Why do you ned to open a company in Jersey?
The most French point of all the possessions of the British crown, Jersey is located in the English Channel, on the sea route from England to France.
The country has a 1991 Law on Companies. This law regulates the processes of creating and conducting business in Jersey, including by non-residents of the state. Jersey company registration is in great demand for a number of reasons:
- 0% corporate tax for all companies in Jersey, excluding licensed businesses;
- the state is part of the European Union;
- trade routes to European countries were opened;
- the economy and political situation in the country are quite stable;
- an IPO (Initial Public Offering) procedure is available – a public sale of shares of a joint-stock company on the London Stock Exchange or other international stock markets.
Company registration by foreign legal entities and individuals in the Jersey jurisdiction is governed by the Companies Act (1991).
What forms of business are available for registration:
- Public or private limited liability company by shares.
- Limited liability company under warranty.
- Unlimited company.
Also, foreign founders can open special corporate transport structures, including incorporated / secured cellular companies and LLCs. The most popular form of business in Jersey is a private limited liability company with par value shares also known as IBC (International Business Company).
It is worth noting that after the introduction of the OECD, EU and FATF requirements for disclosure of information on ultimate beneficiaries, the Jersey government introduced an open register of legal entities in its jurisdiction, and also changed some requirements for foreign and local entrepreneurs.
Jersey offshore company advantages:
- Customs territory of the European Union.
- No taxes on inheritance, wealth, capital gains.
- Stable economy.
- There is no exchange control.
- Nominee service available.
- Access to international markets.
- Low taxes on profits, both for residents and non-residents of the state.
Jersey corporate tax for residents
The standard tax rate for resident companies is 0% on income earned in the country and abroad. The exception applies to the following areas of activity:
- Financial and banking companies are taxed at a 10% rate.
- Utilities are required to calculate income tax of 20%.
- Also, the optimal rate of 20% is provided for companies that profit from rental and real estate development, as well as corporate retailers with a turnover of more than £ 2 million and taxable income in net form of more than 500 thousand local currency.
Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.