Company formation in the Channel Islands will also mean that investors will need to open a bank account in Jersey or Guernsey, as these are the two major islands.
Company formation in the largest of the Islands is attractive for most of those interested in offshore company formation in this location.
Investors who open a bank account in Jersey in 2023 will need to follow a number of straightforward rules.
Bank account opening will be just one of the steps needed to open a company in Jersey. Our team of company formation experts is ready to assist non-residents who wish to incorporate a Jersey company and answer any other questions about the advantages of incorporating a company in this jurisdiction. If you have questions about the incorporation process, or the advantages, reach out to us at any time.
Our team of agents specializing in company formation in Jersey presents the main requirements below.
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Steps needed to open a bank account in Jersey in 2023
Clients who wish to open a corporate bank account with one of the available bank branches in Jersey will need to comply with the following:
- Provide information: it is common for banks to ask for information about their clients; this is a standard due diligence process;
- Provide documents: these include copies of the director’s and shareholder’s identification documents and proof of address as well as their tax identification number, along with documents for the company that will hold the account; this is also needed for opening an offshore bank account in Jersey;
- Fill in the application: the standard application form is provided by the bank and will include information about the company and account parties;
- Others: applicants will also be asked to provide a separate statement with the signatures of all the parties to the account.
Financial services providers in Jersey
A shortlist of banks in the Islands includes the following:
- Lloyds Bank;
- Barclays Bank;
- BNP Paribas;
- HSBC and others.
Investors interested in opening an offshore bank account in Jersey in 2023 can choose from this list or other available financial services providers.
According to the Government, the total bank deposits in Jersey had a value of £131.6 billion at the end of 2020. Other data indicates that:
- Number of banks: in 2020 there were 24 banks, while in 2010 there were 25 and in 2018 there were 26;
- Companies: the total number of registered companies in 2020 was 33,626, compared to 32,493 in 2019;
- Funds: the total value of collective investment funds that were administered from Jersey had a value of £ 378.1 billion;
- Investment business: the total value of funds under investment management was £29.5 billion at the end of 2020.
When you choose the financial institution with which you will open a bank account in Jersey you can take into account issues such as international presence, account maintenance fees, online banking options, ATM fees, and others.
Any complaints about banking on this Island are lodged with the Channel Islands Financial Ombudsman (CIFO).
Company formation in Jersey
Handling banking matters is one step in the company formation process in Jersey.
Before you open a bank account in Jersey, our team can assist you with:
- selecting the business form;
- drawing up the registration documents;
- submitting the application with the Jersey Registry.
If you would like to know more about how to open a bank account in Jersey, you can contact our experts.
According to data, by the end of the fourth quarter of 2022, there were 35,028 live companies included in the Jersey Register. The number of registered funds under administration, as well as the total value of banking deposits held in Jersey, increased during the final quarter of 2022. The total funds under investment management amounted to more than £30 bn.
As far as banking licenses were concerned, at the end of 2022 (the end of Q4), there were 20 such licenses. Investors who require assistance in dealing with registered financial institutions, or those who need more information on the entities that are accredited to provide these services (under a banking license), can ask us more questions.
Our team of company formation agents in Jersey is able to assist investors throughout the company formation stages, including for the purpose of opening a bank account.
For a complete guide on how to set up a Jersey company in 2023, do not hesitate to reach out to us. Our team will be able to walk you through the relevant steps, starting with making an informed decision on the most suitable business form for your desired type of economic activity in Jersey. We can not only help you set up a company, but also a sole trader or a partnership.
If you would like to incorporate in Guernsey, our team can also help you with banking and bank account opening matters in the second Bailiwick that makes up the Channel Islands. Company incorporation in Guernsey is open to foreign investors and the conditions for doing business are as favourable as in Jersey, with companies incorporated here being used for various trading and asset management purposes.
Entrepreneurs who have questions about the advantages of a Jersey trust for asset protection and estate and succession planning can reach out to our team for detailed information. The trust is a vehicle that can be used for real estate, commercial or individual purposes. It can be used to ensure the continuity of a family business or for tax planning purposes. Our team can give you more details.
Contact us for more details on how we are able to assist you.