Proposals to introduce new registry fees and change existing (Consultation No. 3 2019)

Summary

This is a JFSC consultation paper proposing new and revised fees charged by the Jersey Companies Registry under the various Registry Laws (covering companies, partnerships, foundations, limited liability companies, business names and the Security Interests Register). It sets out the rationale for the fee changes and invites feedback before the fees are finalised.

• Annual return fee: Proposed increase from £200 to £230 (online) or £240 (paper) for companies, partnerships and foundations.
• Incorporation fees: Five tier incorporation turnaround system retained, ranging from £165 (five day turnaround) up to £275 (two day standard turnaround).
• Search fees: General online search fee reduced from £4 to £2, with some basic record searching and monitoring to remain or become free.
• Schedule of Maximum Sums: Costs a company may charge under the Schedule of Maximum Sums left unchanged, on the assumption most documents are produced electronically at £10.
• Business name renewal: Proposal to require business name registrations to be renewed every three years, subject to amendment of the Registration of Business Names (Jersey) Law 1956.
• Other Registry fees: Various other fees (e.g. certificates of good standing, authentications, postal searches, ad hoc services) are proposed to increase modestly, with detailed figures set out in Appendices B to J for each Registry Law.

The JFSC states this consultation satisfies its statutory obligation under Article 15(3) of the Financial Services Commission (Jersey) Law 1998 to publish a report and seek comment before introducing or amending fees. If adopted, the fees would take effect from 1 January 2020 (or later for fees tied to the not-yet-in-force Limited Liability Companies (Jersey) Law 2018).

Key obligations

• Interested parties wishing to comment must submit responses to Jersey Finance Limited or directly to the JFSC by Friday 24 May 2019.
• Industry bodies or associations responding must also provide a summary of the types of individuals or institutions they represent.

Applies to

companies, limited liability partnerships, limited partnerships, incorporated limited partnerships, separate limited partnerships, foundations, limited liability companies (once law in force), business name registrants, trust company businesses, members of the general public who use the Registry

Deadlines

• Friday 24 May 2019: Deadline for submitting consultation responses to Jersey Finance Limited or the JFSC.
• 1 January 2020: Proposed effective date for the new Registry fees, if agreed following consultation.
• first quarter of 2020 or earlier: Expected date the Limited Liability Companies (Jersey) Law 2018 comes into force, triggering the associated fees set out in this consultation.