Jersey: Offshore Business Sectors
The UK's three inshore IOFCs, Jersey, Guernsey and the Isle of Man have each developed some specialisations; Jersey stands out as a banking and finance centre, with a large offshore fund industry. It has relatively few 'captive' insurance companies compared with Guernsey. Jersey has a very well-developed trust sector with particularly strong support from law firms, trust managers and advisory practises. As a rather broad generalisation, the business environment in Jersey has shown a marked tendency to become more international over the last few years, partly because of the usefulness of the island to multinationals setting up in the EU, and partly because of increasingly tough anti-avoidance rules that have made it difficult for UK citizens to make productive use of trusts.
The attacks on 'offshore' by the EU and the OECD don't seem to have slowed the growth of Jersey's finance businesses, or the number of new company formations.
Company formations were just about the same in 2012, compared to 2011. The total number of live companies on the register at the end of 2012 was 32,503, five fewer than at the end of 2011.
Jersey was named the best international finance centre at the International Investment Fund and Product Awards 2010 and 2011. In winning the prestigious award, Jersey beat off competition from other international finance centres including Dublin, Gibraltar, Guernsey, the Isle of Man and Luxembourg, which were all short listed. In 2008, Jersey was recommended as one of the top three global financial centres by leading advisers and wealth managers in research conducted by Citywealth. Jersey was awarded 'Best in Class' for Fund Servicing in 2013.
Jersey remains the highest rated offshore international finance centre according to competitive rankings published by the City of London, and was the only offshore jurisdiction in the top twenty in the last report, released in March 2010. Jersey was placed 18th in the Global Financial Centres Index (GFCI) overall.