AQW 51011/11-16

Mr Stewart Dickson
Alliance Party
East Antrim

Tabled Date: 17/11/2015
Answered On Date: 07/12/2015
Priority Written: Yes

Question:
To ask the Minister of Enterprise, Trade and Investment whether his Department will consider lowering the charges for registering co-operatives in Northern Ireland, given it costs five times more to register new co-operatives than in the rest of UK.

Answer:

Charges to register co-operatives in Northern Ireland and GB are not directly comparable as an annual fee is paid in GB whereas in NI, societies are only charged for the transactions they make.

In NI, if a co-operative registers using pre-approved (‘model’) rules, the cost is £200; or £535 if the co-operative wishes to register its own amended rules. In GB, if a co-operative registers using pre-approved (‘model’) rules, the cost is £40, but can increase to £950 if the co-operative wishes to register its own amended rules. Additionally, an annual fee is applied in GB based on the assets held by the co-operative, from £60 to £470 per annum. There is no annual fee in Northern Ireland.

However, my officials are currently working with their counterparts in HM Treasury and the Financial Conduct Authority to bring about the transfer of responsibility for the registration of Northern Ireland incorporated industrial and provident societies from DETI to the Financial Conduct Authority.

The proposed transfer of societies will result in the consistency of registration fees throughout the United Kingdom.