Private Client
Trusts
Company Administration
Foundations
Private Trust Companies
Family Limited Partnerships
Private Client
Trusts, Company Administration, Foundations, Private Trust Companies & Family Limited Partnerships
Trusts
Company Administration
Foundations
Private Trust Companies
Family Limited Partnerships
Trusts
Types of Trusts
- Discretionary - when no one beneficiary has a defined interest
- Fixed Interest – the benefit is defined in the Trust Deed
- Reserved Powers – certain individuals retain defined powers
- Charitable – specifically designed to benefit Charitable Organisations
- Purpose – there to fulfil a specific role e.g. hold assets until the fulfilment of an event
Company Administration
The Beauvoir Group can assist with all levels of company administration, from simple entities established for a specific use to complex cross-border structures that may have a number of different purposes in a variety of countries. The jurisdictions of companies we can administer is not limited by the location of our offices; we can offer company formation and administration in a wide variety of reputable jurisdictions.
We provide a complete suite of corporate administration services, usually providing the entire board of directors, both corporate and personal to ensure the company has recognised substance, registered office and supporting services including bookkeeping, accounting and company secretarial.
Although companies are often coupled with other offerings such as Trusts or Foundations, we are happy to offer stand-alone company administration with our full suite of support services. We can also offer company liquidation services and company migration services from a wide variety of jurisdictions to Guernsey.
We are unable to offer Registered Office only services.
Guernsey Trusts are our particular area of expertise – keep reading for more information on this service.
Foundations
The Foundation has its roots in civil law and is usually formed by an individual or other legal entity (known as the Founder) for the purpose of managing, preserving, or investing assets for the benefit of the beneficiaries. In essence it is a blend between a company and a trust.
The similarities with a company include the Foundation having its own legal personality (unlike a Trust), the requirement for the Foundation to file its Charter at a Public Registry and the ability for a Foundation to be used for commercial purposes. The Foundation is run according to a private document known as the Foundation Regulations; these Regulations state how the assets will be managed, who the beneficiaries will be and how and when they are to benefit.
We provide the necessary framework to set up a Foundation quickly and easily. We can assist with the creation of the Foundation and the drafting of the Charter and Regulations in conjunction with legal and fiscal advisors. We can provide members of the Foundation Council who have the responsibility for the day-to-day management of the Foundation. We deliver an efficient administration platform, liaise with appointed intermediaries and advisors, monitor and report on the underlying investments and render full yearly financial statements.
Private Trust Companies
There are circumstances where a wealthy family may wish to have their own Trust Company. This is where a Private Trust Company (PTC) can provide a unique holding structure for families who want to stay actively involved with the control and management of underlying businesses, but also benefit from the numerous advantages that a Trust can offer.
At PTC can be incorporated for a single family, being owned by a Purpose Trust or Foundation. The board of the PTC may include family members, trusted advisors and professional directors, ensuring a clear understanding and continuity for the family businesses; it can also lead to efficient succession planning, a degree of control over the underlying companies and prudent family business planning.
To ensure that the PTC meets its obligations, Beauvoir can provide management, administrative and secretarial expertise to the PTC, as well extensive corporate governance and reliable counsel to the board; we will work with the family at all levels and act as a forum to ensure the smooth and efficient management of the structure.
We can also offer Private Trust Foundations which remove the double layer of the PTC and are in effect orphaned vehicles.
Family Limited Partnerships
A Family Limited Partnership (‘FLP’) is a structure that can be an effective alternative to a Trust; it allows a family to transfer the economic value in family assets, potentially free from inheritance tax (depending on the specific circumstances), to future generations whilst retaining a high degree of control over those assets.
Similar to a Limited Partnership, there are Limited Partners and a General Partner; the Limited Partners take the majority of benefit from the FLP whereas the General Partner is mainly responsible for the management of the FLP structure.
As an example – at inception, the Donor contributes assets to the FLP in return for a limited partnership interest; the donation element is crucial as if the donor survives seven years, this transfer of assets will become free of inheritance tax within the FLP. That interest will typically give rights to the majority of the income and capital of the FLP, and in addition, certain controls can also be built into the FLP to restrict a variety of actions; these controls could be restrictions of partnership interests or restrictions on who can take what from the FLP.
It may be important to note from a tax perspective that the FLP is transparent, with the limited partners being taxed directly on income and capital gains attributable to their share.
Our Private Client Specialists
Richard Bray Relationship Director
Contact a member of the private client team
