Jersey registered companies will pay an extra £25 to file their annual return next year, as the Jersey Financial Services Commission (JFSC) increases registry fees for the first time in three years.
The fee increase, which is broadly in line with inflation, follows an island-wide consultation on registry fees and services. The JFSC had initially proposed a £30 increase but has listened to public feedback and reduced it by £5. Businesses will now pay £235 to file their annual return and £225 if they file online. Some other registry fees, such as incorporation fees, will also go up by 10%.
At the same time, the JFSC is halving fees for certain record searches, which will eventually be free of charge.
Registrar of Companies, Julian Lamb commented: “We have taken on-board the feedback we received from Jersey residents and businesses and consequently decreased the annual return fee from what we originally proposed. Before 2017, we hadn’t increased our fees for 13 years and these new charges on the whole remain lower than Jersey’s direct competitor jurisdictions. The increases are necessary for us to maintain and enhance the registers we hold, while managing the increasing volumes of applications and submissions that we deal with on a daily basis. We are also facing greater costs to protect against the threats posed by cyber and financial crime.”
During the consultation period, the JFSC also asked for islanders’ opinions on introducing a £50 business name renewal fee every three years. Following feedback, this proposal is on hold while the JFSC undertakes further analysis and consultation with Jersey businesses on whether there is a future need for a Register of Business Names.
The JFSC is writing to Jersey registered businesses and trust companies to advise them of the new fee changes, which will come into effect on 1 January 2020.
The consultation feedback is available to view on the JFSC’s website.
