We are an independent global specialist in the administration of traditional funds and alternative assets with a particular specialism in private equity and real estate.
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We can support your fund through its entire lifecycle and the growth of your business. We provide a comprehensive range of private equity solutions delivered from key onshore and offshore jurisdictions to leading companies investing in a broad range of industries.
Our Fund Services Division has a proven track record in providing a broad range of fund services where the asset class is real estate.
JTC’s strong track record in operating at the leading edge of alternative asset classes continues with its innovative and market-leading capabilities in the emerging sphere of cryptocurrencies.
JTC Fund Services can offer a fully AIFMD-compliant ManCo service. The activities of the ManCo include providing a portfolio management, risk management and oversight function.
We have a deep understanding of listing funds on internationally recognised stock exchanges and the ongoing regulatory requirements of administering listed funds.
As a truly independent fund administrator you can be reassured that your fund administration requirements are entrusted to people that care about your investment structures.
We will project manage your application and guide you through the process and co-ordinate the various advisors to assist with the fund launch and strive to ensure everything happens within the expected timescales.
We offer a transparent, proactively managed range of cash management, foreign exchange and lending services, supported by a dedicated team of experienced professionals.
JTC Corporate Services provides a comprehensive range of corporate and fund services from key onshore and offshore jurisdictions to leading companies in their field of expertise.
We provide corporate finance services for corporate and institutional clients including debt capital solutions, treasury and escrow services.
We provide employee benefit structures, administration services to ensure employees get maximum value from the plans that organisations put in place.
Global experience in this dynamic asset class, spanning our corporate, funds and private client divisions.
JTC Private Wealth Services specialises in protecting and nurturing your private capital in real estate, financial and non-financial assets across countries and generations.
Superior service delivered by industry leading experts for private individuals, entrepreneurs and their families.
We provide a tailored range of private office solutions that work effectively for each family, from generation to generation.
We are able to partner with corporate and institutional wealth providers to complement their service offering by providing trust and company services.
In an age of truly international mobility, we also offer market-leading citizenship-and-residency-by-investment solutions via a strategic alliance with market-leading provider Henley & Partners.
JTC has extensive cross-jurisdictional experience and expertise in working with institutional and private clients in Africa, Americas, Asia, Australasia, Caribbean, Channel Islands, Europe, Middle East, Russia & CIS and the United Kingdom.
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23 Nov 2017
Date: 21 - 22 February 2018
Location: Cape Town, South Africa
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13 Dec 2017
We are JTC, an independent, award-winning provider of fund, corporate and private wealth services to institutional and private clients.
We value shared ownership, we put relationships first, we invest in our people, we embrace technology. We are JTC.
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We have a highly qualified and multilingual workforce. In 1998 we created the JTC Employee Benefit Trust, which turned our employees into stakeholders. This enables us to attract and retain the best people, whilst keeping them absolutely motivated and dedicated to our clients.
In 2014 this belief in share ownership was embedded further into the JTC culture with the equity for all scheme, allowing all permanent members of staff the opportunity to invest in the future of their company. That helps explain why they are so dedicated and care so much about their client’s work.
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The Foundations (Guernsey) Law, 2012 (the Law) was approved by the States of Guernsey on 25 July 2012 and came into force with effect from 7 January 2013.
A Guernsey foundation has some of the characteristics of a company (such as separate legal personality) and some of the characteristics of a trust (such as the ability to hold assets for the benefit of others). It must, however, be considered as a separate type of entity in its own right which cannot be fully defined by reference to a traditional trust or company structure.
A Guernsey foundation is formed by one or more founders, who could be one or more individuals or bodies corporate, who provide assets to the foundation.
The initial capital endowment may comprise almost any type of asset wherever it is situated. There is no minimum initial endowment required to establish the foundation. A foundation can be therefore set up without transferring much capital or significant assets, which might be useful under certain circumstances.
Purpose and benefit
A foundation can be established for either a purpose/s or to benefit beneficiaries or both. The purpose/s can be charitable or non-charitable. This may be desirable for those founders wishing to set up a company structure but with the flexibility of a trust.
Separate legal personalities
Foundations have a separate legal personality, like a company, and therefore can contract, sue and be sued, in their own capacity.
A Guernsey foundation has the following component parts:
A Guernsey foundation will be administered in accordance with its constitution which is made up of a charter and rules (if any), much like a memorandum and articles of a company.
A Guernsey foundation must have a charter which will state: (a) its name; (b) its purpose; (c) its initial endowment; and (d) its duration (but only if it is to have a limited duration). The charter may also contain other matters which the founder wishes to include.
The rules must: (a) prescribe the functions of the council; (b) detail the procedure for the appointment, resignation and removal of councillors and the guardian (if any); and (c) if the councillors or guardian are to be remunerated, make provision for such remuneration. If the obligatory aspects in the rules are instead included in the charter, it is not necessary to have separate rules for the foundation.
