GENERAL INFORMATION
The Channel Islands are divided into two Bailiwicks; Jersey and Guernsey. Jersey is the largest of the Channel Islands and is approximately 160km south of England and 22km from France. The island is a British Crown Dependency which has close links with the UK (particularly the City of London) and Europe. The island’s capital is St Helier. It enjoys legislative and fiscal independence and does not form part of the European Union or Eurozone.
Jersey is a leading international finance centre, particularly for banking, funds, private wealth and capital markets. It enjoys economic and political stability and has a sophisticated and robust legal and regulatory system and high standards of transparency and accountability. It also has access to The Channel Islands Securities Exchange (CISE) which provides a listing facility and a market for companies to raise capital from international investors based on a bespoke trading platform. Its financial regulator is the Jersey Financial Services Commission (JFSC).
Other basic facts: | Time zone | No GMT offset |
Official language | English. Jèrriais is the traditional language | |
National currency | UK pound is the official currency of the United Kingdom the Crown dependencies of Britain (GPB) |
KEY CORPORATE FEATURES OF JERSEY PRIVATE LIMITED COMPANIES
| TYPE OF COMPANY | |
| Shelf company availability | No |
| Time taken for incorporation | 10 to 14 working days, although fast-track is possible with higher statutory fee |
| SHARE CAPITAL | |
| Permitted currencies | Any foreign currency |
| Standard currency | GBP |
| Minimum issued capital | One (1) |
| Authorised capital | Usually GBP10,000 |
| Par / nominal value | Optional |
| DIRECTORS | |
| Minimum | One (1) |
| Corporate director | Yes, if the body corporate acting as a director is registered under the Financial Services (Jersey) Law 1998 to provide such services and does not itself have any corporate directors |
| Local director requirements | Optional |
| Location of meeting | Anywhere, being mindful of the requirements of economic substance legislation |
| Minimum number of meetings | Per Articles of Association |
| Publicly accessible records | No |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | Not allowed |
| Corporate shareholders | Allowed |
| Local shareholder requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | One unless the shareholders waive the requirement for an AGM |
| Publicly accessible records | Register of members is open for public inspection |
| COMPANY SECRETARY | |
| Requirements | A least one (1) individual or corporate. There are no qualifications for this office |
| REGISTERED OFFICE | |
| Requirements | Must be in Jersey |
| ACCOUNTS | |
| Preparation of accounts | Yes |
| Audit requirements | Only if the company’s Articles of Association or a shareholders’ resolution require the appointment of auditors |
| Filing of audited accounts | No, but unaudited accounts must be appended to annual tax return |
| Publicly accessible records | No |
| ANNUAL REQUIREMENTS | |
| Annual return | Before the end of February each year |
| Tax return | Due 31st December each year |
| GENERAL | |
| Legal system | Common Law |
| Corporate re-domiciliation | Yes |
| Double taxation treaty access | Yes |
| Exchange control | No |
| Taxation |
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The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.