Jersey

Jersey is another British crown dependency with the full name of Bailiwick of Jersey. Its the largest of the channel islands. Although its a Bailiwick, its has different relation ship with the crown than the other Bailiwicks (Isle of Man and Guernsey). Its not yet fully a part of the European union, simply put the relation ship between them is complicated.

Economy

Most of Jerseys economy is built around financial services. Tourism, e-commerce and agriculture although a very small part of the economy, yet still a part of it. Part of the tourism industry is built on the sales of duty-free sales of goods to travelers. The currency of the island is called the Jersey pound which has the same value as the British pound.

Taxation

Jersey is sometimes regarded as a tax heaven and as one of the safest tax heavens there are, as it has no tax on corporate income as long ass the company does not engage in the following activities:

• A company engaged in financial service entities (Banks, trusts, financial services) may be taxable at 10%.
• Companies engaged with utilities such as gas or electricity are taxable at a rate of 20%.
• Property development and rental companies are taxable at a rate of 20%.
• A non resident company may be taxable at rate of 20%.

Jersey does not have any double taxation agreements.

Language

The official languages of Jersey are French and English. Although English is mostly used both for communication and the formation of legal documents for the past six decades. The court system still practices to use French language.

Incorporation

The incorporation process in Jersey is based on the Jersey Companies Law of 1991, which is based on the English Companies Act 1948. The usual time for incorporation in Jersey is around one to two business weeks. The minimum number of directors is one and the minimum number of shareholders also is one, both records are publicly available. They company must have a local office, although neither the secretary nor the director or the shareholder must be residents of Jersey.

Over all Jersey can be a choice when choosing a place to incorporate in. If you are looking for a location with a greater privacy, you might be better off looking some where else.