JERSEY company formation
Jersey is a small island near France but falls under British monarchy whilst still maintaining its independence. Due to the flexibility in the taxation laws of the island, it is easily exploited and can be very beneficial to those who want to start offshore businesses. Most companies can be exempt from taxes in Jersey and it supports some of the major currencies in the world.
Jersey is a considered a tax haven for good reason. Trust accounts need not be registered and there is a high measure of privacy surrounding the 180 offshore companies situated in Jersey. A bank account is needed to open an offshore company and it goes through some strenuous documentation to ensure that fraud does not take place. All this happens whilst the company still retains its autonomy.
The income tax rate is 20% and applies to individuals with a high net worth who live in Jersey. Prospective residents must pay at least 125,000 GBP annually and must meet the minimum income requirements of 625,000 GBP. Income that surpasses has to pay 1% tax.
The island eliminated all tax structures with the exemption of financial firms (10%), as well as utilities, rentals, and development projects (20%). There are no taxes on capital gains or capital transfers, but there is tax payable on goods and services (5%). A stamp duty must also be paid off a maximum of 5% when transferrals of mobile property within the borders occur.
For more information about company formation in Jersey, contact us today and a friendly formation agent will tend to your queries.