JFSC brings forward fee reduction to support local firms

Wednesday 04 November 2020

The JFSC has brought forward a reduction in the Registry’s annual confirmation fee that was planned for 2022.

The Commission says the move is aimed at assisting businesses in the wake of covid-19, and comes alongside a previous decision to waive late payment fees and extend 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 plans 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. 

“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,” JFSC Director General Martin Moloney said.

“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.”