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
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.
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?
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
More Group is an international accounting firm specialising in tax accounting, business incorporation, and trustee services. Contact us today to book your free initial consultation.