Recognising the pressures on local companies in the current climate, the Jersey Financial Services Commission (JFSC) is bringing forward a reduction in the Registry’s annual confirmation fee that was planned for 2022.
Since the outbreak of Covid-19, the Registry has supported businesses by waiving late payment fees and extending deadlines. Now the JFSC wants to bring forward a reduced fee of £220 for local companies, which is part of a wider restructuring of registry fees that the JFSC wants to implement in 2022.
The reduction is part of new JFSC proposals to introduce a ‘user pays’ tier structure for Registry fees that 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.
Martin Moloney, JFSC Director General commented:
“We understand the importance of providing companies registered in Jersey with some consistency in relation to fees, so that they can plan for the future. Local companies’ fees should remain at this level until the next inflationary increase in 2023. By changing our fee structure in the way we are proposing, we will be able to build strong capital reserves so that we can continue to enhance our offering and ensure that we remain a leading jurisdiction where companies choose to do business. Other jurisdictions will be investing heavily in their registries; we will not fall behind.”
The JFSC is already showing its commitment to developing and maintaining first-class registers with the forthcoming unveiling of its new digital Registry. Moving totally online, the new Registry will make it easier for all customers to share, access and update their information.
Julian Lamb, the Registrar said:
“There is a fundamental change in what is demanded of registries in jurisdictions with strong global reputations. We are required to manage data much more accurately, not only for vetting, but also for supervision and this costs money. We have invested heavily in our new infrastructure, ensuring we are more user-friendly and resilient, and we must continue this investment in years to come. Our customers will benefit hugely from the improvements.”
The JFSC is consulting on its proposals to reform registry fees. You can find more information on the JFSC website.