Jersey, British crown dependency and island, the largest and southernmost of the Channel Islands, lying south of England’s coast and 12 miles (19 km) west of the Cotentin peninsula of France. Its capital, St. Helier, is 100 miles (160 km) south of Weymouth, England. Jersey is about 10 miles (16 km) across and 5 miles (8 km) from north to south. The Ecrehous rocks (6 miles northeast) and Les Minquiers (12 miles [19 km] south) are in the Bailiwick of Jersey.
The island is largely a plateau mantled with loess, with deeply incised valleys sloping from north to south. Picturesque cliffs reaching 485 feet (148 metres) in height line the northern coast; elsewhere, rocky headlands enclose sandy bays bordered by infilled lagoons. Coasts are reef-strewn, but a breakwater in St. Aubin’s Bay protects St. Helier Harbour from southwest gales. Blown sand forms dunes at the northern and southern ends of St. Ouen’s Bay on the western coast. The climate is less maritime and more sunny than Guernsey’s. Mean annual temperature is in the low 50s F (about 11 °C). Frost is rare, but cold air spreading from France in spring occasionally damages the potato crop.
Jersey is a reputable tax-neutral jurisdiction and one of the top financial centers worldwide with a flexible regulatory framework and a long track record of political and economic stability.
Companies incorporated under the Companies (Jersey) Law, 1991 benefit from a fast and simple incorporation process and advantageous tax treatment. Corporate income is subject to a 0% corporate tax rate and there are no taxes on dividends paid and received and capital gains.
Furthermore, there is no stamp duty on the transfer of shares in Jersey companies, and these may be held and traded in an uncertificated form.
Private company limited by shares (LTD)
|Governing corporate legislation|
Companies (Jersey) Law, 1991
Private limited companies may be formed by one or more shareholders, up to 30, who can be either natural or legal persons, residents or non-residents.
At least one director is required, who may be a natural person or a legal entity, as long as the legal entity is registered under the Financial Services (Jersey) Law 1998 and it does not have itself, corporate directors.
|Information published relating to company officers|
Details of shareholders are publicly disclosed.
Directors’ details are available to the public.
The liability of the shareholders is limited up to the amount of the shares they hold.
|Accounting requirement/ compliance|
Private limited companies must keep accounting records for 6 years, which may be kept in or outside Jersey. An annual return must be submitted prior to the end of February each year and must provide details of its share capital. The tax return must be filed within 7 months after the end of the tax year.
|Corporate income tax|
Corporate tax standard rate is 0%.
A 10% tax rate applies to companies conducting financial services. Collective investment funds and securitization vehicles can elect to be tax-exempt from income not derived from land or property.
Utility companies such as telephone, gas and electricity companies pay income tax at a 20% rate.
Income from real property, such as rental income, property development profits or income from exploiting land is subject to a 20% tax.
Companies that import or supply oil are also taxed at 20%.
A company is tax resident in Jersey if it is incorporated in Jersey or its place of central management and control is in Jersey. A company incorporated in Jersey, subject to certain conditions, may be considered as non-resident if it is managed and controlled elsewhere.
Resident companies are taxed on a worldwide basis, while non-resident entities are subject to tax on their income derived from Jersey.
|Shared capital/paid up|
There is no minimum capital requirement for a Jersey Private Limited Company. There is no statutory requirement for capital to be fully or partly paid on incorporation.
|Basis of the Legal System|
Mixed (Customary, French civil and Common)
The appointment of a secretary is required, who can be either a legal or natural person.
Shares may be issued at par value or at a premium but may not be issued both types of shares. Shares may be registered shares, ordinary shares, preference shares, redeemable shares, non-redeemable shares and shares with or without voting rights. Bearer shares are not permitted.
Private companies should have a registered office in Jersey.
Annual general meetings are mandatory but can be held anywhere. The first annual general meeting must be held no later than 18 months from the incorporation of the Jersey Limited company. Thereafter, annual general meetings should be held in intervals not more than 22 months. However, if all the shareholders state it in a written document, the company may waive the requirement for annual meetings.
|Time to form|
Company formation in 7-10 working days
28 February each year
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