More support for local companies as JFSC reduces registry fees
We are proposing to change how we approach our Registry fees.
Recognising the pressures on local companies in the current climate, we are offering further support by bringing forward a reduction in our annual confirmation fee for local companies which was to be part of a larger package of changes to come in in 2022.
Since the outbreak of Covid-19, we have waived late payment fees and extended deadlines to help companies. Next year, and provisionally in 2022, we will also be reducing the annual confirmation fee (formerly the annual return) for local companies. Instead of either £235 or £225 (paper or online), all local companies will pay a reduced fee of £220.
This fee reduction brings forward to 2021 part of new proposals we are putting forward to introduce a ‘user pays’ tier structure for our Registry fees. The new structure would see local companies paying less than international companies, which are managed by trust company / fund services businesses and typically require more administration by our Registry team.
Our proposals include freezing fees for international companies in 2021 but increasing them by £45 in 2022 mainly to raise capital for future investment. This will take the full amount payable, inclusive of the levy collected by the JFSC for to Government, to £270. We are also putting forward a 10% increase on transactional registry fees, which would come into effect on 1 January 2021 and apply to all Registry customers.
By introducing this new fees structure, we will be able to build strong and resilient capital reserves for our Registry, allowing us to prepare for the unexpected, while maintaining and developing our new digital Registry.
We have launched a consultation on our Registry fees so that we can provide more transparency and consistency for both local and international companies going forward. We understand the importance of engaging industry early on, so that they can plan for this potential increase in the year ahead.