Jersey- it is one of the islands in the Chanel Islands group. It is located in the English Channel and is known since Viking times, when it became part of the United Kingdom. Later people got the right to self-determination and having local government. The head of state is the Queen of the United Kingdom through a representative- island governor. Economic development is based on a variety of financial services, agriculture and tourism, as well as e-commerce. The island is not a member of the European Union in general, but it is part of the free trade area.
The most common business entities
One of the handiest business registration forms in Jersey is a so-called private company limited by shares (PCLbS).
Legislative system can be called mixed. It is influenced by Channel legislative system, general British legal system and the modern French civil law. Main documentation language is English.
There are no special restrictions for the minimum of authorized capital, but there is a standard specified capital. These are ten thousand pounds or the equivalent in another world currency. Equity can be a one-pound nominal value.
The main requirements for directors and shareholders
PCLbS is required to have one director, but there is an age restriction, he or she must be at least18 years old. There are no restrictions on residency and legal form; however, there is a requirement for compliance with the law of the Jersey Financial Services. Directors meetings may take place in any place, anywhere, including outside of Jersey, using modern means of communication, and by mail. Any company in Jersey must have at least one shareholder. Other requirements are not defined.
Disclosure of the company's beneficial to government bodies
Information about the beneficial is disclosed upon the registration of the company and a beneficiary will have to confirm that in the past he has not been in bankruptcy cases, and he has not managed companies that have declared bankruptcy.
There is no capital gains tax, income tax is paid in accordance with the profit tax, and it, in turn, must be paid by all the resident companies from worldwide income and non- resident for income received in Jersey.
All registered businesses in Jersey need accounting records, while private companies are exempted from submitting them. Public company records must be freely accessible. Private companies have some indulgence- they do not have to be audited but must submit a tax return within the prescribed period.