Jersey Offshore Company
Jersey is the largest of the Channel Islands and is a dependency of the British Crown.
Jersey is known as a Bailiwick. The Bailiff is appointed by the Crown and presides over the legislative body, known as the States. The Island is associated with the European Union by virtue of the treaty of accession entered into by the United Kingdom. The main industries are financial services, agriculture and tourism.
In order to meet its international obligation to operate a tax regime, which treats both onshore and offshore companies in the same manner, Jersey is in course of changing its tax regulations. The Jersey exempt company will be phased out between 2008 and 2011. From 2008 all new companies whether owned by residents or non-residents will be taxed at a zero rate.
The Jersey Financial Services Commission is the statutory body, established in 1998, which regulates the financial services industry. In addition to the regulation of banking, insurance and fund management companies, there is a licensing system for businesses providing company formation and management services and trustee services. It is a tightly regulated and well respected regime which now allows control and management from Jersey (This does not apply to Exempt companies).
Jersey offshore company regulations |
|
| Type of entity | Exempt |
| Type of law | Common |
| Corporate taxation | Nil |
| Double taxation treaties available | No |
| Share Capital | |
| Usual currency | GBP |
| Permitted currencies | Any |
| Minimum paid up | GBP 1 |
| Usual authorised | GBP 10,000 |
| Directors | |
| Minimum number | Usually 2 |
| Local resident required | No |
| Records publicly available | No |
| Corporate Director allowed | No |
| Shareholders / Members | |
| Minimum number | 1 |
| Records publicly available | Yes |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | Yes |
| Local or qualified | No |
| Accounts | |
| Required | Yes |
| Audit required | No |
| Filing required | No |
| Publicly available | No |
| Other | |
| Annual return required | Yes |
| Change of domicile permitted | No |
| Shelf companies available | No |
| Time to incorporate shelf co | N/A |
| Time to incorporate new co | 2-3 working days |
