Jersey, Guernsey, Isle of Man 2023

[SimpleGuy]

Hello everyone,

2 years ago I tried to open a company in Jersey, but it's a terrible headache with all their "economic substances" and I finally fell back on the UAE, where I currently have an employee on the spot.

However, the UAE does not suit me, it's sharia, it's far from Europe, you can't open an account in euros with a European IBAN. I would prefer to be in Jersey, Guernsey or the Isle of Man. What about now? Does anyone have a solution to open a business there?

Which jurisdiction is the easiest to open a business there ?

I specify that I do e-commerce.

Best,

 

[Jbb1]

You can get an EUR account with GB IBAN for your UAE company in Currenxie

 

[EliasIT]

You can get an EUR account with GB IBAN for your UAE company in Currenxie

Was just to say the same. UAE / Dubai is a great place for your business if you prefer privacy (what is left on earth) and security.

 

[Barney2201]

From what I have found (first hand) they are all a bit of a nightmare. I currently live on Sark, but spent 3 years on Guernsey (moving from UK with UK business). You can incorporate a company relatively easily in Guernsey for around £700 - £1K (you have to use a fiduciary service), many will try and charge £3K+, if you need a contact just shout. Company formation is around 2 weeks but.... You then need to go on the 'journey' of getting a Guernsey bank account. We have opened a couple of companies in Guernsey and every time the bank account has been a nightmare, HSBC is probably the easiest but it can still take 6 months. They are just not really interested. When we opened a second business which was retail in Guernsey (during the Pandemic) we used Wise as it was far easier. After running the business for nearly a year Barclay's who we approached when we started the business finally came back and said yes.... You also need proper substance in Guernsey, you can use a NED but they are expensive and only really suited to certain businesses (mainly financial and property). Guernsey, Jersey & IOM are now getting pretty strict on substance rather than just a brass plaque. Are you thinking of living in one of these destinations? Feel free to PM if you want to discuss....

 

[sergeylim88]

a little offtopic but can you write a little more how you found employee in uae, and how much are you paying him (it is probably office assistant?)
is your uae company in dubai??

 

[Fred]

The Banks in IoM, Jersey and Guernsey are protective and rather Private Banks then Transactional Retail Banks like what you are looking for. It's almost the same like approaching Private Banks in Geneva for an active Trading Business.

Company Formation rather easy and straightforward like in almost all places in the Offshore World - we see couple of clients shifting there Curacao E-Gaming License over to IoM right now but ending up banking on EMI's.

 

[SimpleGuy]

Hello everyone and thank you a lot for your answers,

You can get an EUR account with GB IBAN for your UAE company in Currenxie

Yes I know I can have an account with Currenxie, I currently have one with Multipass which provides an IBAN in euros, however the main problem is that you cannot get a debit card in euros. The main problem is the bank card in euros, I would ideally like to find something like Revolut (which by the way is really the top with 1.5% cashback), or at least a card with which to spend in euros without the cashback, to at least avoid a double conversion of fees (EUR -> AED then AED -> EUR).

Was just to say the same. UAE / Dubai is a great place for your business if you prefer privacy (what is left on earth) and security.

Yes of course.

From what I have found (first hand) they are all a bit of a nightmare. I currently live on Sark, but spent 3 years on Guernsey (moving from UK with UK business). You can incorporate a company relatively easily in Guernsey for around £700 - £1K (you have to use a fiduciary service), many will try and charge £3K+, if you need a contact just shout. Company formation is around 2 weeks but.... You then need to go on the 'journey' of getting a Guernsey bank account. We have opened a couple of companies in Guernsey and every time the bank account has been a nightmare, HSBC is probably the easiest but it can still take 6 months. They are just not really interested. When we opened a second business which was retail in Guernsey (during the Pandemic) we used Wise as it was far easier. After running the business for nearly a year Barclay's who we approached when we started the business finally came back and said yes.... You also need proper substance in Guernsey, you can use a NED but they are expensive and only really suited to certain businesses (mainly financial and property). Guernsey, Jersey & IOM are now getting pretty strict on substance rather than just a brass plaque. Are you thinking of living in one of these destinations? Feel free to PM if you want to discuss....

Thank you very much for your answers, can you send me a private message if it is possible that you tell me which CSP you went through to open in Guernsey? ((I tried to send you a message but I don't know how, sorry)

a little offtopic but can you write a little more how you found employee in uae, and how much are you paying him (it is probably office assistant?)
is your uae company in dubai??

In fact in UAE (Ras al-Khaimah) I only have 1 employee, in order to have a little "economic substance". I brought this employee from my subsidiary in Madagascar where I have about 40 employees. In UAE, he is paid 700 AED per month, but I take care of his accommodation and his telephone subscription. I can help you send someone for cheap to Dubai or anywhere in the world if you want, just send me a message.

The Banks in IoM, Jersey and Guernsey are protective and rather Private Banks then Transactional Retail Banks like what you are looking for. It's almost the same like approaching Private Banks in Geneva for an active Trading Business.

Company Formation rather easy and straightforward like in almost all places in the Offshore World - we see couple of clients shifting there Curacao E-Gaming License over to IoM right now but ending up banking on EMI's.

Okay, I would have thought it was the opposite. Can you advise me a good CSP to open there? Are you sure it was after 2020? Because things have changed a lot since then, apparently.

 

[Fred]

Okay, I would have thought it was the opposite. Can you advise me a good CSP to open there? Are you sure it was after 2020? Because things have changed a lot since then, apparently.

Yes - it happens right now as they all get an E-Gaming license in IoM as Curacao E-Gaming License stopps working starting August this year.

