BUSINESSES will, effective October 19, be paying more for services at the Companies Office of Jamaica (COJ).

The fee to register a limited liability company will move from $12,000 to $15,000; the registration of annual returns will be increased from $4,000 to $5,000, while the appointment or change of directors or secretaries will go from $2,000 to $3,000.

Late fees will double, moving from $1,000 to $2,000; public search will cost $500 per hour, up from $200 per hour, and company name reservation as well as statutory declaration charges will both be increased from $2,000 to $3,000.

The increases, which deputy chief executive officer at the COJ, Shellie Leon, said are aimed at increasing the agency's efficiency, come in the wake of increased expenses.

"It is important to note that the COJ is an executive agency and as such, the office is responsible for earning its keep," Leon said, adding that the last fee increase took effect in February 2005.

"Our operating expense for 2005 to 2006 was just over $120 million, while for 2009 to 2010 it is over $200 million," she said.

Fees for non-governmental, not-for-profit and charitable organisations will, however, be reduced. Annual return fees for this group will cost $2,000, down from $4,000, and income and expenditure statement charges will be cut in half, to $1,000.

Other changes to take effect October 19 are a same-day and a next-day delivery service. The former will cost $6,000, in addition to a charge of $1,500 for delivery of documents, while the latter will cost $4,000.

"With the change in fees, this will mean that customers should file their returns on a timely basis, so that they will avoid late fees and penalties," Leon said.

The COJ deputy head also urged customers, particularly owners and directors, to take advantage of the period leading up to the implementation of the new fee structure.

  2 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  0 comments

  4 comments