I am thinking of starting a new service industry business in Guernsey.
It’s a brand new company with no track record and we’re entering into a highly competitive marketplace with many established and world class players, a lot based a short plane journey away.
My business will probably take up some of Guernsey’s excess office space although there are other options. This will help local commercial landlords and building developers with unsold space.
A large majority of my senior staff won’t be based here but will fly in and out. This will boost airline profits and help fill local hotel vacancies out of season unless other arrangements can be made.
I might consider putting in place some structures which will attract high calibre staff potentially without the need for them to pay much, if any, tax locally although this has yet to be worked out.
Initially I also hope to attract a few hundred customers who will live in Guernsey for a lot of the year. Not certain where to put these at the moment but I’m sure the short term market for accommodation will cope without overheating too much.
As the business thrives, these customer numbers may increase to possibly a couple of thousand which must bring spin off advantages to the Island. After all they will need to be fed and watered, entertained etc. This will help fill the pubs, clubs, and fast food establishments.
Most of these customers might possibly have relatively low spendable incomes and will not be paying taxes into your economy although they will of course be dependant on your services. I also suspect that some might wish to find temporary and low wage employment in the Island which will help mop up any unfilled and unskilled job vacancies at the bottom of the market; another plus to the local economy.
Any net profits generated by my business will be rolled back into the firm. Again, and as all prudent international businessmen do these days, I hope to minimise the local tax bill by good financial planning which will bring work to lawyers and accountants, so good for your business sector.
As I have said, my business is brand new and therefore has no track record. What will help it get going is the endorsement of the States of Guernsey; indeed I am happy to include the name of the Channel Islands into the title of my business as an additional show of purpose and solidarity. This will help fly the flag for Guernsey in the international marketplace.
In short, I want to establish my business here, paying as little as possible into the States coffers but with as much assistance from them as I can muster, without any direct interference or control of course.
However, and as I have highlighted above, there will be the potential for a lot of local businesses to gain trickle down profits which in turn will contribute to the local economy.
Guernsey desperately needs new business so I’m sure this proposal will attract the support of all business minded and influential individuals with the vision to see the benefits my business will bring.
This is an opportunity which can’t be ignored and I hope the States will have the business acumen and clarity to make the right decision.
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