The Jersey Financial Services Commission is proposing to change its approach to Registry fees.
Recognising the pressure on local companies in the current climate, it plans to bring forward a reduction in the annual confirmation fee for local companies as part of a larger package of changes scheduled for 2022.
Since the outbreak of Covid-19, the Commission has waived late payment fees and extended deadlines.
Next year, and provisionally in 2022, it will also reduce the annual confirmation fee (formerly the annual return) for local companies. Instead of £235 or £225 (paper or online), all local companies will pay a reduced fee of £220.
The fee reduction brings forward to 2021 part of new proposals to introduce a ‘user pays’ tier structure for the JFSC's Registry fees.
The new structure would see local companies paying less than international companies, which are managed by trust company/fund services businesses and typically require more administration by the Registry team.
The proposals include freezing fees for international companies in 2021, but increasing them by £45 in 2022, mainly to raise capital for future investment.
This will take the full amount payable, inclusive of the levy collected by the JFSC for government, to £270.
The Commission is also putting forward a 10% increase on transactional Registry fees, which would come into effect on 1 January 2021 and apply to all Registry customers.
• To view the consultation on Registry fees, click here – responses should be submitted by 1 December.