Jersey
General Information
Area – 118.2 sq. km
Population – 100,080 people
Capital – Saint Helier
Official language – English, French
Official currency – Pound Sterling (GBP)
Key Aspects
Jersey is one of the islands in the group of the Channel Islands. It is located in the English Channel and is known from the times of the Vikings when it became part of Great Britain. Later on, the population obtained the right to self-regulation and local self-government. The queen of Great Britain is the head of the state through her representative, i.e. the governor of the island. Economic development is based on provision of different financial services, developed agriculture and tourism as well as electronic commerce. The island is not part of the European Union in the general sense but is included in its free trade area. There is corporate tax and the requirement for the disclosure of information about the beneficiaries. Information about the company’s beneficiary is disclosed upon incorporation, whereas the beneficiary must confirm the fact of absence of bankruptcies and management of insolvent companies in the past.
Company Type
In terms of incorporation in Jersey, one of the most convenient forms is the so-called Private Company Limited by Shares (PCLbS).
Corporate Legislation
The legal system may be called mixed – the Norman law, the English common law and the modern French civil law. The basic language of documentation is English.
Main Requirements for Company Directors and Shareholders
In terms of a PCLbS, it is required that a company must have one director and one shareholder; there is also restriction with respect to their age – not younger than 18. There are no restrictions as to the residence and legal form but it is required that a company complies with the Financial Services Law of Jersey.
Authorised Capital
There are no special restrictions as to the minimum amount of the authorised capital but there is a standard threshold defined for it, i.e. GBP 10,000 or its equivalent in any other currency. The issued capital can be nominal amounting to one pound.
Accounting
All companies incorporated in Jersey must maintain accounting records, whereas private companies are exempted from the filing thereof. Accounts and records of a public company must be freely accessed. There are some relaxations for a private company, i.e. it is not obliged to conduct auditing but must file tax declarations within the established period.
Taxation
The corporate tax is applied. There is no capital gains tax, the income tax is paid within the framework of the corporate tax which, in turn, is paid by all resident companies on the worldwide income, and by non-resident companies – within the limits of income earned in Jersey.
Questions that need to be answered to prepare incorporation documents
- Passport details of the founders
- Passport details of the directors
- Photocopy of the ID pages of the founders’ and director’s international passports
- Utility Bill of the directors and founders, current email addresses and phone numbers
- Several preferable firm names