The rules may provide for such other matters as the founder thinks fit, such as the addition or removal of beneficiaries and the manner in which the property of the foundation may be distributed or applied.
The council administers the foundation. The councillors have a duty to the foundation to act in good faith in the exercise of their functions. This contrasts with a trust where the trustee's duties are to the beneficiaries. It is permitted for a Guernsey foundation to have a sole council member provided this is specified in the constitution. Whilst it is not necessary for there to be a licensed fiduciary in Guernsey on the council, if there is no such person, it will be necessary for the foundation to appoint a Guernsey resident agent to hold copies of the foundation's documents and records in Guernsey.
The founder provides the initial endowment to the foundation and must (either personally or through an agent) sign the charter. It is possible for the founder to reserve the power to amend, revoke, vary or terminate the foundation (provided that such power is set out in the charter) but such powers may only be reserved during his/her lifetime (if a natural person) or for a period of up to 50 years from the date of establishment of the foundation (if the founder is not a natural person). The founder may be a councillor or the guardian (but not both) of the foundation and may also be a beneficiary.
A foundation must have a purpose but need not have beneficiaries. Perhaps the most innovative feature of the Law is the distinction between ‘enfranchised’ and ‘disenfranchised’ beneficiaries. The former are entitled to certain information about the foundation (such as copies of the constitution and its records and accounts) and have standing to apply to the Royal Court to enforce its terms. In contrast, disenfranchised beneficiaries have no such rights and accordingly the Law requires that a guardian be appointed to supervise the council and to represent them.
A Guernsey foundation is only required to have a guardian if it either has ‘disenfranchised’ beneficiaries or has been established for a purpose without beneficiaries. The guardian's function is to enforce the purpose of the foundation. The guardian may not be a councillor.
A Guernsey foundation must appoint a resident agent in Guernsey if none of the foundation officials are licensed fiduciaries in Guernsey. The resident agent must be a Guernsey licensed fiduciary and has the right to obtain copies of the foundations' records. The foundation is also required to have a registered office in Guernsey at which all of its records are to be kept.
To establish a foundation in Guernsey, an application must be made by a Guernsey licensed fiduciary to the Registrar in Guernsey. The application must include (a) the charter; (b) a declaration signed by the founder or resident agent that the details in the charter are correct; (c) a declaration as to whether there are to be any disenfranchised beneficiaries; (d) the names and addresses of the first councillors; (e) the name and address of the proposed guardian (if any); (f) the name and address of the resident agent (if any); (g) the address of the foundation's registered office; and (h) the registration fee. Once a foundation has been registered, its name will be inscribed in the register of foundations and it will be issued with a registration number.
The register of foundations is divided into Part A, which is open to the public, and Part B, which is not. The information which will be publicly available in Part A of the register is limited to: (a) the name and registered number of the foundation; (b) the name and address of the councillors; (c) the name and address of any guardian; and (d) the details of the registered office.
It is possible for individuals who have foreign foundations from civil law based jurisdictions which are outside of the law of Guernsey to apply to the Registrar to be registered as a Guernsey foundation. This may offer benefits to those individuals who seek a white list status jurisdiction for their foundation as Guernsey provides.
It is anticipated that foundations in Guernsey will principally appeal to clients from civil law jurisdictions that are uncomfortable or unfamiliar with trusts. The flexibility that is afforded by the Law will permit foundations to be used for a myriad of purposes ranging from the traditional private client wealth structures to commercial and finance transactions. The advent of the new Law should permit fiduciary companies in Guernsey to provide innovative wealth management and asset holding structures.
This publication is intended to provide an overview of the subject matter and is not comprehensive in nature or to be construed as legal or tax advice. We recommend that clients seek professional advice on any particular matter.
Managing Director - Guernsey
JTC Group entities that carry on regulated business are (respectively): regulated by the British Virgin Islands Financial Services Commission; the Cayman Islands Monetary Authority; the Guernsey Financial Services Commission; the Jersey Financial Services Commission; the Commission de Surveillance du Secteur Financier and the Ordre des Experts-Comptables (Luxembourg); the Financial Services Commission (Mauritius); De Nederlandsche Bank (Netherlands), the South African Financial Services Board as an authorised financial services provider; chartered and regulated to provide trust services by the South Dakota Division of Banking in South Dakota (USA); a member of l’Association Romande des Intermédiaires Financiers (Switzerland); licensed by the Isle of Man Financial Services Authority and authorised and regulated by the Financial Conduct Authority (UK).
L’Association Romande d’Intermédiaires Financiers (ARIF) is a self-regulated agency approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of financial intermediaries referred to in Article 2 para.3 of the Swiss Federal Act concerning the fight against money laundering and terrorist financing in the financial sector (LBA). ARIF is also recognised by FINMA as a professional organisation for the enactment of rules of conduct relating to the exercise of the profession of independent managers within the meaning of the Collective Investment Schemes Act (CISA).
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