Economy of Jersey

The economy of Jersey is largely dependent on International Financial Services. This country’s economy is also dependent on legal services. Both these services contribute about 40.5% of Gross Value Added or GVA of Jersey, as calculated in the year 2010.

Jersey has the currency as Pounds. Jersey is having a GDP of US $ 5.1 billion, as on the year 2005. Per capita GDP in Jersey is US $ 57,000, as in 2005. Per capita income in Jersey reached as the highest in the world, in the year 2008.

This island’s national economy showed a decline of 1% in Gross Value Added or GVA, in the year 2011. It declined to US $ 3.6 billion then.

The Financial organisations and their services based in Jersey, provide their services to all the customers, in all over the world. This sector employed 12,070 people with full time employment, in the year 2008. The Royal Bank of Canada alone employed about 900 employees, as in the year 2009.

Jersey is one of the top most financial centres that functions off shore and world-wide. Jersey is also known as tax haven. Customers from outside this island, make their deposits in the financial organisations in Jersey, because of its reduced tax burdens.

The main industries in Jersey are Financial and Legal Services, Construction Industry, Retail and Whole sale industry, Manufacturing industry, Agriculture industry, Transport industry and the industry of communications.

Jersey has also witnessed a boom in its industry of Tourism, in the years after the second World War. But this industry is on the way of getting demolished, just after the year 1980. Many large hotels in Jersey had also been demolished, because of the collapsing tourism industry, in the island.

Now this industry is seeing a revival since the year 2010. Most of the tourism, including tourist attractions are managed by private companies.

The economy of Jersey is gradually coming up.

Why form an offshore company in Jersey?

Jersey has a unique status as it has negotiated a special association with EEC ensuring that domestic taxes are not applicable. The main tax that residents have to pay is income tax, which is set at a flat rate of 20%. Jersey offers an attractive offshore company regime. The island changed to a 0/10 system, which means that is has a 0% corporation tax rates, except for finance companies which pay 10%.

Form an Offshore Company in Jersey

Benefits of Forming an Offshore Company in Jersey

  1. 20% of income tax on utility companies, rental income and profits on property development
  2. 0% or 10% tax rate on residential companies
  3. Incorporate company within 24 hours
  4. Full confidentiality and anonymity maintained for foreign investors
  5. No local member required
  6. Records cannot be publicly accessed
  7. Change in domicile is permitted