Misleading Web Sites1st December 2009
Taxhaven Co (www.taxhavenco.com)
Carlton Press (www.offshore-manual.com)
Price Waterman Associates, Inc (www.offshorebible.com)
The Commission has noted that the websites at the above addresses contain inaccurate and misleading information about Sark and financial services products which are available from there.
Amongst other things, the sites offer a "bearer share Sark company with ATM card". However, there is no company register in Sark and the Commission wishes to make it clear that it is not possible to incorporate companies there. Similarly, the "Anonymous Channel Island International Business and Investment Trust Company" is not a product or service that the Commission recognises as an entity having any form of legal standing.
The sites also state that Sark has no financial services regulatory body. This is incorrect as The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, under which the Commission was established, and the laws under which the Commission regulates and supervises different sectors of the finance industry, apply throughout the Bailiwick of Guernsey, including Alderney and Sark.
The Commission therefore advises anyone viewing these sites to exercise great caution.
Coldwell, Seymour & Robinson
Whitherspoon, Seymour & Robinson Corporation
Witherspoon, Seymour & Robinson Inc
The Commission has noted that the above-named entities have several websites which contain misleading information regarding the formation of companies in Sark. Sark does not maintain a separate registry of companies and it is therefore not possible to incorporate a Sark company.
Through their websites the companies also offer various licenses, including bank licenses. However, it has been noted that a warning was issued by the Samoan authorities that Witherspoon, Seymour and Robinson Inc has no authority to sell Samoan companies, banks or any other entity. That warning has also been reproduced by US and Canadian authorities.
The Commission therefore advises anyone viewing these websites, or any other site which claims to be able to form Sark companies, to exercise great caution.