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					         COMPANY REGISTRATION & BUSINESS SERVICES LTD (CORE)

Jersey
(Recommended Grade: ★ ★ ★)

     General
     Type of entity                                                   Resident
     Type of law                                                      Common
     Shelf company availability                                       No
     Our time to establish a new company                              10 - 14 days
     Corporate Taxation                                               0% -10%
     Double taxation treaty access                                    No
     Share Capital or Equivalent
     Standard currency                                                GBP
     Permitted currencies                                             Any
     Minimum paid up                                                  £1
     Usual authorised capital                                         £10,000
     Directors or Managers
     Minimum number                                                   One
     Local required                                                   No
     Publicly accessible records                                      No
     Members
     Minimum number                                                   One
     Publicly accessible records                                      Yes
     Company Secretary
     Required                                                         Yes
     Local or qualified                                               No
     Accounts
     Requirement to prepare                                           Yes
     Audit requirements                                               No
     Requirement to file accounts                                     No
     Publicly accessible accounts                                     No
     Other
     Requirement to file annual return (by 28th February each year)   Yes
 GENERAL INFORMATION
 Introduction
 The Channel Islands are divided into two Bailiwicks; Jersey and Guernsey (which comprises the smaller
 islands of Alderney, Sark, Herm and Jethou). Jersey is the largest of the Channel Islands and is
 approximately 160 kilometres south of England, but only 22 kilometres from France.


Population

 The population of Jersey is approximately 91,000 and effective immigration controls exist to restrict future
 growth.


Political Structure

 Historically The Channel Islands formed part of the Duchy of Normandy and have been in possession of
 the Crown of England since 1066 when the Duke of Normandy became King of England. When
 Normandy was overrun by the King of France in 1204 the Islands remained in the hands of the King of
 England, who continued to use the title of Duke of Normandy until 1259. Accordingly, the constitutional
 relationship between the Channel Islands and the United Kingdom is unique. Jersey is not part of the
 United Kingdom but a self-governing Crown Dependency which gives the Island constitutional rights of
 self government and judicial independence with political and economical stability. The Islands special
 relationship with the European Union was ratified by Protocol 3 of the Treaty of Accession of the United
 Kingdom to the European Community. Through this Protocol, Jersey complies with the European Union
 Directives on trade in industrial and agricultural products, but is not obliged to implement Directives or
 Regulations in other areas such as Taxation, Financial Services and European Monetary Union.


Infrastructure and Economy

 Whilst the financial services sector provides Jersey’s main source of income, the tourism industry
 continues to be important. Air services from Jersey are excellent and services to London being
 particularly frequent. There are also flights to many European centres, including Paris and Amsterdam.


Language

 English is used in all aspects of the financial and commercial activities of the Island. However, French
 remains the official language of the Royal Court of Jersey.


Currency

 The Jersey Pound is on par with the UK Pound. The Island issues its own notes and coinage that are freely
 interchangeable with the UK Pound.


Exchange Control

 None.
Type of Law

 Largely based on English Common Law with many French features.


Principal Corporate Legislation

 Companies (Jersey) Law, 1991, as amended, based on the English Companies Act 1948.



 COMPANY INFORMATION


Procedure to Incorporate

 By submission of the Memorandum and Articles of Association to the Financial Services Commission,
 together with notification of the Registered Office address, the names, nationalities and addresses of the
 directors and shareholders, character references relating to the beneficial owners and a full description of
 the proposed company's trading and/or investment activities.


Powers of Company


A Jersey company has all the powers of a natural person.


Language of Legislation and Corporate Documents

 English.


Registered Office Required

 Yes; must be maintained in Jersey.


Time to Incorporate

 Takes approximately 10 – 14 days; subject to name approval and compliance with the strict regulations
 governing the incorporation of Jersey companies.


