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Jersey

Jersey is a small Island which can be found just off the coast of France. It is a British Crown Dependency and is ruled by the Duke of Normandy, who is always the current reigning monarch of the United Kingdom. Despite this Jersey has its own judicial systems with the power of self-determination which decide on all financial and legal matters pertaining to the island. The island is English speaking, but a large proportion of the inhabitants also speak French. The legal system is essentially based upon a mixture of both English and French law.

The Jersey economy used to be derived mainly from agriculture, fishing, ship building and production of woollen goods. This has changed significantly in the past few years with financial services and tourism now the islands main source of income. It is widely known that due to the amount of respected banks to be found on the island and its modern infrastructure Jersey is a major contender for a large proportion of offshore funds.

Jersey is not a member of the European Union, but is treated as part of the European Community for trade in goods. Jersey is therefore not required to implement EU directives when it comes to Company Law. Jersey and Guernsey have jointly opened an office in Brussels in order to promote their common interest within Europe.

Jersey is certainly a difficult and slightly more expensive jurisdiction when it comes to choosing a location to incorporate your offshore company, however this merely adds to its appeal as a respected jurisdiction for high wealth individuals that are looking for somewhere with a more respected reputation in the offshore climate.

Corporate advantages of Jersey

Jersey is a long established jurisdiction with an active offshore environment that very much belies its small size. It enjoys the unique advantage of whilst having the reputation of political stability and respectability which comes with being associated with the United Kingdom and consequently Europe, it is in fact a completely separate entity and self-governing. 

It has numerous other tax, social and area advantages that make it one of the more popular choices when considering establishing an offshore company today – for further information about the corporate advantages of jersey please follow this link

Jersey Registry & Laws

Jersey Offshore companies come under the regulation of the Jersey Financial Services Commission (JFSC). From whom permission is needed prior to establishing a Jersey company, this permission will only be granted once they have conducted extensive checks on all individuals involved with the company.
Companies registered in Jersey fall under the Companies (Jersey) Law 1991. for further information about the Jersey Registry and Laws please follow this link

Jersey Banking

Banks in Jersey are governed by the Banking Business Law and the Banking Business Order both of 1991. These are supervised by the Finance and Economics Committee and provide protection of Jersey’s economic interests, as well as the interests of the depositors. The strict regulatory practices combined with the political stability of the Island are the reason why Jersey is considered one of the safest offshore jurisdictions in which to bank.

Due to the large demand for offshore banking services and the long well established history the Island has with the offshore industry this has given rise to over forty banks operating from Jersey including all the major international banks, all with excellent understanding of the industry and all the modern technology and services.

Jersey VAT

Jersey does not impose VAT on goods. It does however have a goods and services tax (GST) which was introduced in May 2008, this is very similar to the European VAT system. This now stands at a rate of 5%, although certain goods and services are exempt. Companies with an annual turnover of £300k must register although if it is below this amount you can still register voluntarily. On imported goods if the value is below £240 then you do not have to pay GST as the amount due falls below £12.

Jersey Structures

Being a long established jurisdiction Jersey prides itself on keeping up to the times with offering not only a wide arrear of current products, but being able to provide the expertise and specialists in the field in order to offer a quality service whatever the client’s needs.
- To find more information on the specific types of structure available please follow this link

Jersey Trusts

Trusts in Jersey come under The Trusts (Jersey) Law 1984 which is very similar to English trust law.

Jersey is a popular choice for the establishment of trusts due to its political stability, tax advantages and strong laws protecting and regulating its trusts.

- To find out more about the various advantages and different types of Jersey Trusts please follow this link

Jersey Intellectual Property

Intellectual Property law is another area in which Jersey strive to be as modern and competent as possible in order to attract new business. In only December 2012 a new law governing copyright and other unregistered intellectual property rights came into force and they are continuing to analyse and update property laws constantly in order to provide the highest standard. Vast amounts of intellectual property material is protected in Jersey due to the UK’s membership of various conventions. – to find out more about Intellectual Property please follow this link

Jersey Residency

Jersey does not have residency laws per say, instead they have Control of Housing and Work (Jersey) 2012. As accommodation is very limited in Jersey they have controls on this which subsequently control the population as you cannot become resident in Jersey if you have nowhere to live. – to find out more about residency in Jersey please follow this link

Chesterfield and Jersey

Chesterfield have years of experience when it comes to both setting up Jersey companies and administering them. We are familiar with all the laws, paperwork and structures involved and are in an excellent position to give you the sound advice required when considering incorporating a Jersey Offshore company

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