Minister for Economic Development John Shimmin MHK said:
‘The changes are the result of a comprehensive strategic review of all the fees charged by the Companies Registry, taking into account the priorities identified in the Government’s ‘Agenda for Change’, the needs of local business and our need as an international business centre to remain competitive with other jurisdictions.
‘I am satisfied that along with the inevitable increases we have been able to limit the increase in some areas, reduce it in others and reduce bureaucracy by removing one altogether.’
The changes are broken down as follows:
The cost of incorporating a 1931 Act company, a 2006 Act company, registering a Limited Liability Company, a foreign company or a limited partnership falls to £100 from £195.
The cost of registering a limited partnership falls to £100 from £220.
The Companies Registry will also offer a fast track service to those prepared to pay a higher fee if they need their company urgently. The new fast track fees will be:
- ‘While You Wait’ incorporations / registration - £500
- 2 Hour incorporation / registration - £250
- Standard incorporation / registration, guaranteed within 24 hours - £100
- The Annual Return fee, which accounts for over 80% of Companies Registry income, will increase 5% from £360 to £380. This represents a rise of half the rate of inflation since the last increase in 2010.
- Non-profit making, residential property management companies and educational, recreational and sporting clubs, LLC’s and Limited Partnerships pay a reduced Annual Return fee which is being increased from £85 to £95.
- Registered charities will continue to be exempt from payment of the Annual Return fee (but not late filing fees).
- Cost of examining a company file will increase from £2.60 to £5.00
- Cost of examining a document on-line will increase from £1.15 to £2.00
- Cost of providing a certificate of fact is being increased from £41 to £50
- Fast track service if a certificate of fact is required within 3 hours: £100
The Department is also taking steps to reduce red tape by doing away with the additional fee that has historically been payable by 1931 Act Companies wanting a large share capital in order to demonstrate their value. This fee was set at £17 for every £1,000 or part thereof in excess of £2,000, with a maximum aggregate fee of £5,000. This change could save a large company £5,000.
The Department’s Political Member with responsibility for the Companies Registry, Alan Crowe MLC commented:
‘One of the Department’s key aims is to promote diversification by encouraging new business. I hope our innovative approach to the Companies Registry fees along with the Government’s commitment to maintain a competitive tax system will assist those in the private sector who are also trying to attract new business to the Isle of Man.’
Copies of the new fees are available on the Companies Registry web site at http://www.gov.im/ded/companies/fees_2014.xml
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