Consultation Paper No. 8 2020: Registry Fees - Feedback

Summary

This is the JFSC's feedback paper following Consultation Paper No. 8 2020, which proposed new and increased Registry fees under the new Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 and various entity-specific Companies Registry laws. It confirms the final fee structure the JFSC will implement, having considered five consultation responses, and attaches the final Fee Notices (Appendices A to I) covering business names, companies, foundations, partnerships, LLCs, LLPs and the Security Interests Register.

• New annual confirmation fee: A new annual confirmation fee replaces the old annual return/administration fee for companies, LLCs, foundations and most partnerships. For 2021 it is £80 for entities administered by a regulated service provider and £75 for ordinarily administered companies; limited partnerships (which do not file a confirmation statement) pay an £80 annual fee instead.
• Government Levy: A separate Government Levy of £145 must be collected alongside the annual confirmation fee, making the 2021 total £225 for regulated-service-provider-administered entities and £220 for ordinarily administered companies.
• Class O concession: Following feedback, companies administered by Class O licence holders will pay the same lower fee as ordinarily administered companies, not the higher regulated-sector rate originally proposed.
• Charities exemption: Jersey registered charities will not be charged the Government Levy portion, so their annual confirmation statement fee is set at £0.00.
• 2022 increase: From 1 January 2022 the annual confirmation fee (and the limited partnership annual fee) for entities administered by a regulated service provider rises to £125, bringing the total with the levy to £270; there is no increase for ordinarily administered companies.
• Name reservation and change fees: A new £10 fee applies for reserving a name, with the reservation period extended from six months to two years; a new £110 fee applies for changing the name of a foundation, partnership or LLC.
• General fee increases: All Registry transaction fees increase by 10%, except the five-day incorporation service for ordinarily administered companies; late filing fees also increase by 10%; paper-based fees are abolished; Security Interests Register fees are unchanged pending the next review.

All fees set out in the Fee Notices (Appendices A to I) take effect from 1 January 2021, with the increased 2022 rate for regulated-service-provider-administered entities taking effect from 1 January 2022.

Key obligations

• Entities administered by a regulated service provider must pay a total of £225 (£80 JFSC fee plus £145 Government Levy) for the 2021 annual confirmation statement, rising to £270 (£125 fee plus £145 levy) from 1 January 2022.
• Ordinarily administered companies and companies administered by Class O licence holders must pay a total of £220 (£75 fee plus £145 levy) for the annual confirmation statement, unchanged into 2022.
• Limited partnerships must pay an annual fee of £80 in place of an annual confirmation statement.
• Jersey registered charities must pay £0.00 for the annual confirmation statement, being exempt from the Government Levy.
• Entities reserving a company or entity name must pay a new £10 fee, with the reservation now valid for two years instead of six months.
• A foundation, partnership or LLC changing its name must pay a new £110 fee.
• All Registry transaction fees (other than the five day incorporation service for ordinarily administered companies) are subject to a 10% increase from 1 January 2021.
• Late filings are subject to a 10% increase in the applicable late filing fee from 1 January 2021.
• Paper-based filing fees no longer apply and paper filing options are removed from the fee schedules.

Applies to

companies, ordinarily administered companies, companies administered by a regulated service provider, Class O licence holders, limited liability companies, foundations, limited partnerships, incorporated limited partnerships, limited liability partnerships, separate limited partnerships, registered business names, Jersey registered charities, trust company business

Deadlines

• 1 January 2021: Effective date for all new and increased Registry fees set out in the Fee Notices, including the new annual confirmation fee, name reservation fee, name change fee, and 10% increases to transaction and late filing fees.
• 1 January 2022: Effective date for the increase in the annual confirmation fee (and limited partnership annual fee) for entities administered by a regulated service provider, rising to £125 (£270 total with the Government Levy).
• 30 November 2020: Closing date of the consultation period on Consultation Paper No. 8 2020 (informational, already passed).