As of 1 January 2017, new fees will apply to the Jersey Companies Registry. The headline changes are set out below:
Increase in annual return fee to £210: The increase in fees is to cover the increasing cost of cyber security and the cost of facilitating public access to information
Applying new penalties: Penalties for late filing will be commensurate with the length of time the filing is overdue. Penalties for the late submission of annual returns will increase by £50 per month until the end of June (when the Registry sends out “strike off” notice). Annual returns submitted after this date will incur higher penalties of £100 per month until the next strike off date (the first working day of October of each year).
Five Tier System: A new five tier system for company incorporations will be introduced. The charge for a fiveday incorporation will be £150; £50 less than the current two-day incorporation cost.
Ultimate Beneficial Ownership and Control: From 30 June 2017, all corporate and legal entities will be required to update the Jersey Companies Registry of any changes to ultimate beneficial ownership and control within 21 days of the change.
Register of Directors: The Registry is planning to create a centrally held (but not publicly available) Register of Directors. All companies will need to notify the Registry of all directors and ensure that this information is kept up to date and accurate because this information may be exchanged with law enforcement and tax authorities upon request