Figures for 2014 show that, via Locate Jersey, 43 business licenses were approved,an increase of 48% on 2013, creating 368 job opportunities – 83% of those for local residents. Since 2008, nearly 1200 people have been employed by inward investment businesses that have located in or relocated to the island.
The statistics show that 163 enquiries were received by Locate Jersey from businesses considering relocating to Jersey, with particular areas of interest including in the natural resources, digital, fin-tech, and alternative fund management sectors.
In addition, there were 20 licenses granted for High Value Residents in 2014, an increase of 43% on last year. The total value of property bought by new High Value Residents during the year stood at c.£90m, compared to a five year average of c.£25m per year, generating property stamp duty for the public purse of £4m.
The figures reflect a successful year for Locate Jersey, who have rolled out a busy program of activity including 42 presentations and 15 key events to stakeholders in various locations both locally and overseas. As well as several visits to and events in China, a flagship ‘Jersey Day’ event was staged in the summer in London attended by nearly 100 key individuals.
Economic Development Minister Senator Lyndon Farnham said:
“These figures paint a real picture of success and reflect our focus on creating an environment in Jersey that is highly attractive for businesses to relocate to. In so doing, we are securing high value inward investment business and the highly successful individuals that run them. This can help to fuel growth, diversify the economy, create employment opportunities for local people, bring new skills to the island, and raise tax revenues. It is an exciting development, for example, that our growing natural resources sector is now employing a number of local graduates within their teams.
“Jersey is committed to excellence and innovation across all sectors of the economy and, as well as this being core to our business relocation efforts, it is also central to our High Value Residency strand, where there is now a real emphasis on attracting economically active High Net Worth Individuals. This has been a hugely successful year and if we can maintain this momentum, we fully expect these flows to be sustainable and continue into the future.”
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