Consultation on proposals to change Registry fee rates (No.7 2023)

Summary

This is a JFSC consultation paper proposing an increase in Registry fee rates across the various registers it operates, including companies, foundations, limited partnerships, limited liability companies, limited liability partnerships, security interests and business names. It sets out the background, the rationale for the increase, and draft fee notices for each Registry law in the appendices, and invites feedback from industry.

• Scope: Covers fees under the Registration of Business Names (Jersey) Law 1956, Companies (Jersey) Law 1991, Foundations (Jersey) Law 2009, Incorporated and Separate Limited Partnerships Laws 2011, Limited Liability Companies (Jersey) Law 2018, Limited Liability Partnerships (Jersey) Law 2017, Limited Partnerships (Jersey) Law 1994, and Security Interests (Jersey) Law 2012.
• Proposed increase: A general fee increase of 22.3 percent (rounded to the nearest £5), reflecting RPI since the last increase, with no structural changes proposed to the fee model.
• Ordinarily administered entities: Annual confirmation or annual administration fees for entities not administered by a trust company or fund services business (other than class O business) are proposed to be fixed at £75 rather than increased by the full RPI rate.
• Government levy: The Government of Jersey proposes to increase the annual confirmation statement levy by RPI to £175, while retaining a £145 levy for ordinarily administered entities.
• Consultation question: Respondents are asked whether they agree with the proposed RPI-linked fee increase of 22.3 percent.
• Next steps: If agreed following consultation, the JFSC will publish feedback and a final Fees Notice, with new fees intended to take effect from 1 January 2024.

As a consultation document, it does not itself impose binding obligations; it invites comments from regulated businesses and the public before final fee notices are issued.

Applies to

companies, foundations, limited partnerships, incorporated limited partnerships, separate limited partnerships, limited liability companies, limited liability partnerships, business names, entities registered on the Security Interests Register, trust company business, fund services business

Deadlines

• 24 November 2023: Deadline for interested parties to submit comments on the consultation, either to Jersey Finance Limited or directly to the JFSC.
• at least 28 days after publication of the report: Statutory minimum consultation period under Article 15(3) of the Commission Law before comments must be allowed on a proposed fee.
• 1 January 2024: Proposed effective date for the new Registry fees and Government levy increase, if agreed following consultation.