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Jersey Regulator Warns Of Imminent Filing Deadline

by Mike Godfrey, Lowtax.net, Washington
28 March, 2017

The Jersey Financial Services Commission has reminded local residents to submit their annual returns before the March 31 deadline to avoid incurring late filing fees.

With less than a week to go, the Commission said only 46 percent of about 7,900 annual returns have been received.

This year's deadline has been extended by one month to accommodate the new beneficial ownership regime, which requires local residents to declare who owns or controls 25 percent or more of a company.

Local companies must provide beneficial ownership information by completing a Statement of Beneficial Owners and Controllers (C17S form), which needs to be submitted to the Registry before June 30, 2017. Currently 37 percent of Jersey companies have made the required filing, although the deadline is three months away.

Julian Lamb, Director of Companies Registry, commented: "We are mindful that annual returns are due in a matter of days and we do not want islanders to incur unnecessary, and incremental, fees for late submissions. We offered the extension as we recognize the increased responsibility on local companies to comply with the beneficial ownership requirements and we want to do all we can to facilitate this process."

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