28 January 2025
Obtaining a Financial License in Jersey
If you need to obtain a financial license in Jersey our local Jersey company formation agents can assist your with the application.
The requirements and process to obtain a financial license in Jersey are described in this article by our local team of experts.
Companies that provide financial services such as banking, insurance or reinsurance, investment advice, brokerage, and others need to be able to legally trade in Jersey. This means that they have to apply for and obtain a financial license before they start their activities.
Investors who open a company in Jersey can rely on our team for complete assistance during the licensing process.
What companies need a financial license in Jersey?
Financial services businesses are subject to licensing in Jersey under the Financial Services Law 1998. Some of the most important types of companies that are subject to licensing include:
- Banks;
- Fund services businesses;
- Trusts;
- Investment business;
- Money services businesses;
- General insurance companies.
Company formation in Jersey for any of these types of businesses will include a mandatory step to obtain a financial license in Jersey.
What agency issues the license?
The independent authority that regulates the financial services industry and issues the financial license in Jersey is the Jersey Financial Services Commission (also referred to as the JFSC).
Regulatory and supervisory powers and guidelines are included in the jurisdiction’s primary legislation. Some of the relevant laws include:
- The Banking Business Law 1991;
- The Insurance Business Law 1996;
- The Financial Services Law 1998 of which several articles, such as Article 2(2) and Article 2(3) refer to investment businesses and trust companies.
How do I get a Jersey financial license?
The legal entity interested in obtaining a license to provide one or more financial services will submit a complete application file to the JFSC. The following details are among the most important that need to be made available:
- Information about the legal entity’s lawful registration; This means that investors will first complete the processes to set up a company in Jersey;
- The filled-in application form submitted to the JSFC in according to law;
- Proof of assigning a registered person;
- Proof of financial standing, as well as integrity and competence;
- A complete business description;
- More information as requested on a case-by-case basis by the Jersey Financial Services Commission.
Investors who want to register a company in Jersey that will offer financial services enjoy a fast and straightforward incorporation process. A particularly advantageous option in this jurisdiction is the fast-track company formation process is possible in Jersey, with the following fees:
- Registration within 2 hours for £856;
- £543 for the 1 business day registration;
- £395 for registration within 2 business days;
- £205 for registration within 5 business days.
A company that has obtained a financial license in Jersey will need to meet the compliance requirements for assigning a principal person and a registered person. The latter is registered by the JFSC. Our agents can give you more information about this requirement.
How can your team help me?
Our local team assists investors who plan on opening a company in Jersey that will engage in regulated activities in the financial services industry. As a first step, we can help you register the business (by using the fast incorporation option if this is required).
We can help you understand the regulations, check for compliance, prepare the necessary documents for submission and handle the process as requested by the JFSC.
Additionally, we can also assist with matters related to company formation in Guernsey or if you want to immigrate to Jersey.
Contact us if you want to open a company in Jersey that offers financial services. Our team will see that you properly apply for the financial license in Jersey.