Jersey Showcases Offshore Industry In London

by Jason Gorringe, Tax-News.com, London

01 May 2007

One of Jersey’s leading Ministers told an audience of London finance and legal professionals on Tuesday that Jersey was now a trillion dollar business and that the Government of Jersey’s aim was to make Jersey ‘the gold standard of offshore centres’.

Senator Philip Ozouf, Minister for Economic Development, was speaking at Jersey’s Annual Conference in London, organised by Jersey Finance, the promotional body for the Island's finance industry.

He highlighted that Jersey, on the back of record levels of banking deposits and funds business, was truly open for new, quality business, had reduced red tape to make it easier for quality, low footprint businesses to re-locate to the Island, and was also encouraging graduates and professionals to consider Jersey as a location in which they could progress their career in the finance industry.

A further 1,000 jobs were added to the finance sector in 2006, and Senator Ozouf told London delegates that some 400,000 square feet of land on the Island’s Waterfront development had been set aside for new office development for the industry.

Geoff Cook, Chief Executive of Jersey Finance, revealed that the numbers now working in the industry totalled around 12,660. Although some of this number were working in more than one sector, the total number employed in different disciplines was impressive, including more than 6,000 people involved in international banking, some 4,500 qualified trust professionals, more than 3,000 lawyers and accountants, and more than 800 involved with fund administration and investment management. He also spoke of the Island’s commitment to financial services education and training, which now includes plans for a Foundation Degree in Finance that would be available locally.

Representatives from Jersey’s Finance Industry have also been invited to accompany the Lord Mayor of London on some of his future overseas visits when he promotes the City of London.

In a recorded address at the Conference, the Lord Mayor said that Jersey was an important place for business for City of London professionals. He visited the Island recently and confirmed that plans were being discussed for involvement by Jersey in his promotional tours in the autumn.

Geoff Cook described Jersey’s finance industry as ‘a natural partner’ for the City of London, and Pierre Horsfall, Chairman of Jersey Finance, said that it would be an honour for Jersey to participate in such international visits.

Speakers at the conference highlighted a range of measured Company Law, Trust Law and Securities Law amendments that were in train, and spoke of the focus on developing Shari’a compliant products to help build business relationships in the Gulf, and the growing number of specialist fund managers and family offices now re-locating business to the Island.

Pierre Horsfall, who hosted the Conference, said that there were no fewer than ten law changes in the pipeline to meet market needs, and that there was a determination keep the Island as the jurisdiction of choice within Europe for offshore business.

The event, held at the Mermaid Conference Theatre in Blackfriars, attracted around 300 legal and finance professionals from London and Jersey.

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