Schedule of Fees and Charges
Corporate Service Fees
| One-off fees (1) | |
| Incorporation of a standard Jersey Company | from £2,000 |
| Transfer in of an existing Company | from £1,000 |
| Dissolution or Transfer out | from £1,500 |
| Annual responsibility fees (2) | |
| Provision of Registered Office and Company Secretary | £3,000 |
| Provision of Registered Office and Company Secretary and Corporate Director | £3,500 |
| Annual Compliance Monitoring (3) | from £500 |
| Activity fees | |
| Register Company for Data Protection (excludes JOIC fee) | £50 |
| Register Company as an ISE (excludes ISE fee) | £150 |
| Prepare and Submit Annual Completion Statement (excludes Annual Confirmation Statement fee) | £150 |
| Administration (see note) | Time Charge |
Administration charges are payable on a time spent basis in addition to the above responsibility fees for the provision of a Registered Office or for the holding of the office of Director and/or Company Secretary.
Forward Group Limited does not levy a minimum charge for administration, however, clients are generally advised to allow £1,000 a year to cover any regulatory mandated reviews, and general administration time required even in respect of an inactive or dormant entity.
Dissolution and transfer out fees relate solely to the statutory filing requirements and excludes any work in relation to the transfer or realisation of assets and liabilities.
Corporate Disbursements
Fees shown above do not include third party or statutory fees, including:
- Company incorporation fee payable to JFSC (from £165 – £650 on incorporation depending on required speed of delivery)
- Company confirmation statement, currently £225 per year
- International Service Entity registration fee, currently £300 per year
- Registration with the information commissioner, currently £50 per year
Trust Service Fees
| One-off fees (1) | From |
| Fees for arranging the preparation and engrossment of a Standard Trust instrument, including the establishment of the principal records of the Trust and to assist with a Letter of Wishes. | £3,000 |
| Transfer in of an existing Trust, including the execution of any required Deeds of Retirement and Appointment | £2,000 |
| Annual responsibility fees (2) | |
| Provision of a Corporate Trustee | £3,000 |
| Annual Compliance Monitoring Fee (3) | £500 |
| Activity fees | |
| Administration (see below) | Time Charge |
Administration charges are payable on a time spent basis in addition to the above responsibility fees for the holding of the office of Trustee.
Trust Disbursements
Fees shown above do not include third party fees, including legal fees in the drafting of trust deeds, deeds of retirement and appointments, letter of wishes or other legal documentation or for external investment performance reviews etc.
Time Charges
Time is chargeable in units of 6 minutes at the following standard hourly rates:
| Director / Associate Director | £300 |
| Manager / Senior Manager | £250 – £300 |
| Assistant Administrator / Administrator / Senior Administrator | £150 – £250 |
| Bookkeeping / Client Accounting | £150 – £275 |
Time charges are generally levied either quarterly or monthly in arrears. Rates are the usual charge-out rates for that grade of staff but should be considered indicative only as not all job titles or staff grades are shown, and in certain cases charge out rates may be uplifted, or reduced, depending on the specialist nature or risk of the work undertaken (e.g. work in relation to litigation claims is charged out by directors at £400/hr).
Accountancy and Taxation
| Preparation of annual accounts | from £1,000 |
| Annual FATCA / CRS classification / verification per entity | £250 |
| Responsible officer for a financial institution (per yr) | £500 |
| Complete a Jersey Tax return (no economic substance requirements) | £350 |
| Complete a Jersey Tax return (with economic substance requirements) | £750 |
| Complete a UK ATED return | from £500 |
| Complete a UK Non Resident Landlord return | from £1,000 |
| Complete a UK VAT return in respect of UK property income | from £500 |
| Complete a UK CGT/CT return in respect of a disposal of property | from £1,000 |
Certain of the above services may be conducted on our behalf by our associated Chartered Accountancy practice GS Accountants or by specialist UK tax advisors.
General
Notes
1 Take on and formation fees
Formation fee and transfer in fees assume a standard / non-complex investment or similar company or a standard discretionary trust.
Where a license for a company, or the company has other risk factors, is involved in sensitive activities, or is a more complex trust arrangement and where during the course of our onboarding process we discover that further investigations are necessary or other high-risk factors are encountered, then the fee may increase with the time spent.
Where risk factors lead to extensive additional work prior to onboarding, we may request a payment on account for this work. Fees paid on account would not be refundable in the event Forward Group elect not to proceed with the engagement. Where a payment on account is requested, then no further transfer-in or incorporation fee will be levied should the structure be taken on. We may require an independent report to be commissioned on certain areas of anti-money laundering legislation where we require a greater understanding or level of comfort at the client’s expense.
2 Annual responsibility fees
Annual fees are the fee for the holding of an office of a Company or holding the position of Trustee only and the fee does not include any work in that capacity, which is otherwise billed quarterly or monthly in arrears depending on the size and activity of the structure.
Detailed timesheets are available to support all invoices, however, they are not generally provided for invoices of less than £1,000 unless specifically requested. Fixed administration fees are available by negotiation for certain structures.
3 Compliance Monitoring fees
Compliance monitoring fees are risk-adjusted for any high-risk factors such as higher risk activities, or for structures involving certain high profile or politically exposed persons. Where a large structure is owned by a limited number of individuals then monitoring fees can be capped across the structure.
Compliance monitoring fees are for the time spent monitoring compliance risk, such as the ongoing screening and sanctions monitoring on the beneficial owners, directors and other connected entities. The fee does not include the time spent in respect of annual file or other regulatory mandated reviews, or the time costs in resolving any matters identified during those reviews which are charged on a time spent basis.
Billing cycles
Billings are usually referenced to calendar quarters. Very active or larger structures are usually invoiced monthly. Time spent invoices are invoiced in arrears and annual fees are invoiced in advance.
On establishment or transfer in, Annual fees are raised for a full year. The following January any unbilled quarters falling due in that year will also be invoiced. The January annual fees invoice aligns the billing period to the calendar year. Apportionment of fees is done by reference to calendar quarters.
For example, a client incorporated on 15 July 2021 (Quarter 3) would be invoiced on incorporation for the annual fees for a year, which would be the 3rd and 4th quarters of 2021 and the 1st and 2nd quarters of 2022 (one full year). In January 2022 they would be further invoiced for the 2022 quarter periods that had not been billed, in this case the 3rd and 4th quarters of 2022 (half a full year). Subsequent years annual fees are billed on a calendar year basis.
Any transfers in, or incorporations, occurring in the last quarter of the year will be invoiced for the last quarter together with the following year in full on incorporation.
Statutory and activity fees are usually invoiced along with any third quarter invoices to ensure that the company returns can be filed in accordance with the statutory deadlines.
General
Please contact us for fees in relation to Partnerships and Foundations.
In the event of any queries in relation to our fees and charges please do not hesitate to contact us to discuss further. The fees on this page are subordinate to those specified in any engagement documentation and should read in conduction with our terms and conditions. Click here to view our Terms and Conditions