Helen Mahy, one of the staff at the Guernsey Registry, is ready for a rush. (Picture by Daniel Guerin, 0595278)

THE new companies law comes into effect a week tomorrow and the Guernsey Registry office is preparing itself for a busy time.

From 1 July, it is required to maintain a register of all directors in a change that will affect every local trading business. The registration process is free until 31 October, but companies which do not register their directors within that time will face penalties.

It is a huge change for the island as company formation and administration have remained unchanged in Guernsey for 125 years. Directors who fail to register will be unable to update or file any information regarding any company for which they are a director.

Those directors who use a corporate service provider can delegate the responsibility for providing this information to the registry. However, everyone else will have to provide the information in person.

Once the application has been processed, directors will be provided with a unique reference number which will enable them to use the online registry system.

When the application is completed, directors can apply for a unique pin which will allow them to file documents on the companies of which they are a director.