JERSEY FINANCE
As a result of our strategy, we have all the enablers in place to support business innovation and growth, and strategies to continue to improve. For example, Jersey ranks third in the World Broadband Speed League – delivering high-speed 1 Gigabit fibre connectivity to every household and office on the island. In addition, we are home to more than 400 digital and creative businesses and a community of more than 3,000 digital and enabled technology professionals. We continue to develop relationships and client networks in key growth markets and are proud to offer a modern and sophisticated legal framework, as well as a range of products and services to meet the wealth planning needs of clients worldwide. You can read more about this in Allan Wood’s commentary, on page 42, which explores how we are working to support family offices around the world in their response to the global pandemic. RESILIENCE AND CERTAINTY I believe Jersey’s resilience, and the added certainty this can offer investors, is a positive differentiator for our jurisdiction. These factors are at the forefront of investors’ minds now, and will no doubt continue to be a key consideration for multinational private clients in the future. This was clearly demonstrated through quick reactions by the Government of Jersey, the Jersey Financial Services Commission (our regulator) and our industry to ensure that business could continue despite the challenges posed by the current environment. From a regulatory perspective, meanwhile, the Jersey Registry has been able to continue to incorporate new entities, while the decision of the Jersey authorities to provide flexibility around economic substance rules at an early stage has given firms the ability to ensure compliance by using technology to hold virtual board meetings.
coordinated internationally need In addition, new legislation brought to be targeted, large scale and in in April 2020 has enabled secure – and this is where Jersey wills to be signed Jersey is ready to and witnessed via play a key role. video link. We In Africa, for are also seeing instance, a more Jersey Jersey is in a strong coordinated businesses position to support international putting in international support across place secure the continent platforms impact investment will be vital for for enabling into Africa as the the continent’s electronic continent battles economic signatures – recovery. Jersey is helping clients Covid-19 in a strong position transact remotely. to support international Our quick reaction impact investment into Africa and resilience have promoted as the continent battles Covid-19. a positive response from clients in Jersey businesses are already the Gulf Cooperation Council states telling us that they have pipelines of (GCC) in particular. Our experience in Africa-bound work ready to go as the GCC is that families appreciate and when conditions allow. This is the joined-up forward-thinking and testament to the efforts Jersey has level of high-quality support Jersey is put into building strong relationships demonstrating, to help them navigate with Africa over the years. these tricky times, ensure compliance with regulations and keep an eye on EXPERTISE their long-term objectives. A key strength lies in our expert This strategic collaboration at workforce of almost 14,000 employees, a time of global crisis once again which includes the largest number demonstrates the strength of the tried, tested and trusted partnership between of STEP (Society of Trust and Estate Practitioners) professionally qualified GCC-based families and businesses practitioners in the world. They have and their Jersey-based partners. been working to safeguard assets and The speed at which Jersey enable families to pursue their global provided reassurance to the business objectives for the past 60 years. community at home and abroad is, Our highly skilled workforce and we believe, somewhat unique. With key stakeholders work together to the cost of the pandemic becoming develop products and services to clearer as the weeks pass, and experts enhance the futures of investors and predicting that economies may take positively impact both local and years to recover, Jersey’s ability to global economies. be nimble will be key in protecting its clients and its expert industry. A FOCUS ON THE FUTURE While much remains uncertain in the SECURE CAPITAL FLOWS Expertise, governance, robust platforms future, for me there are many good reasons for Jersey to remain positive. and solid advice will be increasingly sought, as moving capital from multiple We are committed to the communities sources securely, rapidly and efficiently and clients we work with; we are resilient, future-focused and adaptable. to where it is needed becomes more At almost 60 years old, our industry and more important. offers a clear vision for global investors The scale and complexity of the and economies alike. ● impact investment and stimulus being 41
FUTURE VIEW