Jersey Holds Fees To Boost Competitiveness

by Jason Gorringe, Tax-News.com, London

13 January 2010

Jersey Finance has announced that fees levied for establishing companies and partnership structures in Jersey are to remain the same in 2010, enhancing Jersey’s competitiveness relative to other offshore financial centers. Due to falling revenues in other finance centers, some other governments of offshore territories have been forced to increase fees as much as four-fold.

Jersey’s annual company incorporated fees remain at GBP150 (USD210). Jersey Finance points out that, by contrast, company fees in the Cayman Islands have increased in 2010 to between GBP688 and GBP1,887 (USD1,100 and USD3,000).

The Application Fees for company and partnership structures in Jersey for 2010 are as follows:

• GBP1,000 for each application for a certified and recognized fund and an additional GBP1,000 in respect of each fund service provider in relation to a certified fund;
• GBP500 for every additional pool of assets to an existing umbrella fund which is a recognized fund or certified fund.

In addition, applications for registrations to conduct fund services business remain at GBP1,000. The annual fees for existing permit and certificate holders for collective investment funds and fund services business license holders also remain unchanged for 2010.

Geoff Cook, Chief Executive of Jersey Finance, commented:

“Despite a difficult and challenging climate over the past 12 months, Jersey’s funds industry has performed relatively well and Jersey’s fee structure for funds and company work remaining unchanged in 2010 is excellent news. This gives fund managers and service providers confidence in Jersey as a quality center for international funds business that is highly cost-effective compared to competitor jurisdictions.”

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