Jersey businesses will face fewer administrative requirements when raising money and marketing themselves overseas under new changes.
The reforms form part of the government’s Time To Win plan to strengthen Jersey’s long-term competitiveness as an international finance centre.
Changes to the island’s prospectus requirements mean Jersey companies issuing investment documents overseas will no longer have to go through approval processes that were previously required.
The government says the changes will reduce paperwork and duplication, saving businesses time and making it easier for them to operate internationally.
Further changes to Jersey’s Control of Borrowing framework, known as COBO, have also been proposed.
The framework, which dates back almost 80 years, would be partly removed if the proposals are approved by the States Assembly.
The government says the changes make it easier for businesses and investors to establish and operate companies and investment structures in Jersey, while retaining appropriate regulation and oversight. They would also provide a clearer legal basis for existing arrangements covering Jersey Private Funds and certain digital asset businesses, without changing how those regimes currently operate.
The measures follow commitments made in the Government’s Time To Win report, published in March, which set out plans to improve Jersey’s competitiveness and position as an international finance centre.
External Relations Minister Ian Gorst, who holds political responsibility for financial services, said the COBO framework had been created “for a different time and a different economy”.
“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,” he said.
Joe Moynihan, chief executive of Jersey Finance, added: “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.
“These reforms are another important step forward. Removing outdated and duplicative requirements will help create a simpler and more consistent experience for those doing business in Jersey, while ensuring appropriate oversight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.
“The proposals would also provide a modern and flexible foundation for key areas of our proposition, including Jersey Private Funds and digital assets. This will help Jersey remain responsive to the needs of international markets and provide an efficient environment in which to do business.”
