GUERNSEY’S new foundations legislation will come into force next week, it has been confirmed.

The Privy Council approved the law in mid-December and it was originally approved by the States in March.

The law will be registered in the Royal Court on Tuesday and will come into force immediately.

The Guernsey Registry will accept applications to form Guernsey foundations from a week today.

‘The introduction of foundations represents an excellent opportunity for Guernsey and is a welcome boost for the financial services industry as we enter 2013,’ said Commerce and Employment minister Kevin Stewart, pictured.