TCSP submissions: how to avoid common pitfalls

To support a smooth and efficient Registry process, we have created a set of practical guidelines for Trust and Company Service Providers (TCSPs). These recommendations are based on common issues we’ve observed in recent submissions and are intended to help you avoid delays or rejections.

By following these best practices, you can ensure your applications are processed more efficiently and in line with our regulatory expectations.

Further step-by-step guidance will also be published on our website shortly to support you through the submission process.

Managing expectations

• Our priority services are not guaranteed for applications that fall under the Sound Business Policy. Applicants are encouraged to contact the Registry, in advance of submitting an application, to promote a clear understanding of the additional information required and the likely processing service level.
• Our priority services should not be used where high-risk factors are present, such as: D2 countries, adverse media (specifically ML/TF/PF) or PEP relationships.

Nominated person

• If you select “No” to being the nominated person, ensure the nominated person is clearly identified in the further information section.

Structure chart

• A clear and accurate structure chart should accompany your submission, outlining ownership and control relationships.

Beneficial owner

• Ensure the Three Tier Test has been applied and evidence has been provided.
• The Registry apply a 10% threshold for reporting beneficial ownership and control at incorporation.
• Where individuals are reported as beneficial owners but not controllers, provide a clear rationale as to why the controller role has been discounted. Refer to the beneficial ownership guidance for exemptions under the DPI Order and ensure all required information is included.

Controller

• Apply the Three Tier Test to identify controllers.
• Ownership through Trust
• For all reportable parties associated with a Trust, refer to the relevant guidance here.

Full name

• Use full legal names, including middle names, of associated parties as per their identification.
• Ensure consistency between the names reported in the submission and the identification documents.
• If the name includes an initial only, confirm alignment with their identification so vetting checks can be completed.

Registered office address

• Provide the full registered office address in the submission.

Activities

• Clearly describe any sensitive activities.
• If relying on exemptions, include the full name of the exemption and the applicable law.
• Additional information: Provide any other relevant information that will help us understand the activity e.g. activities being conducted in a D2 jurisdiction.

Risks and rationale

• Risks: Provide details of any high risks associated with the company incorporation, such as: appendix D2, PEPs and adverse media.
• Mitigation of risks: Explain how associated risks are mitigated and what mitigation you have applied as part of your customer due diligence (CDD) process. If additional documentation was obtained as part of your onboarding which would support the risk mitigation, please include this in your application, i.e. an external CDD report obtained on the beneficial owner who has a relevant connection to a D2 jurisdiction.

Nominee member

• If you are holding the shares on behalf of someone, select ‘Yes’ to nominee member.
• If the nominee shareholder is a JFSC regulated TCSP you are exempt from reporting the nominator. Please state; ‘N/A, regulated entity’
• If you are intending on holding the shares until the inaugural meeting, and are not holding them under a nominee arrangement during that period, please confirm in the further information field.

Nature of business code

• For TCSPs submitting on behalf of local residents, do not use codes 4,5,6. These are for use by individuals submitting their own application.
• If the activity is sensitive and relying on exemptions, the Nature of Business code 1A must be selected.

Associated parties registered in Jersey

• Jersey registered entities must not enter details manually. Select from the Jersey registered Entity search, in the Associated parties section.

Partnership forms

• Complete and upload the appropriate Declaration of Partnership form based on the partnership type.

Business names

• If you currently have a business name registered, you must decide whether you want to transfer the name into the limited company or cease the current registration.
• Let us know your intention for the business name in the application.

By following these guidelines, you can help streamline the submission process and avoid common pitfalls that may lead to delays or additional requests for information.

Support

You can refer to our detailed guidance on how to incorporate a company for further information.

For further assistance, our Registry team is available by email [email protected] and phone on 01534 822030.