On 23 October 2018, Jersey’s Minister for External Relations presented draft legislation that would introduce increased substance requirements on certain Jersey resident companies.
If approved, the measures would apply as from 1 January 2019 and affect Jersey resident companies with accounting periods commencing on or after that date that undertake “relevant activities.” Nine relevant activities would fall within the scope of the proposed rules. These are: banking, financing and leasing, intellectual property holding, fund management, shipping, headquarter activities, insurance and holding company activities and distribution and service centre business.
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