A guide to Jersey Economic Substance Requirements (2021 updates)
An ultimate guide to Jersey's economic substance not only for business owners in Jersey but also for those who are thinking about incorporating one.
Jersey is neither part of the UK nor British oversea territory, but rather a self-governing dependency of the Crown. International financial services play a major part in contributing to Jersey total GDP.
Jersey Financial Services Commission (JFSC) is the main regulatory body responsible for regulating and supervising the development of its financial service industry including the banking sector.
The jurisdiction has adopted Basel II standard for its banking system since 2008. Very strict bank licensing conditions including top 1,000 worldwide banks in terms of Tier 1 capital size express a conservative attitude toward screening banks qualified for operation in Jersey. As of June 2019, Jersey banking sector is comprised of 25 licensed banks. Most of them are branches and subsidiaries of a half of the top 25 banks in the world such as Citibank, BNP Paribas, Deutsche Bank, HSBC…
A Jersey company need not to open an offshore bank account in Jersey. It can apply for a bank account in any jurisdiction.
Wonder which can be the best bank for your Jersey company? Let's find out with our Banking Tool.
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**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
Different banks might require a distinct set of documents to open your Jersey company bank account. The basic documents requested by most banks are listed below:
You had better contact BBCIncorp to know the exact documents needed for your case.