead for Digital, Skills and Enterprise said: “We are very pleased with the positive uptake and feedback about the scheme from local businesses. Guernsey’s start-ups play an integral role in the island’s economic development, so we are pleased to be offering this scheme that seeks to facilitate and encourage more private capital funding into innovative local businesses.
“Fundraising is a challenging but essential process, and we want local businesses to have more of a level-playing field with other jurisdictions such as the UK, where tax-incentives for investors are well established. We are glad to be supporting five enterprises in the first round. I’d strongly encourage more businesses to apply for the GEIS in round two to ensure they have a good chance to take advantage of the trial.”
Speaking about the scheme, Viviane Kamworth, founder of Trainerfy, a new service for Personal Trainers and one of the first to qualify for GEIS said: “Securing investment is one of the biggest challenges for new businesses. GEIS offers access to essential funding, helping companies like ours to grow, innovate, and thrive. We’ve seen how well similar schemes have been used in the UK, and it’s fantastic to have this incentive for local investors to support businesses in Guernsey.”
Crewdentials, a digital solution for managing seafarer information has also qualified for GEIS. Co-Founder, Dan Armsden, said: “We’re fortunate to live on an island with many experienced and knowledgeable investors who are happy to help local businesses through either advice or investment. This new initiative will make investing in Guernsey businesses much more appealing, hopefully turning investors’ eyes to more local opportunities.”
Pictured: Viviane and Niall Kamworth, Founders of Trainerfy Limited
Picture credit: Digital Greenhouse