Jersey, officially known as Bailiwick of Jersey, is an island and British Crown Dependency. Jersey is a self-governing territory situated near the northwest France coast. It is the largest island of the Channel Islands. The territory consists of the main Jersey island and a few inhabited islands and rocks in the surrounding. These include Les Dirouilles, Les Minquiers, Les Écréhous, Les Pierres de Lecq.
Once, Jersey was a part of Normandy’s Duchy, whose Duke became England’s king from 1066. After the loss of Normandy from England’s kings in the 13th century. Even though Jersey never became a part of England, but it always remained loyal to the country.
Jersey is a parliamentary democracy that is self-governing as well, under a constitutional monarchy. It has its own judicial, legal, and financial systems. Most importantly, Jersey also has separate relationships with the UK and Crown Dependencies. Even though Jersey isn’t a part of the UK, still, UK is responsible for its defence constitutionally.
The financial services industry of Jersey is pretty large that is generating about 40% of its overall GVA. However, due to the cultural influence of the British, English is the primary language here, and the Pound sterling is the primary currency here.
Most importantly, the economy of Jersey is highly developed and mainly services-focused. It is a flexible and mixed market economy with an advanced infrastructure of social security and free-market principles. The majority of economic development in Jersey is from retail and wholesale, hospitality, transport and communication, tourism, and financial services.
Overall, Jersey is a tiny little island with exotic beaches, fascinating history, beautiful scenery, breathtaking country walks, fantastic wildlife, high quality of life, and excellent offshore company set-up opportunities. If you are confused and do not know where to help when forming a company, you can contact Thallium Consulting. We are here to make this hectic process easy for you.
Benefits of an offshore company set up Jersey
Are you looking for how to set up an offshore company in Jersey? Let’s look at the key benefits that you can avail yourself of with offshore company set up Jersey with ease.
So, here we go with the fundamental advantages of the offshore company set up in Jersey.
- Jersey is providing an independently endorsed and flexible work environment for offshore companies set up in Jersey.
- Even more, long-term political and economic stability are also playing a part in the increasing popularity of Jersey as offshore Jurisdiction. Additionally, the lower tax rates make offshore company formation in Jersey a preferable option for investors.
- It is easier to register your offshore company in Jersey. It is because you can complete the incorporation process within two weeks. Also, the minimum requirement for paid-up share capital here is just £1.
- Most importantly, you only need one director and one shareholder for offshore company formation in Jersey.
- Jersey is a popular jurisdiction for the FATF purpose to ensure anti-money laundering legislation. This can undoubtedly provide added comfort and ease to investors here.
These are some of the many reasons individuals and corporates intend to offshore company formation in Jersey.
Corporate banking solutions for offshore company set up Jersey.
Undoubtedly, Jersey is a popular banking and financial sector in Europe. Therefore, the corporate banking sector here is stable and reliable.
As you must have a reliable corporate banking solution for offshore company formation in Jersey. It is because most of the financial banking institutes in Jersey work on a referral basis. So, you must consider hiring a professional in this regard.
Most importantly, above 30 licensed banks are operating in Jersey. Surprisingly, many of the top 25 banks are residing on this island. Even more, the island enjoys less stringent taxation as compared to other financial centres in Western Europe. Therefore, the island is also home to various private banks.
Getting help from a Thallium Consulting professional can help you secure a multicurrency corporate banking solution efficiently and timely in Jersey.
The renewal process of an offshore company set up in Jersey.
An offshore company formation in Jersey is a process that will take up to 2 weeks to complete. However, the annual renewal of your company’s registration is essential to keep working from here. Make sure your company is keeping its financial records well to track how it is going financially. Even more, don’t forget to submit a renewal application before the expiry date to get a renewed license without any hassle.
The renewal process requires a renewal application form, some essential documents, and renewal fees. When you are done with this, you are merely good to go with your offshore company operations in Jersey. Thallium Consulting experts will handle the entire license renewal process to focus on the growth of your company.
Perks of offshore company formation in jersey as a tax-haven
Jersey gained the reputation of tax haven in the 1920s for the first time. It was when wealthy Brits started moving to the island to transfer their wealth here, in so many cases. This was initially done to benefit from Jersey’s lack of inheritance and wealth taxes.
Jersey used to receive funds from England as a mainstay in the tax haven system of England. Jersey’s crown dependency operates under different laws of financial transparency than most banking systems.
Most importantly, the government isn’t charging any corporate tax to companies, whether foreign or domestic. Jersey is corporate tax-free for the companies that are established on the island permanently. Even more, Jersey doesn’t even tax capital gains or dividends. Additionally, the 20% income tax rate in Jersey is also applicable only to the individuals living in Jersey with high net worth.
Jersey also eliminated all kinds of taxes for corporations doing their business on the island in 2008. The offshore company set up in Jersey can also benefit from a zero-income tax rate, no capital gains tax, and no withholding tax.
Overall, all of the things mentioned above make Jersey one of the best places for offshore companies to set up in Jersey. So, starting your process today makes sense here. Contact experts of Thallium Consulting for any guidance and assistance so you will not have to deal with any issues during company set-up.
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