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Jersey Offshore Company Formation

Jersey is the largest of the Channel Islands, between England and France. An independent English-speaking territory with a mix of British and French cultures, it’s known for its beaches, walking trails along cliffs and inland valleys, as well as its defensive castles. The Jersey War Tunnel complex, in a former hospital excavated by slave labour, documents the island’s 5-year German occupation during WWII.

Country: Jersey
Population: 100, 080 (estimated 2014)
Capital: Saint Helier
Currencies: Pound sterling, Jersey pound
Official languages: English, French

Jersey Offshore Company Formation £14220.00 + Vat
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Services Included Year 1 Year 2 onwards
Incorporation N/A
Corporate Structuring N/A
Government Fee £150
Corporate Domicile £4250
Accounting Data Address Optional Extra
Director & Nominee Service Yes (essential) £1200 (essential)
Estimated renewal costs in year two: from £10,787.00

Jersey is one of two islands located between the UK and France that are collectively known as The Channel Islands.  While Jersey has been a British Crown Dependency since 1066, it is completely politically independent.

Jersey Company Law is largely based on English Common Law. It does have some French modifications, which have amended the English Companies Act 1948 to the Companies (Jersey) Act 1991. Companies formed in Jersey for the purpose of carrying out international business are called ‘exempt’ companies and are not permitted to carry out business in Jersey. This is because a normal resident company is not tax-exempt.  Non-Jersey residents can own all of the shares in a Jersey company.

The Jersey pound is the island’s currency, the notes, and coins of which are interchangeable with the British Pound.

Jersey Exempt Company Benefits

Please note that legislative changes in the process of being introduced may, in a small number of cases affect the tax position – please ask for full details.

There are a number of reasons why Jersey is considered by many to be the best offshore jurisdiction, including:

  • Zero tax on income – All Jersey ‘exempt’ (non-resident) companies will pay 0% corporate tax unless they are:
    • Rental and property development companies, which pay a 20% tax rate
    • Utility companies (i.e. gas, electricity, water, etc.) pay a 20% tax rate
    • Financial services providers (i.e. banks, financial services companies, trusts, etc.) pay a 10% tax rate.
  • Resident companies, on the other hand, pay corporate tax at 20% on income, no matter where in the world it was derived.
  • Low goods and services tax – The Jersey Goods and Services Tax (GST) is a sales tax on services and goods consumed in Jersey, no matter where they have been purchased from. The current rate is 5%.
  • Low capitalisation cost – Some offshore jurisdictions require a large share capital to be paid up at the time of incorporation, adding to the incorporation cost. Jersey companies require only £1 share capital to be issued.

Requirements to form a corporation in Jersey

  • Company Structure – The number and residency of officers and members are subject to business activities.
  • Choose a name for your Jersey exempt company – Jersey has many requirements for the suitability of a company name, all of which must be considered at the time of incorporation. Company names must be unique; they cannot resemble names of existing companies or other legal entities.
    • Company names that imply royal or government of any country must have written consent, as must any names that include well known multi-national company associations. Companies may only include the word ‘international’ if they do indeed trade internationally and no company name will be permitted if it implies illegal activities.
    • Acceptable company names may be in any language that uses the Latin alphabet, as long as they can be adequately translated into English. This translation must be submitted with the incorporation application.
    • Any names including terms such as bank, loan, finance, trust, trustee, Jersey, assurance, insurance, council, savings, building society, co-operative require a license before they will be permitted. Lastly, all Limited Liability Company names must include the word ‘Limited’, ‘Avec responsabilité limitée’ or the abbreviations ‘Ltd’ or ‘SARL’.
  • Change of beneficial ownership – Once the company is formed, the Financial Services Commission must be notified of any changes in beneficial ownership.
  • Jersey companies have to be renewed in January every year – In Jersey the renewal of the company takes place in January every year regardless of when the company was incorporated. We will automatically remind you of this.
  • Public records – Information about the directors and shareholders, including their address and date of birth, are a matter of public record and can be freely accessed. Trusts are required to disclose information regarding the settlor, trustees, and instigators.
  • Registered office – A Jersey company must have a registered office in Jersey.
  • Company secretary – Every Jersey company must appoint a company secretary. This can be an individual or corporate body and can be citizens of any country. The company secretary must be someone other than the director where the company has only one Director.
  • Financial statements – There is no requirement for the filing of accounts with the Registrar of Companies for private companies. However, every company must keep financial records reflecting the true financial condition of the company.
  • Annual returns – Every company must complete and file with the Registrar of Companies an annual return by the 1st of January each year.
  • Incorporation time – Forming a Jersey company is a complex process taking around 10 to 14 days.
  • Ready-made or shelf companies – Shelf companies are not available in Jersey due to the requirement of disclosing trading activities and beneficial ownership.

Please note that information given on this page is subject to change at any time without notice as a consequence of changes made in local legislation.

Company Renewal:

Jersey companies have to be filed by the 1st of January every year – In Jersey the renewal of the company takes place in January every year regardless of when the company was incorporated. We will automatically remind you of this.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.