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Q:

Can a Jersey company set up a business bank account on island easily?

set up on jersey finance #bank account
Rachel Amos

Rachel Amos
Senate
23 Oct 2021

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A: SenseCheck

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  • 23 Oct 2021

  • Yes

    Simple

    The short answer is yes. However, the Jersey registered entity does need to satisfy the 'Economic Substance' requirements before any of the banks will consider opening an account. https://www.gov.je/TaxesMoney/IncomeTax/Companies/Guidelines/pages/economicsubstanceforcompanies.aspx

    Thereafter, the process is similar to opening an account in the UK. The time it takes will differ from institution, to institution, but typically takes about 15 days on average.

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