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Jersey positions itself as a finance centre, with a sizeable offshore fund industry. It has a sound and established trust sector with particularly strong support from law firms, trust managers and advisory practices.
Jersey was awarded the best international finance centre at the International Investment Fund and Product Awards 2010 and 2011. It ranks 9th in the Financial Secrecy Index 2013.
Jersey is the largest of the Channel Islands at 5 miles/8 km long by 9 miles/14.5 km wide. It sits in the English Channel, yet is much closer to France than it is to England. Jersey is the biggest island in Channel Islands, situated between UK and France.
Exempt Private Companies have been stopped since the introduction of 0/10 corporate tax, in Jan 2009. Companies formed earlier are treated as resident companies for tax purposes and charged at either 0% or 10% corporate tax.
A company with more than 30 members or a memorandum of association that declares Public is a Public Company. Audit accounts are supposed to be filed with registrar of companies. A public company can issue a prospectus and offer its shares for subscription to the public.
A foreign company that intends to open a branch in Jersey to operate in Jersey, with its own name, will be subject to consents similar to that of a resident company. But it need not file annual returns or corporate details. Such a company can register as an International Business Company.
The Jersey incorporated company or the branch of a foreign company can maintain the position of an International Business Company. An IBC was resident in Jersey mainly for tax purposes. Jersey residents cannot hold shares in an IBC. Beneficial ownership has to be disclosed in private companies, although it isn’t required to be maintained as a public record.
Partnerships are between people or companies, with unlimited liability of each partner. Resident partners are liable for tax on worldwide profits.
In Foreign partnership, residents may or may not be settled in Jersey, but the control and management of a partnership is carried on abroad, it is considered to be outside Jersey. Tax will be due on business profits earned through activities on the island and can be assessed on the resident partners.
Limited Liability Partnerships Regulations 1998 & Limited Liability Partnerships 1997 have resulted in a strong regulatory law for Jersey. Companies can either be Limited or general partners.
Companies incorporated in Jersey are governed by the Companies Law 1991, which is based largely on the English 1948 Companies Act.
Jersey boasts a strong legal & political stability, along with reliable banking & financial services. Although the charges are on the higher side, formation of a company in Jersey is a significant opportunity.
The Companies (Jersey) Law 1991, amended, is centred on English company law, eliminating few laws that investors found limiting.
Payments to investors are reliant on an establishment's solvency. Fiscal assistance is allowed for companies both public and private and the share buy-back and redemption routine is direct.
Jersey company law is flexible so that investors can typically replicate investor protection and other market standards through a company's memorandum and articles of association if needed.
Work Permit is required to work in Jersey, if you do not fall in ‘permit free’ zones. Employer will submit the application on behalf of the employee. Some nationalities may require a visa along with the work permits.
Normally takes 3 weeks to process your permit. The employer must apply in much advance to be able to travel to Jersey.Compare Jurisdictions Talk to a consultant