Limited Partnerships (Fees) Regulations, 2020

Summary

This 2020 Guernsey statutory instrument amends the Limited Partnerships (Fees, Annual Validations and Miscellaneous Provisions) Regulations, 2016 by replacing the fee schedule and adding fees relating to migration of limited partnerships into or out of Guernsey. It sets out the amounts payable to the Guernsey Registry (Greffier), the Guernsey Financial Services Commission, HM Procureur and the Director of the Revenue Service for various filings, certificates and migration applications.

• Migration out consent fee: An application for the Commission's consent to remove a supervised limited partnership from the Register (for migration to another jurisdiction) must be accompanied by a fee of £2,267.
• HM Procureur and Revenue Service fees: Applications to remove a supervised or non-supervised limited partnership from the Register require fees of £280 (or a lesser amount at HM Procureur's discretion) to HM Procureur and £25 to the Director of the Revenue Service; only one such fee is payable per application, with no double charge for supervised partnerships under regulation 18(2)(b).
• Annual validation and late fees: The Annual Validation fee is £500, with a late filing fee of £100 per calendar month or part thereof, applied from 1 July in the year the validation is due.
• Ongoing administration fees: A late document filing fee of £2 per day (capped at £100) applies after the filing deadline; copies of filings cost £2 (electronic) or £10 (certified) per document.
• Certificates and register statements: Certificates of registration, name/address change certificates, statements of the Register and certificates of good standing each cost £10 electronic or £25 certified.
• Migration fees: Migration In (registering an overseas limited partnership as a Guernsey limited partnership) costs £350; Migration Out (transferring registration to another jurisdiction) costs £1,500.

The Regulations came into force on 30 July 2020 and apply to general partners and registered agents of Guernsey limited partnerships, including supervised limited partnerships, in connection with annual validations, document filings, certificate requests and cross border migrations.

Key obligations

• An applicant seeking Commission consent to migrate a supervised limited partnership out of Guernsey must pay a fee of £2,267 with the application.
• Applicants for removal of a supervised or non-supervised limited partnership from the Register must pay £280 (or a lesser discretionary amount) to HM Procureur and £25 to the Director of the Revenue Service.
• Limited partnerships must pay an Annual Validation fee of £500.
• Late annual validation or declaration of compliance filings incur a £100 per month (or part thereof) late fee, applied from 1 July in the year the validation is due.
• Late document filings incur a £2 per day fee after the filing deadline, capped at £100.
• An application to register an overseas limited partnership as a Guernsey limited partnership (Migration In) requires a fee of £350.
• An application to transfer a Guernsey limited partnership's registration to another jurisdiction (Migration Out) requires a fee of £1,500.

Applies to

limited partnerships, supervised limited partnerships, general partners of limited partnerships

Deadlines

• 30 July 2020: Commencement date of these Regulations.
• 1 July in the year the validation is required: Date from which the £100 per month late filing fee for annual validation or declaration of compliance is applied.

Related documents

• This document is made under Limited Partnerships (Guernsey) Law, 1995