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 NEWS-TRENDS-ANALYSIS
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MARKET OPPORTUNITIES
Jersey (CI) 
In this series of articles InsideTrack discusses business potential for British and Irish companies in some of the world's less trafficked markets. In this issue we review opportunities in the island nation of Jersey, the most southerly of the English speaking Channels Isles off the North Coast of France. Jersey, or to give it its full title, 'The States of Jersey', is the largest of the independent island nations that make up the Channel Isles and which include Guernsey, Sark, Herm and Alderney and is located in the English Channel at the Bay of Mont St Michel, some 14 miles (23 km) from the coast of France and 100 miles (161 km) south west of mainland Britain and is the warmest place in the British Isles with temperatures averaging 20 degrees Celsius. Covering an area of 45 square miles (116 sq km) Jersey has a resident population of under 90,000 but visitors can inflate numbers to around 250,000 during the summer months. Indeed it attracts more than 800,000 visitors per year. In many ways the landscape resembles that of Southern Britain, especially the Isle of Wight and Cornwall. While the most outstanding geographic feature is its jagged rocky coastline interspersed with sandy beaches, the soil is highly productive and supports a rich and diverse agricultural and horticultural industry. 
Jersey became part of the Anglo-Norman realm following its accession by William the Conqueror in 1066. Over the centuries Jersey has fought off many invasion attempts but has remained loyal to the British Crown for over 800 years. However in World War II the island, along with the other nation states, was occupied by Germany before being liberated in 1945. Today Jersey is an independent democracy and a Crown Dependency of the UK. While it is not a member of the EU, it has a special relationship with Europe by virtue of Protocol 3 to the United Kingdom's Treaty of Accession to the European Community. English is the spoken language but the official state language is Jersey French, a French dialect with Norse influence. The state capital is St Helier and the unit of currency is Sterling. The island nation has its own tax regime with low levels of indirect taxation but high levels of direct taxation on a par with that of Scandinavian countries. Businesses receive separate treatment which can prove to be relatively tax efficient. A popular holiday destination for many UK and Irish residents, Jersey has a thriving business sector. The nation's tourism and financial services industries are of world renown and in recent years it has become a major centre for e-commerce. Indeed the Financial Services Sector accounts for around half of the nation's GNP and is the largest employment sector in the economy. Modern service industry complements the more traditional agricultural and fishing industries that has served the island for a millennium. 
Establishing a business as an offshore or active entity in Jersey is relatively painless and business people will find that it has a highly developed and supportive infrastructure. Residency rights are more problematic and housing is expensive by UK or Irish standards but an increasing number of British and Irish residents seek to retire to the island because of its charm and unspoilt environment. Local manufacturing is limited to foodstuffs, brewing and craft based activity, thus there is a high dependence on imported goods for almost everything else, mostly from Britain. The retail sector supports national and international brands much like Britain and Ireland and spending levels within the economy are high. Air connections to and from Jersey are extensive from most British and Irish airports and it has a well developed marine transport and cargo handling system from UK and French ports. Local public transport is well developed with an extensive network of bus routes. However there is no rail network on the island. If you have contemplated doing business in Jersey, Quintus recommends that you contact your local Regional Development Agency or Chamber of Commerce who can provide information on business to business and business to consumer opportunities and access. The rest is up to you. Further Information For more information on Quintus Management Marketing Services please contact us at:quintus@quintusmanagement.co.uk or at +44 (0)28 9146 9901. © Quintus Management (2010) |
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