Proposal to change Registry fees (Consultation No. 4 2016)

Summary

This is a Jersey Financial Services Commission consultation paper proposing new and increased fees charged by the Jersey Companies Registry for filings, searches, retrievals and other registry services under the Registry Laws (covering companies, partnerships, foundations, business names and security interests). It explains the rationale for the fee changes, invites industry comment, and sets out proposed effective dates, but as a draft consultation it does not itself impose binding requirements.

• Annual return fee: Proposed increase from £150 to £200 (online filing) or £210 (paper filing) for companies, partnerships and foundations.
• Business name renewal: Registration of a business name would need to be renewed every three years, a new requirement.
• Incorporation turnaround tiers: A new five tier incorporation pricing structure is proposed, e.g. a five day turnaround priced at £150, £50 less than the current two day standard fee of £200.
• Search and monitoring fees: Some search, retrieval and monitoring fees would be reduced or made free, in line with international transparency standards.
• Other appendix fee changes: Detailed fee tables in Appendices B through I set out specific current versus proposed new fees under each Registry Law (Business Names, Companies, Foundations, ILPs, LLPs, LPs, Security Interests, SLPs), including late filing surcharges and certificate/authentication fees.

The JFSC frames this as satisfying its statutory obligation under Article 15(3) of the Financial Services Commission (Jersey) Law 1999 to consult before introducing or changing fees. Comments were invited from industry and the public, coordinated via Jersey Finance or sent directly to the JFSC, ahead of a stated response deadline; the JFSC indicated it would publish feedback and a final Fees Notice after the consultation, with fees intended to take effect from 1 July 2016 if agreed.

Key obligations

• Interested parties wishing to comment must submit responses to Jersey Finance Limited or directly to the JFSC by Friday 24 June 2016.
• Industry bodies or associations responding should provide a summary of the type of individuals and/or institutions they represent.
• If adopted, businesses using the Registry would need to renew business name registrations every three years.
• If adopted, annual returns would need to be filed at the increased fee levels (£200 online or £210 paper) rather than the prior £150 fee.

Applies to

Jersey companies, registrable partnerships (limited partnerships, limited liability partnerships, incorporated limited partnerships, separate limited partnerships), foundations, business name registrants, trust company businesses, general public and local residents accessing Registry information, holders of security interests registered on the Security Interests Register

Deadlines

• Friday 24 June 2016: Deadline for submitting consultation responses to Jersey Finance Limited or the JFSC.
• 1 July 2016: Proposed effective date for the new Registry fees, if agreed following consultation.
• at least 28 days after publication of the report: Statutory minimum period under Article 15(3) of the Commission Law before which comments on a proposed fee may be made.