The most important change for most entities is the introduction of the concept of ‘Significant Persons.’ In addition to the need to identify and report on these persons to the Jersey Financial Services Commission (JFSC), information in relation to Significant Persons will also be made available to the public for the first time.
For Jersey companies, these will be the directors. The following information relating to Significant Persons will then be included on a publicly available JFSC register:
- their name,
- month and year of the person’s date of birth,
- address for correspondence,
- nationality,
- and occupation.
Existing Jersey entities will also need to disclose details of beneficial ownership, as Bedell Cristin Partner Nancy Chien explained: “This aspect of the Law is not new to companies, as they are already required to provide beneficial ownership information to the JFSC. However, the new Law provides a revised statutory framework as to how such information is to be provided and the requirements will apply equally to new entities which are incorporated after 6 January 2021. Beneficial ownership information will not be publicly available.”
Pictured: Bedell Cristin Partner, Nancy Chien.
She also noted that the requirement to disclose beneficial ownership to the JFSC in respect of foundations was a new measure.
In addition, the new law requires that each entity nominate a person to provide the information to and liaise with the JFSC. This may vary, but can include a trust company, ‘Significant Person’ who is resident in Jersey, or a lawyer or accountant.
Each entity will need to provide an annual confirmation statement verifying that the beneficial ownership and significant persons remain the same, and updating if necessary. This will replace companies’ annual return and will be subject to a fee.
Deadlines to meet these new requirements fall in April.
Ms Chien added: “In light of the imminent deadlines we suggest that businesses start reviewing their structures now and consider the impact of these changes. This is particularly the case in respect of the Significant Persons information which will be in the public domain for the first time.”