COJ to Implement Changes in Fee Structure Oct. 19


Effective October 19, the Companies Office of Jamaica (COJ) will be implementing changes to its fee structure, and introducing two new services.
Speaking with JIS News, Deputy Chief Executive Officer of the COJ, Shellie Leon said the changes would include increase/reduction in fees for some services and the introduction of other services to allow the COJ to operate more efficiently, while satisfying their customers’ needs as best as possible.
“It is important to note that the COJ is an Executive Agency and as such, the office is responsible for earning its keep,” Miss Leon pointed out, adding that the last fee increase was implemented in February 2005 and the COJ has since been faced with several increases in terms of its cost.
She explained that while the COJ is subsidising the services that it offers to its customers, its expenses over the years have been increasing significantly.
“Our operating expense for 2005 to 2006 was just over $120 million, while for 2009 to 2010 it is over $200 million,” the Deputy CEO said.
Miss Leon outlined that the fee to register a limited liability company would be increased from $12,000 to $15,000; registration of annual returns moves from $4,000 to $5,000, while the fee for appointment or change of Directors or Secretaries will be $3,000, up from $2,000.
Late fees will move from $1,000 to $2,000; public search, $500 per hour, up from $200 per hour and company name reservation and statutory declaration charges will both be increased from $2,000 to $3,000.
Meanwhile, the COJ will also reduce certain charges that apply to certain groups, such as charities, non-profit associations and non-Governmental organisations (NGOs).
Miss Leon said that for several years, charitable groups have made representation to the COJ, its parent Ministry (Industry, Investment and Commerce) and the Ministry of Finance about their inability to meet their statutory obligations
In response to their concerns, the COJ will reduce annual return fees for this group to $2,000, down from $4,000, and income and expenditure statement charges to $1,000, down from $2,000.
October 19 will also see the implementation of two new services which have been demanded by customers.
A same-day express service for $6,000 will be introduced, as well as a charge of $1,500 for delivery of documents. In addition, if persons need a next day express service, they will be able to get that for $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,” Miss Leon informed.
She is therefore urging customers, in particular owners and directors, to take advantage of this period leading up to the implementation of the new fee structure.
For further details on fees or new services, persons may call: 908-4419-24 or visit the website at: www.orcjamaica.com.

JIS Social