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Offshore Services- Jersey

Many funds incorporated outside Jersey (eg, in the Cayman Islands, the British Virgin Islands or Bermuda) choose to hold their board meetings in Jersey due to ease of access from the United Kingdom, France and the rest of Europe. Recent changes to the regulatory regime in Jersey have increased its attractiveness as a jurisdiction for such meetings.

 

This update summarizes the regulatory and tax position in Jersey in relation to the holding of board meetings of funds which are not domiciled (ie, not incorporated) there and which otherwise have no connection with Jersey.

 

Regulation

On February 26 2007 a new regime came into force allowing a fund to have its board meetings in Jersey without becoming regulated there, provided that it is incorporated outside Jersey and does not have an established place of business there. For these purposes, a fund will not be taken to have an established place of business in Jersey if only the directors of the fund meet in Jersey, or a manager, director or administrator of the fund is ordinarily resident in Jersey. Individuals who carry on business in their personal capacity by acting as a director of the fund may need to register with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 and further advice should be sought in such cases.

 

Taxation

If the fund becomes managed and controlled in Jersey, it should apply for and obtain exempt company status in Jersey in order to avoid becoming subject to Jersey income tax. However, this is a straightforward process and involves only:

 

  • the completion of an application form;
  • an annual return in respect of any Jersey-resident investors; and
  • the payment of an annual exempt company fee of £600.

 

In response to the EU Code of Conduct on Business Taxation, the states of Jersey have announced that, in keeping with the policy of constructive international engagement, they intend to replace the Jersey exempt company regime by the end of 2008 with a general rate of corporate tax of 0% for companies carrying on all but certain types of regulated business.

 

International Law Office