Jersey
Expanding a Business in Jersey
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Entering the Market
Situated off the French Normandy coast, Jersey is part of the Channel Islands. Renowned for its tax haven status and picturesque scenery, Jersey is both a popular holiday destination and a financial centre. Benefiting from an eight hundred year relationship with mainland Britain, Jerseys people have an autonomous government, while enjoying strong trade ties with the UK and mainland Europe. Just eight miles from France, the unique cultural blend between French customs and British traditions gives the islands a unique cosmopolitan atmosphere.
Why Expand to Jersey
With a similar regulatory and legal structure to the UK, the country offers a considerable tax advantage for UK investors interested in expanding a business in Jersey. Jersey's status as an Island of The British Crown means that it is not a member of either the UK or the EU. With incentives such as 0% VAT and between 0% and 30% corporate tax, it is understandable why large multinationals, such as RBS have dropped anchor on its shores. With an impressive eight hundred years of independence under its belt, Jersey offers investors an established and stable environment in which to conduct business. With a strong business support infrastructure and a high tech communications network, Jersey enjoys a disproportionately large economic reputation for its geographical size. Located within easy reach of the UK and European markets and a strong entrepreneurial record do little to damage that reputation.
Main industries
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Finance - Financial services is the main employment sector on Jersey, with the islands favourable taxation environment. RBS employs around 900 people on Jersey and financial services have been an integral part of the islands economy for over forty years. The absence of inheritance and capital gains tax also makes Jersey an attractive location for private equity funds.
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Agriculture - Jersey Royal potatoes are the main agricultural export on the island and Jerseys main export market is the UK. Jersey cows are also a world famous brand and agriculture, although overshadowed by finance, remains an important part of the economy.
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Tourism - Tourism is a major element of the Jersey economy. The island also offers duty free shopping for tourist visitors.
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E-Commerce - Jersey offers extensive IP (intellectual property) legislation and other support for e-commerce, with the islands propitious tax regulations attracting investment in this sector. The island also has an advanced communications infrastucture.
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Light Industry - The island manufactures a number of products, including textiles and electronics.
With Jersey keen to diversify its economy beyond finance, the electronics industry and the production of knitware are growing light industries. Consider licensing or incorporating business in Jersey in these sectors.
Challenges Foreign Companies Face
As in Guernsey, unemployment in Jersey is low resulting in a shortage of skilled workers that are seeking employment. Consequently, foreign investors setting up a business in Jersey can find difficulties finding staff.
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