Starting a Business in Jersey
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Why Start a Business in Jersey?
Jersey is the largest of the Channel Islands. It is fourteen miles from France and one hundred miles south of England. The island is a British Crown dependency, although not officially part of the United Kingdom. It has is autonomously governed, and controls its own taxation and legislation.
Jersey is often considered a tax haven. Tourism accounts for only 4% of Jersey's economy. The banking and financial industry is a well-established and integral part of the island, where over 80% of the local economy is accounted for by the offshore finance sector, overshadowing other big island industries such as agriculture and manufacturing.
A consequence of the 800 year relationship between Jersey and the Crown of England, the United Kingdom Government represents the island in areas of international relations by agreement and request.
Jersey's unique location twinned with the fact that is not fully acceded to the European Union means that, by choosing to establish yourself in there, your business could take advantage of the 0% VAT and potentially 0% corporation tax.
What is the population?
The population of Jersey is 90,800.
What is the time difference?
The time in Jersey is GMT.
What is the currency and exchange rate?
Jersey, like the United Kingdom, uses Pound Sterling (£).
How is the climate?
The climate is temperate with mild winters and cool summers. The average annual temperature of 11C is similar to the South Coast of England.
Jersey's economy is modelled on international financial services, agriculture and tourism. The finance industry constitutes 50% of the island's output. Potatoes, cauliflower, tomatoes, and specifically flowers are important export crops (which are generally exported to the United Kingdom). The Jersey cow is globally recognised and is a vital export income earner. Milk products are traded to the United Kingdom and other European Union countries.
The economy of Jersey has seen much transition during the past thirty years. Markets have slowly become more international and world travel has increased. Consequently, the means that traditional Jersey industries such as agriculture and tourism are having to survive in a progressively more competitive arena, and are no longer the predominant industries they once were. This advancement in the internationalisation of business has made way for the most remarkable and dramatic transition in the Jersey economy: over the past three decades, the finance industries have progressed at such a expeditious rate that they now constitute roughly half of the total economic activity in Jersey and employ approximately one quarter of the labour-force.
Tourism constitutes approximately one-quarter of GDP. Recently, the authorities have been motivating light industry to base themselves on the island. The electronics industry has been growing well, as has the production of knitwear. Raw material and energy is all imported, as is the majority of Jersey's food and drink.
Very low taxes make the island a popular tax haven. Living standards and way of life are very similar to that of the UK.
The main industries of Jersey are:
- Banking and finance
- Their primary import commodities are:
- Machinery and transport equipment
- Manufactured goods
- Mineral fuels
- And their main export commodities:
- Light industrial and electrical good
- Dairy cattle
Organisations that can assist with Starting a Business
TBA & Associates – Tax Business Advisors Ltd is a leading provider of Tailor-made solutions for wealth preservation and Tax efficient structures To facilitate cross-border transactions
Finding office space abroad poses one of the most difficult changes that many start-ups face. Location, costs, and transport all need to be considered. And, more crucially of all, what office will allow a new business to attract and retain the best staff?
Worldbox is a long-established and trusted provider of business, due diligence and credit information.
We do payroll there. We can do it anywhere. Many companies with global employees find that payroll can be a stressful part of doing business overseas. Finding a reliable payroll company, faxing and emailing multiple payroll spreadsheets each month, and treasury management are just some of the obstacles
Whether you are entering a new market and have yet to establish a business entity, or you have been in a country market for some time; whether you have one worker or thousands of employees, SafeGuard World International can help. We can support you during every stage of your journey with global payroll, contingent labor, global recruitment and a variety of multinational HR consulting and professional services.
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