I ask the clients about the CSP and send it to you by PM once received.

 

[koohl]

So Isle of Man rather than Jersey is that what you guys say?

 

[pomegranate]

Jersey is very hard to work with. Definitely harder than IoM or Guernsey. IoM is probably the easiest of the three.

For IoM make sure your CSP is licensed by the local FSA (TCSP and Register Search)
A good place to look for a CSP is the Association of Corporate Services Providers (ACSP).


Re. banking in IoM, I haven't experienced it personally but heard that there is a new bank that is supposed to be somehow easier to open a bank account with (all relative I guess...): Capital International. I don't have any feedback, unfortunately. You always have all the usual suspects in these places (Barclays, StanChart, etc.)

In all these jurisdictions, the CSP you choose might be able to help you with your banking requirements.

 

[JustAnotherNomad]

Maybe this is a stupid question, but can't you get an HSBC account for your UAE company, through their UAE branch? I've heard that HSBC allows you to open accounts in all their branches, once you're "in".

 

[Onassis]

You can incorporate a company relatively easily in Guernsey for around £700 - £1K (you have to use a fiduciary service), many will try and charge £3K+, if you need a contact just shout

Mind sharing the contact? Thanks

 

[oldtimer2]

IOM... when I considered the IOM I saw it has very very few DTA's, so _if_ access to DTA's is important for your business, then you are looking at a dual company structure, with the cost and effort of having economic substance in an intermediary company in a country (like Malta) that has many DTA's) and has a DTA with IOM. You will still get asked where the intermediary company majority shareholders live re base erosion.

Maybe someone in the Forum has real experience with IOM and how they manage international business there when DTA's are important.

 

[daniels27]

From what I have found (first hand) they are all a bit of a nightmare. I currently live on Sark, but spent 3 years on Guernsey (moving from UK with UK business). You can incorporate a company relatively easily in Guernsey for around £700 - £1K (you have to use a fiduciary service), many will try and charge £3K+, if you need a contact just shout. Company formation is around 2 weeks but.... You then need to go on the 'journey' of getting a Guernsey bank account. We have opened a couple of companies in Guernsey and every time the bank account has been a nightmare, HSBC is probably the easiest but it can still take 6 months. They are just not really interested. When we opened a second business which was retail in Guernsey (during the Pandemic) we used Wise as it was far easier. After running the business for nearly a year Barclay's who we approached when we started the business finally came back and said yes.... You also need proper substance in Guernsey, you can use a NED but they are expensive and only really suited to certain businesses (mainly financial and property). Guernsey, Jersey & IOM are now getting pretty strict on substance rather than just a brass plaque. Are you thinking of living in one of these destinations? Feel free to PM if you want to discuss....

Could you please PM me? I somehow cannot message you and am I am new here. I am very interested in Guernsey and Sark and would be very happy to hear from you.

 

[Rexstone]

IOM... when I considered the IOM I saw it has very very few DTA's, so _if_ access to DTA's is important for your business, then you are looking at a dual company structure, with the cost and effort of having economic substance in an intermediary company in a country (like Malta) that has many DTA's) and has a DTA with IOM. You will still get asked where the intermediary company majority shareholders live re base erosion.

Maybe someone in the Forum has real experience with IOM and how they manage international business there when DTA's are important.

pardon my stupidity... what does DTA mean?

 

[JohnLocke]

Double tax Treaty

How Double Taxation Treaties affect non-UK residents with UK income

Find out about Double Taxation Relief and a list of territories with a double taxation treaty with the UK.

www.gov.uk

There is a lot of information around here, but the above should give you some idea about what it is.

 

[Rexstone]

Yes - it happens right now as they all get an E-Gaming license in IoM as Curacao E-Gaming License stopps working starting August this year.

I ask the clients about the CSP and send it to you by PM once received.

Hey Fred, could you please share CSP details with me too?

 

[nasdaqtradfiguy]

I have a couple of questions re IOM

I'm planning to set up a 1931 company thru which to invest in the stock market; probably buy a boat as well.

What would happen if I become a nomad / living in & doing charting off my boat in the med without a permanent address? (Assume boat would have NL/Malta/Cyprus flag)

Would I find any problems regarding substance requirements in the IOM?

I'm a EU citizen with UK passport
Dual national

 

[daniels27]

I have a couple of questions re IOM

IM, GG and JE are very similar. The main differences are in the audit requirements and the willingness for CSPs to manage the company for you.

I'm planning to set up a 1931 company thru which to invest in the stock market; probably buy a boat as well.

It is called a pure equity holding company.

What would happen if I become a nomad / living in & doing charting off my boat in the med without a permanent address? (Assume boat would have NL/Malta/Cyprus flag)

The flag is not an issue, neither being nowhere tax resident. Your company will still be tax resident in IM and would be paying 0% tax there.

Would I find any problems regarding substance requirements in the IOM?

Yes, you you will. A pure equity holding company is subject to economic substance requirements.

https://www.gov.im/media/1367560/updated-economic-substance-guidance.pdf

You will either have to demonstrate economic substance or incorporate elsewhere.

 

[koohl]

However, the UAE does not suit me, it's sharia, it's far from Europe, you can't open an account in euros with a European IBAN. I would prefer to be in Jersey, Guernsey or the Isle of Man. What about now? Does anyone have a solution to open a business there?

You can create a daughter company for your UAE company, for example in the UK, and then get banking and payment processing for this company and channel the money into the UAE company tax-free. In mentor group gold, you can find a lot of information about such setups; there's even a guide written about it.