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

  1. A JPF may only be offered to Professional or Eligible Investors (see below).
  2. The JFSC’s published timescale for authorising a JPF is 48 hours from receipt by the JFSC of a complete application.
  3. 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.
  4. 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.
  5. A JPF can be closed or open ended provided that the test for the 50 or fewer offers/investors is met.
  6. A JPF must not be listed
  7. 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.
  8. A JPF is not required to have an offer document (but see immediately below).
  9. 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.
  10. Unless required by its constitutional documents, there is no need to produce audited accounts of a JPF.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Jersey Company, Limited Partnership, Unit trust

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

USD 250,000 (Eligible Investors)

  • Minimum investors

Maximum of 50

Directors

  • Minimum number

1

  • Corporate directorship allowed

Yes

  • Local director required

No

Service Providers Required

  • Custodian

No

  • Fund manager/Investment manager

Yes

  • Fund administrator

No

  • Auditors

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