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Starting a Business in Jersey

Jersey

Starting a Business in Jersey

Jersey Business Experts

Recent forum posts

 

  1. business services for purchasing cocoa beans, roucou and cashew nuts

    Hello everyone,My name is Hermann Rodrigue KOUADIO, I am African, of Ivorian nationality. My interest on this site is to sell large quantities of agricultural products including cocoa beans, roucou seeds, and cashew nuts. And to allow German companies to build a supply chain with producers.I have a quantity of 10,000 tons of cocoa beans for sale for the next harvest in September-December. I am

    Total Posts: 1 Last post by Hermann

  2. Private venue event - running a bar

    I have been asked through a colleague to run a bar for a private event at a chateau in France. It is a pay per drink bar, and I am trying to make sense of the legal requirements - any advice please

    Total Posts: 1 Last post by PaulC

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.

Economic Overview

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:

  • Tourism
  • Banking and finance
  • Dairy
  • Electronics
  • Their primary import commodities are:
  • Machinery and transport equipment
  • Manufactured goods
  • Foodstuffs
  • Mineral fuels
  • Chemicals
  • And their main export commodities:
  • Light industrial and electrical good
  • Dairy cattle
  • Foodstuffs
  • Textiles

Click here to Ask an Expert about Starting a Business in Jersey

Organisations that can assist with Starting a Business

  • > De Pinna, Notaries

    Multi-lingual Notaries to notarise, translate and legalise documents for international use

    More Details Visit Website
  • > PEO Worldwide Limited

    PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.

    More Details Visit Website
  • > Instant Offices

    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?

    More Details Visit Website
  • > Blue Marble Global Payroll

    Simplified Global Payroll Companies with global employees often find that managing payroll in multiple countries is complicated - different systems, laws, and languages in each country, lack of reporting, and constantly changing laws and regulations each year. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, aggregated reporting, and a hybrid service model in 135+ countries around the world.

    More Details Visit Website

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