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Energy prices fuel growth for Guernsey’s "biggest employer"

Energy prices fuel growth for Guernsey’s

Wednesday 12 June 2019

Energy prices fuel growth for Guernsey’s "biggest employer"

Rising confidence in the stability of oil and gas prices in the North Sea is helping to drive growth for a local company that specialises in providing services to the maritime industry globally.

Voyonic, which is responsible for employees in more than 90 jurisdictions from its local headquarters, has just taken on six new staff to meet demand from Britain’s offshore energy sector.

"We may not be the best known Guernsey company locally," said Chief Executive Neil Carrington, "but we are probably the island’s biggest employer."

Mr Carrington said that Voyonic recruits, manages, pays and handles the tax and social insurance affairs of more than 6,000 individuals whom it employs on behalf of a wide range of maritime and aviation clients.

Future growth is anticipated and since its incorporation locally in 2007 with just one senior manager, Voyonic has grown to a team of more than 40 people and has recently moved into larger accommodation at Elizabeth House. 

"We’re a company for whom regulation is beneficial,’ said Mr Carrington, "as it ensures we not only comply with all HMRC requirements and those of the other jurisdictions in which we operate, a good selling point for quality clients.

"We also welcome the new “economic substance” regulations introduced by the States because to our clients and potential clients it offers further comfort that Guernsey is a well-regulated jurisdiction, unlike some of our competitors elsewhere, we are fully tax resident here and carrying on what are classed as relevant activities under the substance legislation."

Pictured: Neil Carrington.

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