Changes aim to strengthen Jersey's finance sector

A government plan aims to make it easier for businesses to operate in Jersey and to promote themselves internationally.

In March, the Time to Win report was launched to strengthen Jersey's long-term competitiveness as an international finance centre.

Changes implemented on Wednesday have reduced paperwork and administrative requirements for Jersey companies planning to raise money or market outside the island.

The government said it meant firms issuing investment documents overseas would no longer need to go through approval processes previously required - "saving time, reducing duplication and making it easier for them to operate internationally".

The government is also proposing legislative amendments to remove parts of the Control of Borrowing framework which it said was introduced almost 80 years ago.

If approved by the States Assembly, the government said changes would make it easier for businesses and investors to "establish and operate companies and investment structures" in the island whilst guaranteeing "appropriate regulation and oversight".

It added amendments would also provide a "clearer legal basis for existing arrangements" covering Jersey Private Funds and some digital asset businesses without changing how they operate.

Senator Ian Gorst, Minister for External Relations with responsibility for financial services, said the framework was "created for a different time and a different economy".

He said: "These proposals would replace its remaining requirements with a simpler, more modern framework, removing duplication while maintaining appropriate oversight where it is needed.

"Alongside the prospectus changes already approved, this is part of our work to make it easier for businesses to operate in Jersey and internationally and to strengthen Jersey's position as a leading international finance centre."

CEO of Jersey Finance Joe Moynihan said the changes were "another important step forward".

He said: "Jersey has a long track record of evolving its financial services proposition to meet the changing needs of international businesses, investors and advisers, while maintaining the high standards for which the island is known.

"Removing outdated and duplicative requirements will help create a simpler and more consistent experience for those doing business in Jersey, while ensuring appropriate oversight remains in place."

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