FEES

Forward Group Fees with effect from 1 January 2021

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 Companyfrom £1,000
Dissolution or Transfer outfrom £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 accountsfrom £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 returnfrom £500
Complete a UK Non Resident Landlord returnfrom £1,000
Complete a UK VAT return in respect of UK property incomefrom £500
Complete a UK CGT/CT return in respect of a disposal of propertyfrom £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