Jersey
Financing a Business in Jersey
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Financing a Business in Jersey
There are a number of incentives offered for small to medium sized UK businesses looking to invest in Jersey.
Government Incentives
Small Firms Loan Guarantee Scheme
Approved banks offer small firms guarantees on loans of between £5,000 and £250,000 to a maximum of 75% of the total amount borrowed. The repayment periods are between 2 and 10 years. For further information visit www.enterprise.jersey.com
Tax Incentives
The main incentive for a UK business looking to expand or open a company in Jersey is the low taxation. With taxes far lower in Jersey than the UK mainland, the financial advantages include:
- Between 0% and 20% personal income tax
- Between 0% and 30% corporate (depending on the nature of your business)
- No import tariffs
- No exchange tariffs
Private Financing
A good starting point for investigating private finance options on the island is the Jersey Enterprise website www.enterprise.jersey.com
The website offers free advice and has links with institutions including RBS, Lloyds, HSBC and Barclays. There are several banks on the island, which provide services such as loans and credit. It is advisable to consult an accountant before making any formal approaches to a bank and to make sure that you have an extensive business plan in place.
Click here to Ask an Expert about Financing a Business in Jersey