Shelf Companies

 No; due to disclosure requirement of beneficial ownership and trading activities.
Name Restrictions

 A name that is similar to or identical to an existing company or registered entity. Names of well-known
 multi-national companies, without prior written consent. Names that imply illegal activities. Names that
 imply royal or government patronage, either local or foreign. Use of the word “International” in a name is
 restricted and is to be used only by companies of stature, trading internationally. In addition the
 minimum share capital requirement of companies using the word “International” is:
      First word of name - £1,000,000
      Second word of name - £250,000
      Third word of name - £100,000

Language of Name

 The name of a Jersey registered company can be in any language using the Latin alphabet as long as the
 authorities are advised of the meaning of the name on the application form. The application will then be
 granted, or otherwise, under the current guidelines regarding the use of certain words.


Names Requiring Consent or a Licence

 The following names or their derivatives require consent or a licence: Jersey, bank, building society,
 savings, loans, insurance, assurance, reinsurance, Building Society, Chamber of Commerce, council,
 co-operative, trust, trustees, finance, international or their foreign language equivalent.


Suffixes to Denote Limited Liability

 A company with limited liability must end its name with Limited or Société Avec Responsabilité Limitee
 or the abbreviations Ltd and SARL.


Disclosure of Beneficial Ownership to Authorities

 Yes, before incorporation. If beneficial ownership changes the Financial Services Commission has to be
 informed immediately. If the owner is a trust, details of the settlors, instigators and trustees are required
 before incorporation. If the owner is a public company, a copy of the latest annual report is required.



 COMPLIANCE


Authorised and Issued Share Capital

 The usual authorised share capital is £10,000 or its foreign currency equivalent, although issued capital
 may be nominal e.g. £1. Stamp duty is payable on higher amounts of capital.


Minimum Issued Capital


Equal to the value of the shares issued to the subscribers. Normally one share of £1 paid or its foreign
currency equivalent. All issued shares must be paid in full in cash.
Classes of Shares Permitted

 Registered shares, preference shares, redeemable shares, non-redeemable shares and shares with or without
 voting rights.


Taxation



 All companies incorporated or becoming first resident from 3rd June 2008 Jersey have a corporate income
 tax of 0% unless it is:
           Financial Services Entities e.g. bank, trust, financial services company – liable at the 10%
            Corporate Rate
           Utility Companies e.g. Electricity, Gas – continue to be taxed at 20%.
           Rental and Property Development Companies – continue to be taxes at 20%
 A company is regarded as resident in Jersey if it is incorporated in Jersey or its business is managed and
 controlled in Jersey unless:
           It is managed and controlled outside Jersey in a country of territory where the highest rate at which
            the company may be charged tax on any part of its income is 20% or higher.
           It is resident for tax purposes in that country of territory.

Double Taxation Agreements

 None


Goods & Services Tax – GST

 The States of Jersey introduced a broad based 3% Goods and Services Tax (GST) as from 6 th May 2008
 – The Goods and Services Tax (Jersey) Law 2007. GST is a sales tax on domestic consumption of
 imported and local produced goods and services it is not intended to be a tax on business and a special
 regime applicable to “International Service Entities” or “ISE’s” has been introduced by the law. ISE
 status removes the entity from the scope of the GST. ISE status can be obtained by a Jersey Trust
 company through an annual registration and fee payment of £200 to the Comptroller of Income Tax who
 will maintain a list of ISE’s.


Financial Statements Required

 Whilst there is no requirement to file audited financial statements with the authorities, it is important to
 note that a company is required to keep financial records, which reflect the financial position of a
 company.
 If accounting records are kept at a place outside Jersey they must be sent to the company's registered office
 in Jersey at not less than 6 month intervals.


Directors

 The minimum number of directors required by law is one; they may be natural persons of any nationality
 and need not be resident in Jersey or bodies corporate providing the corporate entity so acting is required
 in Jersey to carry on trust company business pursuant to the Financial Services (Jersey) Law 1998.
Company Secretary

 A company secretary is required who can be a natural person or body corporate. Can be of any nationality
 and need not be resident in Jersey.


Shareholders

 The minimum number of shareholders is one. Details of shareholders are available to the general public.


Disclaimer


It does not constitute legal or other professional advice.   CORE does not accept any responsibility, legal or
otherwise, for any errors or omission.

				
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