JERSEY SEES 10% RISE IN NEW COMPANY INCORPORATIONS IN 2014
Jersey experienced a 10% increase in new company incorporations in 2014 over the previous year, according to a report released today by Appleby, one of the world’s largest providers of offshore legal, fiduciary and administrative services.
Last year also saw the total number of active companies on Jersey’s registry rise slightly to 32,717, reversing a trend of gradual decline for the first time since 2007. These are among the findings of Appleby’s latest On the Register report, which provides insight and data on company incorporations in offshore financial centres and focuses on the full year 2014.
“Jersey is now regularly seeing more than 700 new incorporations a quarter for the first time since the global recession,” said Farah Ballands, Partner and Global Head of Fiduciary & Administration Services at Appleby. “This has helped push the annual incorporations total up to 2,771 for 2014—the best result for Jersey since 2007.”
In addition to Jersey, the registries of fellow Crown Dependencies, Guernsey and the Isle of Man, have remained stable. Each of the jurisdictions was an early adopter of the OECD Common Reporting Standard for automatic exchange of information amongst member states and territories. As a result, the Crown Dependencies are at the forefront of automatic information exchange and tax transparency, the report states.
When looking at all the offshore jurisdictions examined in On the Register, there were 93,159 new offshore company incorporations in 2014, slightly behind the previous year’s number. The level of new company incorporations rose or remained level in all but two jurisdictions.
“There are 672,500 companies now registered across the offshore jurisdictions in which we operate, some 45,000 more than there were five years ago in the immediate aftermath of the global recession,” Ms. Ballands said. “Most offshore jurisdictions have had a good year, reporting increases to the total number of active companies on their registers of between 1% and 4%.”
