Registry Fees Consultation Paper No. 8 2020

Summary

This is a JFSC consultation paper proposing changes to the fees charged by the Jersey Companies Registry (and other registers it operates) under the Registry Laws, including the Companies Law, Foundations Law, Limited Liability Companies Law, Limited Partnerships Law, Separate Limited Partnerships Law, Security Interests Law and others. It sets out fee changes intended to take effect from 1 January 2021, with further changes proposed from 1 January 2022, and invites industry comment before finalisation.

• Annual confirmation fee: A new annual confirmation fee (£225 in 2021, rising to £270 from 1 January 2022 for the regulated sector; £220 for ordinarily administered companies, unchanged in 2022) replaces the existing annual return fee and annual administration fee.
• Name reservation fee: A new £10 fee for reserving a name, with the reservation period extended from six months to two years.
• Name change fee: A new £110 fee for changing the name of a foundation, partnership or limited liability company, aligning them with the existing company name-change fee.
• Transaction fee increase: A general 10% increase across most Registry transaction fees, excluding the five-day incorporation service fee (used for ordinarily administered companies), which stays the same.
• Paper-based fees removed: Paper-based fee options will be discontinued and removed from the fee schedules.
• Security Interests Register: No change proposed to Security Interests Register fees until the next scheduled fee review.

The proposals affect regulated businesses using the Registry as well as members of the general public and local residents who register or maintain entities in Jersey. The JFSC is seeking feedback, either directly or via a coordinated Jersey Finance response, before finalising and publishing the Fees Notice, with adopted fees intended to take effect from 1 January 2021 (and further changes from 1 January 2022).

Key obligations

• Interested parties wishing to comment directly must send responses to the JFSC by 30 November 2020
• Interested parties wishing to respond via the coordinated industry channel must send comments to Jersey Finance by 1 December 2020
• Industry bodies or associations responding should also provide a summary of the individuals or institutions they represent
• If adopted, all entities will be required to file an annual confirmation statement (replacing the annual return) and pay the corresponding annual confirmation fee
• If adopted, late filing of the annual confirmation statement will attract escalating late fees depending on how many months late it is filed

Applies to

companies, ordinarily administered companies, regulated service providers and their client companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships, limited partnerships, separate limited partnerships, businesses registered under the Registration of Business Names Law, entities registering security interests, trust company businesses, general public/local residents using Registry services

Deadlines

• 30 November 2020: Deadline for comments sent directly to the JFSC on the consultation paper
• 1 December 2020: Deadline for comments sent to Jersey Finance for a coordinated industry response
• 1 January 2021: Proposed effective date for the new Registry fees, including the new annual confirmation fee, name reservation fee, name change fee and 10% transaction fee increase
• 1 January 2022: Proposed date for further increase of the annual confirmation fee for the regulated sector to £270 (no change for ordinarily administered companies)