Feedback on Registry fees Consultation No.7 2023

Summary

This is the JFSC's feedback paper on Consultation No. 7 2023, which proposed changes to Registry fees (covering companies, limited partnerships, limited liability partnerships, limited liability companies, foundations, security interests and business names registers). Three responses were received, including a consolidated response from Jersey Finance Limited and input coordinated by JATCO. Despite concerns raised, the JFSC confirmed it will proceed with the fee increases as originally proposed, effective 1 January 2024, with revised fees notices set out in the appendices.

• Fee increase rationale: The increase reflects a pure RPI calculation from the previous increase date through June 2023 (RPI: 2021 3.5%, 2022 7.9%, 2023 10.9%).
• Timing concerns: Respondents asked for Registry fee consultations to be completed earlier in the year relative to annual billing cycles; the JFSC will consider this in its wider fee and funding review.
• Two-tier annual confirmation fee retained: The JFSC will keep the existing two-tier annual confirmation fee structure based on whether an entity is administered by a trust company or fund services business (except where the TCB holds only a Class O licence), despite industry concerns about local entities being caught by the higher fee.
• Service quality concerns: Respondents raised concerns about value for money, system rollouts and staff turnover; the JFSC noted a material Registry system upgrade is planned for H1 2024.
• Revised fees notices: Appendices set out the finalised fee notices under the Registration of Business Names (Jersey) Law 1956, Companies (Jersey) Law 1991, and other Registry Laws, effective 1 January 2024.

The document is primarily informational, reporting on consultation responses and confirming the final fee schedules; it does not itself create new ongoing compliance duties beyond the fee payment obligations already applicable to Registry filings and confirmations, now at revised rates from 1 January 2024.

Key obligations

• Entities and their administrators must pay the revised Registry fees (registration, annual confirmation statements, filings, certificates, searches) set out in the appendices, effective from 1 January 2024.
• Late filing of annual confirmation statements or accounts attracts escalating late fees based on how many months after the due date the filing is made, as set out in the fee schedules.

Applies to

companies, trust company or fund services businesses, limited liability partnerships, limited partnerships, incorporated limited partnerships, separate limited partnerships, foundations, businesses registered under the Registration of Business Names (Jersey) Law 1956, Jersey Companies Registry filers

Deadlines

• 1 January 2024: Revised Registry fees set out in the appendices take effect.
• 24 November 2023: Consultation period closed (informational only, not a forward-looking deadline).