Economic Classification Codes
Please note: These guidance notes are not intended to be definitive legal advice and should not be relied upon as such. The interpretation of legislation is a matter on which the Guernsey Registry cannot advise and entities/individuals need to form their own independent view on compliance with the legislation. Independent legal advice is advised where there is any uncertainty.
Economic classification codes are used to categorise all entities by the type of economic activity they perform. The codes are applied to data held by several States of Guernsey service areas including Revenue Service and the Registry.
Historically the codes have been used largely for the purpose of statistical reporting. However, in light of the new requirements relating to economic substance which took effect on 1 January 2019, the codes now also need to be used to help identify entities that are required to prove they have "substance" under the new legislation.
To assist the Revenue Service with their work on the economic substance requirements, the coding system was updated in October 2019. Some extra codes have been added to better describe the different types of holding companies and financial vehicles in Guernsey.
The Registry requests that entities with a 'discontinued' economic code should update their code by the end of 2021.
Further information on the code changes, and a complete list of codes, are available on the Economic Classification section of the gov.gg website - www.gov.gg/ecodes.
The below guidance has been issued by the Registry in relation to the requirement to update existing entities' codes.
|Economic code changes - guidance [260kb]
|Guidance on economic code changes in relation to Guernsey companies
|Change Company Details submissions - guidance [637kb]
|Guidance on how to file a Change of Company Details submission to update an economic classification code