The JPF regime provides a new streamlined fast-track regulatory authorisation process for the establishment of private investment funds as well as providing certainty in respect of the eligibility conditions through the introduction of a new Jersey Private Fund (JPF) Guide.
Key Features of a JPF
- A JPF may only be offered to Professional or Eligible Investors (see below).
- The JFSC’s published timescale for authorising a JPF is 48 hours from receipt by the JFSC of a complete application.
- Fund interests may be offered to not more than 50 potential investors in Jersey or elsewhere. Please see below for a summary of the test for the number of offers/investors.
- A JPF can be established using any of the common forms of investment vehicle, including a non-Jersey vehicle, and no investment or borrowing restrictions are set by the JFSC.
- A JPF can be closed or open ended provided that the test for the 50 or fewer offers/investors is met.
- A JPF must not be listed
- Whilst there is no absolute requirement for:
- a JPF which is a company, to have any Jersey resident directors; or
- a JPF which is a unit trust or partnership, to have a Jersey resident trustee or general partner, or Jersey resident directors of the trustee or general partner,
at least one Jersey resident director would normally be required.
- A JPF is not required to have an offer document (but see immediately below).
- A JPF which will be marketed into the EEA must comply with the applicable sections of the AIF Code and may require an offer document.
- Unless required by its constitutional documents, there is no need to produce audited accounts of a JPF.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
Jersey Company, Limited Partnership, Unit trust |
|
No |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
USD 250,000 (Eligible Investors) |
|
· Minimum investors |
Maximum of 50 |
|
Directors |
|
|
1 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
No |
|
Yes |
|
No |
|
No |
Tax Treatment
Non-resident income is tax exempt.
Duration to Set Up
3 months
Distinctive Benefits of Licence
- Robust yet flexible regulatory environment
- Professional infrastructure and quality of workplace
- Tax neutrality and Tax Exchange Agreements
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers