On 5 April 2019, the JFSC published Consultation Paper No.3 2019 on proposals to changes to registry fees. Once the final Fees Notice is published, if agreed, the fees will be effective from 1 January 2020 or as and when such fees arise.
The Consultation Paper provides specific information on the proposed fee changes, but this article aims to set out the fee proposals that will affect the work that Pinel Advocates assists clients with.
Companies (Jersey) Law 1991 (the “Law”) – Registration
(Registration timescales in italics)
Within 5 business days
Current fee - £150
New Fee - £165
Within 3 business days
Current fee - £200
New Fee - £220
Within 2 business days
Current fee - £250
New Fee - £275
Within 24 hours
Current fee - £350
New Fee - £385
Within 2 hours
Current fee - £550
New Fee - £605
Out of hours (by agreement)
Current fee - £1000 minimum
New Fee - £1100 minimum
Migrations and reinstatements
Under Article 127T of the Law an application fee or authorization to seek continuance of a company overseas is currently dealt with by the Registry within five business days of receipt for £500. The new proposal is for this application fee to be increased to £750.
Under Article 213 of the Law, the Registry also deals with reinstatement applications in respect of a company or a cell of a company. The current application cost is £500 plus all outstanding annual returns fees. The proposal is to increase this to £750 pus all outstanding annual returns fees.
Summary
Once the Registry has published the feedback from the Consultation Paper, we will then know the exact fee changes that will affect the above and the fees to be paid to the Registry.
If you require assistance with incorporating a business, the migration of a company in to or out of Jersey or the reinstatement of a company then Pinel Advocates will be pleased to provide you with a fixed fee quote.