Establishing a company in Jersey

Jersey is an island located near the French coast of Normandy; it is part of the Channel Islands and a British Crown dependency. It is considered a sovereign parliamentary democracy subject to the UK constitutional monarchy, although it is self-governing, does not belong as an outright territory to the UK or the EU, and only functions with the guidance of the Queen. This fact, along with few significant sources of revenue, allows its government to offer attractive tax policies to foreign companies. The official language is English, and the registration process simple and effective in comparison to other countries.

The overall area of the island is 118 km2 and it has 98,000 inhabitants. It is a pleasant and particularly appealing place for tourists, and visitors can enjoy the diverse and extensive marine culture, pastoral villages and towns, and a moderate climate. English is commonly spoken, although French is the island’s second official language and is also used. The central city and capital is St. Helier. In terms of cuisine, the traditional Jersey menu includes a lot of seafood, with local specialties taking their inspiration from both English and French traditions, resulting in a diverse and interesting palate.

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Three things you did not know about the Jersey:

  • The name of the island originally stems from the Latin word “Caesarea”, and so it appears in Roman documentation and was used in previous centuries.
  • Jersey holds an annual shipping and yachting exhibition, drawing thousands of tourists and bringing together sailing lovers from across the seas. It is held in the prestigious marina of St. Helier
  • Jersey even has its own unique variety of milking cows which have been named for the island, producing rich and high-quality milk.

Jersey’s economy

There is very little doubt that without Jersey’s tax policy drawing in so many foreign companies few people would ever hear of the tiny island. Its economy is mostly based on the provision of financial services and company registration services. A quarter of the population is employed in these sectors or in related legal areas. Jersey (which is, as stated, a self-governing state) maintains its own currency, pegged to the GBP, and has its own internal money. British currency is also accepted throughout the island. GDP is 5.1 billion USD and per capita income is 57,000 USD, a remarkably high number that places it 6th in the world. The tax system does not include VAT but does impose a local goods tax of 5%. There is no corporate tax in most cases, and no capital gains tax. Income tax rates for locals is 20%.

Companies deciding to register on the island enjoy a very low tax rate, advanced transportation and telecommunication infrastructure and a modern banking system. On the other hand, company incorporation there does not include full privacy of company office holders and there is a requirement to provide authorities local office addresses.

Additional information about establishing offshore companies in Jersey:

General
Type of company
International Business Company (IBC) – Resident
Relevant Companies Law
Companies Law 1991 Jersey
Offices
Law requires companies to provide a local office address
Language of original incorporation documents
English
Finance and Taxation
Currency
GBP
Corporate tax rate
0% - 10%
Standard share capital
10,000 GBP
Office Holders
Secretary
Obligation to appoint company secretary
Required
Obligation to appoint local secretary
Not required
Type of entity that may function as company secretary
Individual and/or company
Director
Obligation to appoint company director
Required
Obligation to appoint local company director
Not required
Minimum number of directors
1
Type of entity that may serve as company director
Individual and/or company
Shareholders
Obligation to register shareholders
Required
Obligation to register local shareholders
None
Minimum number of shareholders
1
Type of entity that may register as shareholder
Individual and/or company
Type of shares
Registered shares
Accessibility of Information
Company registrar
Information regarding office holders accessible to the public
Annual Assembly and Reporting
Obligation to hold annual assembly
Not required
Obligation to prepare financial reports
Required
Obligation to submit financial reports
Not required