Coronavirus and board meetings of Jersey companies
11 March 2020
We are currently dealing with a number of client queries relating to current issues around travel and working restrictions arising from the Coronavirus crisis and, in particular, the ability to hold quorate board meetings. In relation to economic substance issues in particular, Revenue Jersey has provided clarification that where a company's operating practices have to be adjusted to compensate for the Coronavirus outbreak, the Comptroller will not determine that a company has failed the economic substance test. While it will still be necessary to comply with the constitutional requirements for each company, this clarification will provide flexibility in governance arrangements.
The crisis has created an unprecedented set of challenges globally, and this is a helpful indication that Jersey is able to offer practical solutions to continue to run businesses companies in this environment.
Please let us know if you have any queries in relation to Jersey companies in this regard.