merrion street

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today [Thursday] announced reductions of between 33 and 80% to five fees on co-operatives societies imposed by the Registrar of Friendly Societies.

The reductions, which are effective immediately, bring fees applying to co-operatives in almost all cases in line with equivalent fees for companies.

The reductions, which take effect this week, are as follows:

·        56% reduction in the cost of registering a new cooperative

·        44% reduction in the fee to change the name of a co-operative

·        70-80% reduction in the fee to amend rules

·        33% reduction in the fee for an annual return

·        61% reduction in the fee to change a registered office.

The reduction in fees is in line with the general commitment by Government to reduce costs to business, and its specific commitment in relation to the co-operative sector under the Programme for Government to “ensure a level playing field between co-operatives and the other legal options for structuring enterprise activities”.

Announcing the move, Minister Bruton commented:

“As I have said before, a key part of the Government’s plan for jobs and growth is a drive to reduce costs across the economy. Since taking office we have implemented a number of changes to achieve this aim, including reforms to the wage settling mechanisms and reductions in a number of charges imposed on business by Government.

“The Programme for Government contains commitments aimed specifically at cooperatives, including a commitment to ensure a level playing field between co-operatives and other legal options for structuring enterprises. Today’s announcement will mean that almost all fees imposed on cooperatives are now aligned with those charged to companies, thus reducing the financial obstacles to forming a cooperative. I am glad to be able to bring this commitment to fruition during 2012, which is the United Nations designated International Year of Co-operatives.

“I am determined to ensure that we continue the drive to reduce costs so as to further improve the environment for businesses and make it easier for them to succeed and create the jobs we need”.

Ends

Notes to Editor:

Statutory Instrument Number 363 of 2012 entitled Industrial and Provident Societies and the European Cooperative Society (Fees) Regulations 2012, revises the fees to be paid for matters to be transacted or for the inspection of documents under the Industrial and Provident Societies Acts, 1893 to 1978, and sets the fees to be paid for matters to be transacted under the European Communities (European Cooperative Society) Regulations 2009. The Regulations come into effect this week.

The table below illustrates the changes to co-operative fees for some of the more common fees charged by the Registrar of Friendly Societies. Fee CURRENT COMPANY FEE  CURRENT CO-OPERATIVE FEE  NEW  FEE

Registration  New Company  €100  Acknowledgment of Registration – Model rules approved by Registrar and endorsed by association or body (e.g. ICOS)  €228.5  €100 (down by 56%)

Name Change  Change of company name    €100  Special Resolution including approval of change of name                              €177.7  €100 (down by 44%)

Amendment of Rules  Special Resolution and any document lodged in connection  €15 per document  Various fees  €126.9to 349.18  €25 to €100 (down by 70 to 80%)

Annual Return  Annual Return  €40  Annual Return  €60  €40 (down by 33%)

Change Of Registered Office  Change in company registered office  €15  Filing of notice of change of registered office  €38.09  €15 (down by 61%)