Jersey, Guernsey, Isle of Man 2023

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SimpleGuy

SimpleGuy

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Apr 20, 2022
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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,
 
You can get an EUR account with GB IBAN for your UAE company in Currenxie
 
Jbb1 said:
Jbb1 said:
You can get an EUR account with GB IBAN for your UAE company in Currenxie
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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.

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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....
 
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??
 
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.

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Hello everyone and thank you a lot for your answers,

Jbb1 said:
Jbb1 said:
You can get an EUR account with GB IBAN for your UAE company in Currenxie
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Click to expand...
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).

EliasIT said:
EliasIT said:
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.
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Yes of course.

Barney2201 said:
Barney2201 said:
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....
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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)

sergeylim88 said:
sergeylim88 said:
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??
Click to expand...
Click to expand...
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.

Fred said:
Fred said:
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.
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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.

Last edited: Mar 29, 2023
 
SimpleGuy said:
SimpleGuy said:
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.
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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.

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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.
 
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".
 
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.
 
Barney2201 said:
Barney2201 said:
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....
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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.
 
oldtimer2 said:
oldtimer2 said:
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.
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pardon my stupidity... what does DTA mean?
 
Double tax Treaty
https://www.gov.uk/government/publi...n-treaties-territory-residents-with-uk-income
There is a lot of information around here, but the above should give you some idea about what it is.

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Fred said:
Fred said:
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.
Click to expand...
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Hey Fred, could you please share CSP details with me too?
 
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
 
nasdaqtradfiguy said:
nasdaqtradfiguy said:
I have a couple of questions re IOM
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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.

nasdaqtradfiguy said:
nasdaqtradfiguy said:
I'm planning to set up a 1931 company thru which to invest in the stock market; probably buy a boat as well.
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Click to expand...
It is called a pure equity holding company.

nasdaqtradfiguy said:
nasdaqtradfiguy said:
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)
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Click to expand...
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.

nasdaqtradfiguy said:
nasdaqtradfiguy said:
Would I find any problems regarding substance requirements in the IOM?
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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.
 
SimpleGuy said:
SimpleGuy said:
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?
Click to expand...
Click to expand...
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.

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