The Island of Jersey (or officially named the Bailiwick of Jersey) is located in the English Channel near the French cost of Normandy. However, Jersey is still under the English Crown dependency and therefore has a very business oriented legislation because based on the English model. The laws there are much more flexible and modern than in the European Union which is a strong asset and motivates many foreign investors to move their business into this jurisdiction. Finally, this offshore place (well known by people involved in the offshore business) is considered as being part of the European Union but all Europeans laws are not applicable there due to its special status. For instance, most of the financial ordinances are usually not put in place.
The benefits of this offshore place are multiples but the main one is the non-taxation of your offshore profit ie resulting from your business done outside of the territory of Jersey. Only a fixed taxation will have to be paid to the local authorities. However, Jersey as an associated member of the European Union has signed a transparency agreement together with the Union which means that your offshore bank accounts and your offshore company will be disclosed to the administration of your country of residence if you are a European resident.
At FCBA Offshore Ltd, we do recommend to open an offshore bank account or to incorporate an offshore company in Jersey only to non-European residents for confidentiality reasons. Also, people having in Jersey an offshore bank account or an offshore company and willing to keep it unknown are welcome to contact us. We will advice you where to relocate it in a more confidential offshore jurisdiction.
Finally, be aware that the initial deposit of your offshore bank account required by local banks can be quite high and therefore you must have it at your disposal before starting any business in there.