Jersey businesses face fewer hurdles under new finance rules

Businesses in Jersey are set to face fewer administrative requirements when raising finance and promoting their services overseas, under changes described by the government as part of efforts to strengthen the island’s international finance sector.

The measures, introduced on Wednesday, follow the publication of the Time to Win report in March, which set out proposals to improve Jersey’s long-term competitiveness as an international finance centre.

Under the new arrangements, Jersey companies issuing investment documents overseas will no longer have to complete approval processes that were previously required. The government said the changes would cut duplication and reduce the time and paperwork involved in operating internationally.

Further changes are also being proposed to Jersey’s Control of Borrowing framework, much of which dates back almost 80 years.

If approved by the States Assembly, the amendments would remove some remaining requirements and simplify the process for businesses and investors seeking to establish and operate companies and investment structures in Jersey.

The government said regulatory safeguards would remain in place, while the proposed changes would also provide a clearer legal basis for existing arrangements involving Jersey Private Funds and certain digital asset businesses.

Senator Ian Gorst, Minister for External Relations with responsibility for financial services, said the existing framework had been "created for a different time and a different economy".

He said the proposals would replace its remaining requirements with a simpler framework and remove duplication while retaining oversight where it was considered necessary.

The changes form part of wider efforts by the government to make it easier for businesses to operate both in Jersey and internationally, following reforms to prospectus requirements already approved.

Joe Moynihan, chief executive of Jersey Finance, welcomed the latest measures, describing them as "another important step forward".

He said Jersey's financial services industry had a history of adapting to the needs of international businesses, investors and advisers while maintaining regulatory standards.

Removing requirements that are considered outdated or duplicative would provide a simpler and more consistent experience for businesses operating in the island, he said, while retaining appropriate regulatory oversight.