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Foreign Incorporated Companies

 

Reporting of Foreign Companies


Please click on the following link if you want to upload a FIC Excel Spreadsheet
Excel Spreadsheet upload

It should be noted that all foreign companies that are managed and controlled in Jersey must be made known to the Income Tax Office.

In the case of foreign incorporated companies that:-

    • have/will have any Jersey resident shareholders at any time during the year of assessment that will hold more than 2% of the ordinary share capital of the company
    • are in receipt of any rental income derived from land or property in the Island
    • are involved in the development of land or property in the island
    • are a financial services company with a permanent establishment in the Island subject to tax at the 10% tax rate
    • are a utility company subject to tax at the 20% tax rate

These must be notified to this Office on a case by case basis as soon as they become resident in order that a file can be opened and annual tax returns can be issued.

There will still, however, be many foreign incorporated companies, managed and controlled in Jersey, that do not fulfill any of the above criteria. For these companies the Income Tax Office is prepared to accept a global ‘return’ submitted by the Agent/Service Provider.

This global return can be made from year of assessment 2008. Please click on the link below to download a spreadsheet on which the return can be made, and save the sheet on your system so that it will be available for uploading.

Excel Spreadsheet download

Once completed, you can upload the spreadsheet via the Upload menu option to the left of this page.

In 2008 the return was required only to include foreign companies first managed and controlled in Jersey on or after 3 June, 2008, and those that have not been granted exemption under published concession 60, or been granted tax exempt status for 2008.

From 2009 the global return must include all foreign companies except those:-

  1. that cannot be included as they fall into one of the above bulleted categories, and/or,
  2. that have a Jersey tax reference and submit an individual return

Please ensure the annual return is made no later than close of business on the last Friday of July in the following year.

Finally, please note there will be instances where the foreign company is owned by non-residents through a Jersey nominee. It is acceptable to ‘look through’ the Jersey nominee to determine the residence of the shareholders and to include such companies on the global return if all other criteria are fulfilled.

Statement of the Comptroller's practice in the matter of foreign incorporated investment companies (published December 2010)

As outlined above, following the revocation of Concession 60 in 2008, foreign incorporated companies that are managed and controlled in Jersey are now required to make a return to the Taxes Office.

For the avoidance of doubt, where a company should have made an application under Concession 60 in 2008 or any earlier year, but did not do so, no penalty will be imposed provided full details of these companies are included on the 2010 global return of foreign companies to be made no later than 29 July, 2011.

 
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