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A decision made 15 December 2010 regarding: Annual Company Fees - Green Paper: Response paper - presentation to the States

Decision Reference: MD-E-2010-0204
Decision Summary Title :	Consultation Response on Annual Company Fees		Date of Decision Summary:	13 December 2010
Decision Summary Author:	Assistant, Finance Industry Development		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Consultation Response on Annual Company Fees		Date of Written Report:	December 2010
Written Report Author:	Assistant, Finance Industry Development		Written Report : Public or Exempt?	Public
Subject: Annual Company Fees - Green Paper consultation: presentation to the States of the Response Paper summarising responses.
Decisions: The Minister decided to present the Response Paper to the States.
Reasons for Decision: A Green Paper was issued on 13 August 2010 seeking the public view over whether the annual company fee was set at an appropriate level. The closing date for responses was 24 September 2010. This Response Paper summarises the responses received.
Resource Implications: There are no cost or manpower implications for the States.
Action required: The Economic Development Department to take such steps as are necessary for the Response Paper to be issued forthwith and the Greffier to be requested to arrange for it to be presented to the States Assembly.
Signature: Senator AJ Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):

Annual Company Fees - Green Paper: Response paper - presentation to the States

MINISTER FOR ECONOMIC DEVELOPMENT

RESPONSE TO Consultation on Annual Company FEES

1. Issue and Recommendation

1.1. A Green Paper was issued on 13 August 2010 seeking the views of the public on issues relating to the level of annual company fees in Jersey The closing date for responses was 24 September 2010. These responses have been summarised in a Response Paper.

1.2. It is recommended that the Minister approves the Response Paper and that the Paper be issued.

1.3. There are no manpower or cost implications for the States.

2. Background

2.1. The Green Paper sought to ascertain through public consultation whether the annual company fee was set at an appropriate total level so that:

i) the States (and accordingly the people of Jersey) received an appropriate level of benefit from those choosing to incorporate companies in Jersey; and

ii) the level of fee charged was not such so as to discourage business from coming to Jersey or setting up business in Jersey.

2.2. The consultation was issued by the Economic Development Department following the Treasury Minister’s commitment to the States in December 2009 to review the situation. (The Treasury Minister advises on the appropriate level of fee payable to the States of Jersey; the Economic Development Minister lodges Regulations setting the level of that fee agreed by the States of Jersey under the Companies (Jersey) Law 1991.)

2.3. Since the proposed increase in fees included an increase in the fee charged by the Jersey Financial Services Commission, the consultation was issued jointly with the Commission. As such, the Green Paper also represented the Commission’s consultation in respect of a proposed fee increase under Article 201 of the Companies Law.

2.4. Nine responses were received, the majority of which were from people or organisations connected with the finance industry. The Response Paper summarises those responses and confirms the Minister’s views in light of them as well as that agreed with the Commission (as joint party to the consultation).

3. Recommendation

3.1. It is recommended that the Minister approves the Response Paper and that the paper should be issued.

DIRECTOR, FINANCE INDUSTRY DEVELOPMENT