Jersey is the largest of all Channel Islands. Its area is 116 square kilometers. The capital city is Saint Heiler. The population is around 100,000 people. The official languages are English and French. Most people speak English and the language of corporate documentation is English but French is the official language of the Royal Courts of Justice in Jersey.
Key facts about Jersey
Jersey is a self-governed territory. Officially, it belongs to the British Crown, which means that the island does not belong to Great Britain but rather to the British monarch personally. The King of Great Britain is the head of the state in Jersey and he has a Governor on the island. Jersey has a one-chamber Parliament with 57 representatives. The Parliament elects the head of the Government. Taxing the island residents is the prerogative of the Parliament.
Legal power belongs to the Royal Court headed by the bailiff. Great Britain is responsible for the foreign policies of the island and it also takes care of the defense matters. The legislative system is based on the British Common Law but it contains some elements of the French Law as well.
Economy and infrastructure in Jersey
The best-developed sectors of economy in Jersey are financial services, tourism, agriculture, and fishery. There is an international airport in Jersey that connects the island with London, Amsterdam, Paris, Genève, and Frankfurt. Marine vessels are mainly used for export-import operations.
Jersey is not an EU member but it is part of the free trade and the customs areas. The official currency is the Jersey pound but the British pound is in free circulation on the island.
Company registration in Jersey
The process of incorporating an offshore company in Jersey is efficiently regulated by the local legislation. (You can learn more about the process of setting up an offshore company if you follow the link.) An ‘exempt’ company in Jersey will suit international trade and investment purposes best of all. Some restrictions apply, however. These include the following ones:
- An exempt company cannot trade in Jersey;
- The company cannot engage in the following business areas: banking, insurance, reinsurance, fund management, and asset management.
To incorporate a company in Jersey, you have to submit the company’s By-laws and the Memorandum and Articles of Association to the financial service Committee. You will have to supply the company registered address, the personal data of the company directors and shareholders, the information about the true company owners, and a description of intended commercial activities.
Due to the requirements specified above, buying a shelf company in Jersey is impossible.
One company director will suffice. Only natural persons can act as company directors in Jersey. No restrictions to the company director’s nationality apply.
Every company registered in Jersey shall have a Secretary. A company director can fill the position on the condition that the company has more than one director. A natural person or a legal entity can act as the company Secretary in Jersey.
The standard amount of registered capital GBP 10,000 or the equivalent in another currency. Officially, the company has to issue at least two share certificates with the nominal value of 1 pound each. Thus, the registered capital that has to be deposited is 2 pounds only.
Registered shares, preferred shares, redeemable and non-redeemable shares, voting and non-voting shares are allowed; bearer shares are prohibited.
Taxes and fees in Jersey
The term ‘exempt company’ means that the company is exempted from taxes in Jersey. Resident companies pay an income tax of 20% regardless of the jurisdiction where the income is obtained. Jersey has a treaty on double taxation avoidance with Great Britain. The treaty covers exclusively the residents – individuals and companies – of the island.
Exempt companies pay an annual fee of 600 pounds. They do not have to file annual reports but they have to keep financial records anyway because the financial services may request them at some point.
Visit Jersey as a tourist
Jersey is probably the most popular tourist destination in Great Britain. You can find more sunshine in Jersey than anywhere else in the country. If you look at the sea in Saint Brélade parish, you may well feel as if you were vacationing on the shores of the Mediterranean Sea.
When visiting Jersey, you will be exposed to the British lifestyle and the French lifestyle as well. Besides, there are numerous descendants of the Portuguese living on the island. Jersey is a tiny island but there you can find a vast variety of cultures and traditions typical of England and France. All the different cultures and traditions live in harmony in Jersey.
Transportation in Jersey
Jersey is the southernmost British island: it sits closer to France than to Great Britain. Airplanes fly to Jersey from several European countries and ferries run between England and the island. Bus transportation is readily available in Jersey: a bus will take you from the ferry station or the airport to any part of the island.
However, as Jersey is only nine by five miles large, you will probably want to use a bike when visiting the island. There are numerous bicycle tracks and renting a bike does not cost too much. The road signs are in English and French in Jersey.
You can find a wide variety of entertainment in Jersey – from perfect beaches to top-quality nightclubs. Probably the most picturesque place where you can swim is Plemont Bay with white sand and underwater caves. Besides, you can find Michelin restaurants on the island.
Nature in Jersey
You can join a guided tour or walk along the shores on your own to find some breathtaking views in Jersey. In September, the local residents have a ‘hiking week’ when they go on walking marathons. There is a five-day hiking tour around the island that can let you see the scenery and appreciate the quality of the food in the cafes and pubs in Jersey.
Popular tourist attractions in Jersey
You can find several museums and old fortresses in Jersey. There is also Queen Elizabeth’s sixteenth-century castle built on a tiny islet off the coast of Jersey. The walking passage to the islet is accessible only when the tide is low. You can spend a night at the castle and if it’s your birthday, they will fire a cannon to mark the occasion.
The diverse landscapes, a warm climate and beautiful golden beaches make Jersey worth visiting indeed. A small cozy island away from the noise and hassle of the big world and the highest level of comfort available there: what else could you ask for?