Fees levied for establishing companies and partnership structures in Jersey are set to remain the same in 2010, increasing the attraction of Jersey as a competitive jurisdiction for corporate and funds work compared to other finance centres, such as the Cayman Islands whose fees for similar structures have multiplied four fold since 1 January this year.
Jersey’s annual company incorporated fees remain at a mere £150 ($210), compared to Cayman whose fees have increased to between £688 – £1,887 ($1,100 – $3,000).
The ‘Application Fees’ for company and partnership structures in Jersey for 2010 are as follows:
· £1,000 for each application for a certified and recognised funds and an additional £1,000 in respect of each fund service provider in relation to a certified fund
· £500 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 £1,000. The annual fees for existing permit and certificate holders for Collective Investment Funds and fund services business licence holders also remain unchanged for 2010.
Geoff Cook, chief executive of Jersey Finance, commented:
“Despite a difficult and challenging climate over the past twelve 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 centre for international funds business that is highly cost-effective compared to competitor jurisdictions.”