10 steps to incorporating in Jersey in 2021
Setting up a company in Jersey is a straightforward process and can be completed within 2 weeks. Without our Client travelling to the Channel Islands Healy Consultants’ preferred local trust company will complete all procedures on their behalf. An overview of starting up a company in Jersey include:
- Consultation: Prior to incorporating a Jersey company, our Client i) settles Healy Consultants Group PLC’ engagement fee ii) signs our engagement letter iii) provides us due diligence documentation and details of the new company’s intended activities;
- Engagement planning: Thereafter, we draft a detailed company setup plan which will map out by week every step towards project completion. This will help optimize transparency and settle our Client’s expectations;
- Name reservation: Next, we agree on the optimum corporate structure and the name for the new firm. Our company incorporation team will perform a name search online and if available, we will complete and file Form R1 to reserve it for our Client’s business. On approval, the name reservation is valid for 6 months.
- Compliance forms: To proceed with the company incorporation process, Healy Consultants’ preferred Jersey trust company will obtain consent from the Jersey Financial Services Commission (“JFSC”) under the Control of Borrowing (Jersey) Order, 1958 which will require our Clients to submit Form C2B and supporting documents, including:
- Full names, residential addresses and occupations of the beneficial owners of the company and
- Confirmation that the beneficial owners have never been bankrupt or associated with a bankrupt company.
- Document preparation: Our experts will then prepare the memorandum and articles of association for the new firm. Although standard forms of these documents are available, Healy Consultants Group can prepare them to suit our Client’s specific requirements. Our team will also prepare and complete Statement of Particulars on Incorporation, Form C3, which will indicate the intended company address in Jersey, whether the company will be public or private and whether the standard table of articles has been adopted. Please note, in the case of public companies, information relating to particulars of the first directors of the company and the period to which the first accounts of the company relate will also be disclosed on the statement;
- Company incorporation: Our preferred Jersey trust company will then prepare and submit the application for company incorporation to the Jersey Companies Registry. For this step, a minimum of two persons as subscribers to the Memorandum and Articles of Association will be required in the case of a public company and one person in the case of a private company. If our Client wishes to issue shares for his new company or admit guarantor members, Healy Consultants will prepare an application to be submitted to the JFSC along with the company’s incorporation documents;
- Incorporation approval: A certificate of incorporation will then be issued. In case our Client decides to change the company name in the future, a new certificate of name change will be issued to be presented in conjunction with the original certificate of incorporation. The company incorporation process will be normally completed within two working days of an application being made to the Registrar of Companies. However, upon additional payment of £200 to the Jersey Financial Services Commission (JFSC), the Registrar will complete the process on the same day.
- Bank account opening: Following incorporation, our banking team will assist our Client open a local or international corporate bank account for their Jersey company. Banks located in Jersey include HSBC, Citibank, RBS and Barclays. Upon bank account approval, our Client will deposit the designated share capital applicable to their company’s corporate structure;
- Licensing: If our Client intends to carry out licensed business activities in Jersey, our team will complete and submit Form CHWL 01 to apply for the relevant business license under the Control of Housing and Work Law of 2012;
- Engagement completion: Healy Consultants couriers the company kit folder to our Client’s international address, containing the original corporate documents, unopened bank correspondence and a Client feedback survey.
Documents required to complete company incorporation
- Notarized passport copy and address proof for all proposed directors, shareholders and beneficial owners;
- Declaration of solvency and non-bankruptcy for all shareholders;
- Power of Attorney granting powers to preferred Jersey trust company to register the company on behalf of our Client.
Frequently asked questions
Is a company secretary required for Jersey business incorporation?Yes. A company secretary will be required when our Clients incorporate a Jersey company. Healy Consultants’ designated Jersey trust company will act as our Client’s company secretary.
What are the minimum capital requirements when incorporating a company in Jersey?There is no minimum share capital required for private companies in Jersey. Many of our Clients proceed with only £1 of capital.
Are there any business restrictions for foreigners when incorporating in Jersey?No. Foreigners incorporating in Jersey face no restrictions as to the type of business activity they can perform.