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• 14 Nov 2021

• Yes

  Complex

  Further update - you can but it's too expensive for most - there are costs in Jersey that you don't incur if you are raising less than EURO 8m in the UK (when you don't need a prospectus in the UK).

  The impact on your crowdfunding timeline is also severe - once you have filed your prospectus with the JFSC you just have to wait. They can (and most likely will) take a full 5 business days to give you any comments. The clock then stops. You then have to take on board their comments, reply and hope. Finally you will get issued with a "CGPO consent" under Article 5 (of Part 3) of the Companies (General Provisions) (Jersey) Order 2002. At all stages you will need external counsel and (preferably) internal counsel too which will keep down the costs of interacting with external counsel and who can help drive the responses, or this can take days (that you don't have). No clear timeline can be established, so err on the side of caution.

  Also, once a Jersey private company issues a prospectus it is subject to the public company rules, including appointing an auditor. You will also need a Jersey Trust company as your administrator who can issue shares to the nominee - you can't just do it yourself.

  So all in all, expensive and impact on your timeline unknown. Much safer to raise in a UK company that is not subject to any of this.

  

  Rachel Amos
  Senate

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• 02 Nov 2021

• Other

  Complex

  Other ...:

  I am revising my answer on this - actually it's too expensive. Prospectus is out of reach of most start ups. Probably 8k in legal fees.

  

  Rachel Amos
  Senate

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• 18 Oct 2021

• Yes

  Complex

  Yes you can. 

  You can list on a UK crowdfunding platform so long as:

  1. You have a COBO consent that is current and covers what you are doing, in particular if your Company is administered by a regulated TCB (ie a trust company with a TCB licences which is a category in Jersey under the Financial Services law - more info here at the JFSC) and you have enough headroom in your share capital.
  2. You issue a prospectus per the COMPANIES (GENERAL PROVISIONS) (JERSEY) ORDER 2002 (if there are more than 150 subscribers)
  3. The proceeds of the fund raise are not considered to be caught under the CIF regime (unlikely if for liquidity or WC).

  

  Rachel Amos
  Senate

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