Frequently asked questions

In which jurisdictions are companies incorporated?

We incorporate companies in those jurisdictions with which we are most familiar, namely Jersey, Guernsey, Gibraltar and the British Virgin Islands.

We acknowledge, however, that in some situations, it may be more appropriate to have a company incorporated in another jurisdiction. In such circumstances, we are able to arrange the formation of the company in the other jurisdiction and to have the administration, with the exception of any secretarial requirements, provided from Jersey.

Why do I need resident directors?

To provide the quality of service you would expect from a regulated service provider of some 30 years plus standing, it is vitally important that we are given a full understanding of the company's business. The appointed directors will act in the best interests of the company when exercising their judgement.

Normally, and where it is deemed appropriate, we will appoint one or more directors to act as directors of the offshore company. The responsibilities of directors of the offshore company are not only specified in the company's Articles of Association, but also in the Law applying at that time for the jurisdiction chosen.

Why do I need a company secretary?

In order to ensure that all the company's annual statutory requirements are met in a timely and efficient manner, a Europlan group company will be appointed as the company secretary. In some instances, it may be preferable to have an individual appointed as the company secretary. If this is the case, a senior member of our staff with relevant experience and qualifications will be appointed.

Companies registered in Jersey or Guernsey are required to submit an annual return to the company's Registrar at the start of each year stating the names and addresses of the company's shareholders and the capital structure of the company as at 1 January.

The secretary is obliged under law to maintain a register of members at the company's registered office.

Do I require nominee shareholders?

No. However, nominee shareholders are often appointed in order to provide an additional level of anonymity to a client's structure. Where such an arrangement is put in place, the nominee shareholder, a company from within the Europlan group, will issue a declaration of trust in favour of the beneficial owner. This provides confirmation that the shares of the underlying vehicle are held for, and on behalf of, the beneficial owner and that the beneficial owner's instructions will be followed in respect of that shareholding.

Why do I require a registered office?

In Jersey, all companies are required to maintain a register of members at the company‘s registered office. For Jersey companies, the registered office of the Europlan group will be used as the registered office of the offshore company. Any statutory notices will be delivered to our offices and will be dealt with by us on behalf of the company.

Is accounting required?

Yes. In all cases, we insist on accounting records for the company being maintained and financial statements prepared on a regular basis for consideration and approval by the company's board of directors. Periodic management accounts may also be prepared wherever required.

Who will deal with the company's taxation affairs?

No company within or member of staff employed by the Europlan group is qualified to give tax advice. However, where the completion and submission of a company's income tax return is required, it may be possible, depending on the complexity of the company's affairs, for us to complete the return on the company's behalf. Where we believe that the company's best interests are served by having the income tax computations prepared and submitted by a firm of taxation specialists, we will be happy to recommend to you a firm which best suits your circumstances and requirements.

What types of companies are there?

Exempt companies

Any company, which is beneficially owned by a non resident of Jersey, may apply for the company to be allocated exempt status. By electing for such a status to be applied, the company will be treated as though it were a non resident of the island, despite the fact that it is managed and controlled from within the island. Such a company is liable to Jersey tax on its income derived from within the island with the exception of bank deposit interest, for which a statutory concession has been provided by the Comptroller of Income Tax.

Unless a company conducts any part of its trade through the island, an exempt company will not be liable to Jersey income tax.

For companies to enjoy exempt company status, an annual election must be made and accompanied by a fixed £600 filing fee. The local registrar must be advised of beneficial ownership details and, whenever a variation is made, similarly be informed. This information is not made available for public inspection.

Foreign companies

Companies which have been incorporated in a jurisdiction other than Jersey, but are managed and controlled in the island and are beneficially owned by a non resident of Jersey, may elect to have the company treated as an exempt company. The filing requirements for companies set up in this manner are similar to those for exempt companies.

It should be noted, however, that where these companies are not managed and controlled from within the island, and hold meetings of the Board of Directors outside the island, it is possible to have the companies administered from within the island without incurring a local tax liability.

International business companies

International business companies (“IBC's”) are resident companies, which typically end up paying tax of 2% or less on their international business profits. IBC's are available to those companies which have been incorporated in Jersey, and to those foreign incorporated companies managed and controlled in Jersey.

For more information, please contact

Jane Dee Director in charge of Client Administration
Phone + 44 (0)1534 505800
Fax + 44 (0)1534 505805
Email jane@europlantrust.com

Debbie du Feu Director of Client Administration
Phone + 44 (0)1534 505800
Fax + 44 (0)1534 505805
Email debbie@europlantrust.com

This information is meant to be used as a guide only. We strongly recommend that professional advice be sought before giving instruction for the establishment of any structure, as individual circumstances may significantly affect the suitability of the proposed structure.