Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an ICC, was required to be administered by a licensed person.

The new regulations remove this requirement where the ICC is to be a non-financial services business.

Commenting on the removal of the restriction, a Commission spokesman said: “The change allows non-financial services businesses to use a Guernsey ICC structure in a lower cost manner.

"The Commission made the change following consultation with the States’ Committee for Economic Development who have endorsed the Commission’s liberalisation of regulation in this area.”

The Commission modernised the law in this area following a request from a non-financial services entity wishing to use Guernsey’s ICC structure. The Commission undertook research to understand the origins of the restrictive regulations surrounding ICCs and concluded that the original restrictions, dating from the 1990s and relating to protected cell companies, were no longer strictly necessary for ICCs.