Company in Jersey
Jersey Island is the largest island in the Channel Islands located in the south of the English Channel. It is not part of the European Union. However, it has negotiated guarantees for its tax system. It is often called an English-language tax paradise in the middle of Europe, which charms have tempted large international companies and Polish business tycoons. Perhaps, an idea to open business in Jersey will optimize your business as well?
Company formation in Jersey
One of the most common ways to open company in Jersey is the Limited Liability Company, i.e. a well known equivalent of company in Poland. Company registration in Jersey in this legal form requires at least one partner (it can also be a legal person) and one director, none of which must be resident in Jersey. The minimum amount of share capital is not specified. Shareholders’ meetings do not have to be on the island. A ready company in Jersey must have its headquarters there with an address, and official matters can be handled by means of an electronic signature, which greatly facilitates their day-to-day management.
Regarding the costs generated by the registration of a company in Jersey, in addition to remuneration for legal services, you should add registration costs that are 200 pounds, while the annual cost of keeping the register for the company is about 210 pounds.
Taxes in Jersey
The island of Jersey has a tax system that is very independent of UK regulations. There is no classic VAT taxation on the island, but since 2008 a tax on goods and services has been introduced, initially at 3%, currently at 5%. When it comes to income taxes, Jersey has a so-called system 0/10.
Therefore, the activities of companies doing business through an island (the company’s tangible substance) are not taxed. Exceptions include the few business profiles such as e.g. financial services (10% rate), rental and development activities (20% rate) and utilities (20% rate). In addition, dividends and interest are not taxed.
Purchase of ready made company in Jersey
It is possible to buy a ready made company in Jersey, but due to clear procedures, company formation in Jersey seems to be much more beneficial. It should also be remembered that the purchase of a company in Jersey carries the risk of its history and the need to verify obligations and all documents. Therefore, before you take steps to buy a company in Jersey, it’s important to consider all aspects of such a process.