UPDATED guidance on a type of business structure used in Jersey should give businesses and advisers more options and help the Island compete internationally, Jersey Finance has said.
The changes concern limited liability companies, or LLCs, which combine features of companies and partnerships. Jersey introduced the legal framework for them in 2022 as an additional option for international businesses and investors.
The revised guidance, published by the Jersey Financial Services Commission following consultation, came into force on 14 October.
It clarifies that LLCs can act as trustees and be used for specified financial services activities. It also removes restrictions that limited their use to financially sophisticated investors or customers.
Jersey Finance said the changes should provide greater certainty about setting up and running LLCs, while giving advisers more ways to meet clients’ needs when organising business activities across different countries.
Chief executive Joe Moynihan said: “Against the backdrop of an increasingly complex global financial services landscape, it is vital that we continue to evolve our proposition and provide certainty and choice for those looking to structure their international activities through Jersey.”
The update forms part of continuing work between the government, regulator and industry to keep Jersey’s financial framework competitive and responsive to international demand.
