Higher fees and new rules for registering company info

Wednesday 02 November 2016

Tighter rules on registering company details so they can be shared with law enforcement and tax authorities on request are being implemented in Jersey.

As well as forcing companies to tell the Companies Registry within 21 days of any changes to beneficial ownership and control, the States are also creating a central Register of Directors, which local businesses will need to ensure is up to date.

The Companies Registry has written to local businesses informing them about the changes - the letter says that...

"...information obtained from the requirement to provide a) up-to-date beneficial ownership and control information and b) director details, will not be made available on the public register by the Registry. However, this information will be exchanged with law enforcement and tax authorities upon request."

The letter also says that annual return fees for companies are going up by 40%, from £150 to £210..."to cover the increasing cost of cyber security, and the cost of facilitating public access to information, thereby encouraging good governance and transparency."

That letter from the Jersey Financial Service Commission co-incided with a States media release which says that there is now an "enhanced policy on Beneficial Ownership and a Register of Directors." 

Senator Philip Ozouf, Assistant Chief Minister: Financial Services, Competition, Digital & Innovation, Government of Jersey, stated:

“In the Government of Jersey’s Financial Services Policy Framework, published in April 2014, the Government clearly set out that being ‘Responsible’ was one of four core principles upon which a financial services policy for Jersey was based.  As a leading international finance centre, Jersey commits to comply with international standards and global initiatives. Jersey is considered a responsible partner to the UK, the EU and other international jurisdictions and aims to be a ‘good citizen’ internationally. Our obligation as a responsible international finance centre require us to continue to develop our own domestic policies so that we continue to be regarded as one of the most stable and successful international financial centres in the world. The Government see this policy as an enhancement of an already effective functioning system in Jersey but this announcement further develops our policy and our ability to exchange information with law enforcement and tax authorities so that it is robust and effective for the future.”

John Harris, Registrar of Companies and Director General of the JFSC said:

“The Jersey Financial Services Commission will be deploying the Government of Jersey policy, but the timelines for the implementation are very tight and, in order to meet the deadlines, we will be working with industry and related interest groups, plus there will be an extensive programme of outreach to ensure the process of delivery is efficient and effective.

A requirement to obtain beneficial ownership information already exists, so this is a matter of centralising collection for all Jersey registered entities, which will enhance our current leading position, as formally recognised in our recent Council of Europe MONEYVAL assessment and part of our ongoing work to comply with their recommendations. 

In addition, work already undertaken as part of our Change programme will make the process smarter taking advantage of modern technology.”