FEES

Forward Group Fees and Charges

Schedule of Fees and Charges

Jersey Corporate Service Fees

Forward charges for its Jersey Corporate Service Fees within three categories: One-off fees that are not expected to recur, Annual fees which represent the fee for the holding of and office or position, and, activity fees for the doing of any required work.  One of and Annual fees are billed initially and then in January.  Activity fees tend to be billed when the associated work has been completed quarterly in arrears. 

One-off fees (1)
Incorporation of a standard Jersey Company from £2,200
Incorporation of a standard Jersey Company (fast track <2 days) from £3,500
Transfer in of an existing Companyfrom £1,000
Dissolution or Transfer outfrom £2,000
Annual responsibility fees (2)
Provision of Corporate Directors (if applicable) and/or
Registered Office, Company Secretary and Nominated Person
£3,750
Annual Compliance Monitoring (3)from £750
Activity fees
– time spent
General administration and bookkeeping (excluding the below)£Time spent
– fixed fees in addition to general administration
Preparation of annual financial statementsfrom £1,250
Annual FATCA / CRS classification / verification per entity£450
Prepare and submit Jersey Tax return£475
Annual registration for Data Protection£150
Annual registration of Company as an ISE£150
Prepare and Submit Annual Confirmation Statement£225

Administration charges forming part of Jersey Corporate Service fees 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-£2,000 per year to cover regulatory mandated reviews, general administration, and client interactions that are required even in respect of an inactive or dormant entity. Dormant entities are still required to prepare and file tax returns with their annual financial statements.

Dissolution and transfer out fees relate solely to the preparation and filing of the necessary filing forms with the Jersey Financial Services Commission and excludes any work in relation to the transfer or realisation of assets and liabilities which would be chargeable on a time spent basis. 

 

Corporate Disbursements

The Jersey Corporate Service fees shown above do not include third party or statutory fees, including currently:

One-off disbursements (1)
Company incorporation fee payable to JFSC£200 – £820
Disbursements due in January annually (1)
Company confirmation statement (payable to JFSC from the first full calendar year)£330
International Service Entity (ISE) registration fee (payable to Jersey tax)£300
Data Protection Registration Fee (payable to Jersey Office of the Information Commissioner – JOIC)£50

Disbursements prices may be subject to change without notice. A full list of fees charged by the Company Registry to Companies is available on the JFSC website here.  Information on the ISE is available on the gov.je website here. Information on the JOIC fee is available from the Office of the Information Commissioner website here.

 

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£3,500
Annual Compliance Monitoring Fee (3)£750
Activity fees
– time spent
General administration and bookkeeping (excluding the below)£Time spent
– fixed fees in addition to general administration
Preparation of annual financial statementsfrom £1,250
Annual FATCA / CRS classification / verification per entity£450
Complete a Jersey Tax returnfrom £475

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 conducted by third parties.

 

Time Charges

Time charges are generally levied either quarterly or monthly in arrears. Time is chargeable in units of 6 minutes at the following standard hourly rates from 1 January 2024:

Director / Associate Director£325 – £385
Manager / Senior Manager£270 – £325
Assistant Administrator / Administrator / Senior Administrator£150 – £270
Bookkeeping / Client Accounting£225

 

Notes on Fees and Charges

One-off fees (1)

Take on and formation fees
One off fees are generally fixed, however, 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 our onboarding process, subsequent to the issuance of a fee proposal, discover that further investigations are necessary or other high-risk factors are encountered, then the fee may increase with the time spent.

Annual fees (2)

Annual responsibility fees
Annual responsibility fees are the fee for the holding of a particular office only. The fee represents the core cost of being able to offer that service and excludes any work in that capacity, which is billed separately as an activity fee.

Compliance Monitoring fees (3)
Compliance monitoring fees represent the costs of monitoring ongoing compliance matters, such as the ongoing screening and sanctions monitoring required by law on controllers, directors, beneficiaries, settlors, protectors or other connected entities.

Compliance monitoring fees are risk-adjusted by entity and structure to account for any higher-risk factors such as higher risk or sensitive activities, or for structures involving certain high profile or politically exposed persons. Where a large structure is under common ownership or control then monitoring fees can be capped across the structure.

The compliance monitoring fee does not include the time spent in respect of annual file or other regulatory mandated periodic reviews or from trigger events, nor any time spent in resolving any matters identified during those reviews, which are invoiced as activity fees.

Activity fees (4)

Activity fees may be time charged, fixed for a period or for a particular piece of work, or a mixture such that only some administrative activity elements are scoped within a fixed fee arrangement and others charged on a time spent basis. Forward Group charges for certain routine administrative events on a fixed fee basis, irrespective of the time costs for a particular work, as detailed above.

In the event a structure terminates, winds up or transfers out part way through a billing period any fees paid are not pro-rated or refundable.

Fixed administration fees
Fixed administration fees are available by negotiation. Where administration work is chargeable on a fixed fee basis, then invoices will be due and payable in advance for the year.

Time charged activity fees
Where administration work is chargeable on a time spend basis, then invoices will be due and payable monthly or quarterly in arrears depending on the level of activity.

Accountancy and taxation
Preparation of financial statements for most entities under administration is an annual requirement. Entities may also have annual or periodic tax filing or other reporting obligations, for example, certain structures require reporting in Jersey under FATCA or CRS.

Fees for accountancy and tax related services are generally charged on a fixed fee basis, as and when those services are delivered. Bookkeeping fees are charged along with standard administration fees.

General

Billing Cycles
Annual responsibility fees and fixed administration fees are normally referenced to the standard calendar year. Time charges and ad-hoc activity fees are normally billed monthly or quarterly in arrears.

On establishment, or on the transfer in, any Annual Responsibility Fees and Compliance Monitoring Fees are raised for a full year from the date of invoice. The following January any unbilled period falling due in that calendar year will be invoiced on a pro-rated basis. The January invoicing thereby aligns the billing period to the calendar year such that the subsequent January invoice will relate to a full year being the calendar year. Annual fees are non refundable and not pro rated in a year should the business exit or be terminated.

Statutory and any associated activity fees for the upcoming year are invoiced along with any 3rd quarter administation fees to ensure that any statutory returns and disbursements can be filed in accordance with statutory deadlines.

General
Please contact us for fees in relation to Partnerships and Foundations.

Forward Group reserves the right to adjust the above fees for inflation, or other factors in subsequent years. Where fixed fee arrangements prove to be highly variant to the actual time costs, then Forward Group would expect to have a discussion with the client to ensure that an equitable arrangement is maintained.

Any client specific fee arrangement are detailed in a Fee Proposal. Fee proposals should be read in conjunction with our General Terms and Conditions which are available on our website here: https://forwardjersey.com/download/terms/

 

Main Contacts