Jersey Company
Background
Pay no tax on income arising outside the Island.
Pay no tax on interest arising from Jersey bank deposits.
Are not subject to any capital taxes within the Island.
Make no income returns (other than for Jersey sourced income excepting bank deposit interest).
Introduction
Jersey is situated off the northwest coast of France. It is about 160 km south of England and only 20 km from France. It is the largest of the Channel (Normandy) Islands, with a total land area is 117 sq. km. The population of Jersey is approximately 82,000 and effective immigration controls exist to restrict future growth. The constitutional relationship between the Channel Islands and the United Kingdom are unique, differing from colonial and overseas dependencies of the Crown. The Island¡ês Parliament and legislative assemblies have the exclusive right to legislate on domestic affairs (including taxation), although Jersey¡ês foreign affairs are the UK¡ês responsibility.
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.
Law And Taxation
Largely based on English Common Law, with many French features.
Exempt Companies are exempted from all forms of Jersey taxation. Resident Jersey companies pay income tax at a rate of 20% on world-wide income.
Corporate Requirements
The minimum number of directors required by law is Normally 2; they must be natural persons. If a company has a sole director, the sole director cannot be the company secretary. The director may be of any nationality and need not be resident in Jersey. Normally we recommend appointing two directors.
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.
The minimum number of shareholders is Two. However, if the company is to be a wholly owned subsidiary then only one shareholder is required.
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.
The following names or their derivatives: 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.
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 on the name application form. The name application will then be granted, or otherwise, under the current guidelines regarding the use of certain words.
Local Infrastructure
The financial services sector provides Jersey's main source of income, and the tourist industry has always been very important to the Island's economy. There are various other less significant sources of income, including agriculture and fishing.
Jersey is in a very favourable situation owing to the proximity of the UK and the Continent, and although the legislation on Free Trade adopted by the European Community applies to the Island, the politics of taxation planning does not affect Jersey. The currency is the Pound (GBP), which is on a par with the UK Pound, and there is no exchange control.