Jersey is the largest of the Channel Islands and lies in the English Channel off the North West coast of France. The population is approximately 75,000 with the principal centre of business activity being St. Helier.
The Channel Islands have a unique constitutional arrangement with the UK. The Islands are possessions of the English Crown as distinct from colonial and overseas dependencies of the United Kingdom and accordingly the locally elected legislative assemblies have the exclusive right to legislate on matters of domestic concern to the Islands (including taxation) whilst the United Kingdom Home Office is responsible for the external affairs of the Islands.
The Islands are associated members of the European Community and as such are only subject to European law in so far as they specifically contract in to the European Community. Thus they have elected to become part of the common tariff and agricultural levy system but are not subject to European law in most other areas.
Jersey Exempt Company
Companies which are incorporated in Jersey but which are owned by non-residents of Jersey and do no business with Jersey resident individuals or corporations can be granted exempt status in Jersey. Such companies have the following characteristics:
Double Tax Treaty
Jersey has signed double taxation agreements which provide for the exchange of information with the United Kingdom and with Guernsey so UK residents should carefully consider whether Jersey is the correct place in which to set up an offshore structure.
Taxation
Jersey exempt companies pay no taxes in Jersey but are subject to a flat rate corporate duty of £600 per annum irrespective of profit.
Directors
A minimum of one director is required. Corporate directors are not permitted. Details of directors must be kept at the registered office and are disclosed to the Registrar, but do not appear on public file. Further anonymity can be preserved by the use of third party directors.
Shareholders
A minimum of two shareholders are required and details appear on the public file but anonymity can be retained by the use of nominee shareholders. Please note that details of the beneficial owner of the company must be communicated to the Jersey authorities but that information is protected by secrecy provisions. Bearer shares are not permitted.
Annual Reporting
An annual return which gives details of all current shareholders must be filed at the public registry in January of each year. It should be noted that fines are payable if a company fails to file its annual return on the due date.
Time Scale
Incorporation can be achieved within approximately fourteen working days. Ready made companies are not available
Local Requirements
As a matter of local company law the company MUST maintain a registered office address within Jersey and it is normal practice and a practical but not legal requirement for a Jersey resident company secretary to be appointed. We would generally provide these services as part of the domiciliary service fee.
