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Bringing Your Business To Jersey

Bringing Your Business To Jersey

06.04.20

When relocating to Jersey, if you decide to bring your business with you, it’s a little bit more than just moving yourself and your family across, there are specific considerations to be aware of for your business.

The considerations can be split into two categories;

- The jurisdiction you’re moving the business from; and

- The jurisdiction you’re moving the business to.

Let’s start with where you’re moving the business from.

Firstly, when moving a business out of a country, exit charges can apply and it’s vital to understand how these are triggered and the financial impact of the charges.

Before you decide to leave, you can start the process of tax structuring to reduce the financial impact of these charges. However, it’s also important to consider whether it’s still beneficial to keep your current business in your current location and set up a new business in your new location.

Depending on the control and management of the business, your customer base, among other considerations, it might be beneficial to keep your current business in your current location and avoid exit charges all together.

You may decide not to move the entity, and keep it in the location you were in and set up a new one in Jersey. But it’s important to be mindful of global taxation and anti-avoidance legislation such as BEPS, transfer pricing, economic substance tests and so on.

Now let’s move onto you’re the jurisdiction you’re moving to.

This is very much like a blank canvas. We need to start by considering the most appropriate group structure for your business in the new jurisdiction and the type of activities your business will be undertaking.

Then it’s important to ascertain the tax implications of having your business in Jersey, any additional taxes or contributions you’ll be required to make and of course, the process of setting up a new company.

There’s a long list of questions to ask to ascertain the best corporate structure, along with considerations on the regulatory status of business, if the business will have local employees or overseas employees, how the business will be paying you and so on.

The ultimate goal is to ensure that the corporate structure aligns with overall family asset protection strategy and ensuring it is effectively retained offshore.

For more information on how Mekad can support you with bringing your business to Jersey, contact the team on +44 (0) 1534 729870 or email to info@mekad.com.

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