JerseyJersey is an island in the English Channel near France. It has good communications. It is internally self-governing and self- taxing. It is marginally independent from the UK. English is used in all business and financial operations. Jersey is outside the EC and future EC Tax rules. It has historically had low taxation. It has had decades of success in attracting and developing offshore banking operations. Its legal system is an amalgam of old French and English laws.
Offshore Companies:
The Island has existing and well proven legislation permitting companies to be rapidly and simply incorporated for the purposes of conducting offshore business operations in the form of an Exempt company, which is normally used for many forms of trade and investment activity.
Setting up an Exempt Company:
The company's memorandum of association and the articles of association must be filed with the company registry along with the submission of various forms relating to the directors, secretary, registered office, and company name.
Buying an Exempt Company:
NACS offers off the shelf companies upon request. Name changes can be accomplished rapidly.
Company name guidelines and restrictions:
The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. It must end with an approved company designation or abbreviation (Limited, Ltd., or the French equivalents: S.A.R.L., etc.). Names implying or conveying an involvement in banking or insurance operations require consent.
Capital Requirements:
No minimum level required.
Local Registered Office Requirements:
An Exempt Company must always maintain a registered office on the Island, and must appoint and retain an Island resident as the company's registered agent. NACS provides these services for a fee via its associates.
Annual Company License:
This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.
Director Requirements:
At least one director must be appointed and maintained (who cannot be a corporate director). There is no residence or nationality requirement.
Shareholder Requirements:
2 shareholders must exist.
Company Secretary Requirements:
A company secretary must be appointed for the Company: either a person or corporate, no nationality or residence requirements. NACS normally will perform this function, for a fee.
Share Types Allowed:
Registered shares are permissible; no bearer shares permitted.
Taxation Requirements:
There is no taxation for an Exempt Company's operations, assets, or profits. Tax treaties with the UK and Guernsey.
Exchange Controls:
There are no exchange controls.
Reporting Requirements:
No company financial accounts are required to be filed; but an annual report is required to be filed annually.
Secrecy:
No explicit secrecy legislation for Exempt Companies, but English law and precedents place a clear and heavy responsibility on professionals to keep their client's affairs confidential.
Annual Tax/Filing Fee:
There is an annual license fee/tax of UK pounds 600.00.