Quick Companies Cautions for ASIC Fee Increase

Sydney, Australia, May 26, 2010 --(PR.com)-- The March Consumer Price Index (CPI) figures released on April 28, 2010 shows that the fees charged under the Corporations (Fees) Act 2001 and Corporations (Review Fees) Act 2003, will be increased as of July 1, 2010. The fees will be indexed each financial year based on any raise in the CPI. The report also stated that further increases are scheduled for the next three years.

Panic strikes every time a fee structure modification is announced. For that reason, Quick Companies, a nation-wide provider of corporate services such as company registration, shelf companies, units, various trusts, and super funds, is launching an information campaign to advise their clients that the current price hikes forced upon them by the corporate regulator are only marginal. The 3% increase will be barely noticeable.

This is the first fee increase the Australian Securities and Investments Commission originated in three years. The corporate regulator considers that extra funds are needed to help consolidate revenue.

Rod Neibling, Director of Quick Companies, believes that the new charges for commonly lodged documents and searches, which are required for business registration, change of company name, annual review fees, and other commonly used services, will not have a significant impact on his business as long as people have been properly informed about upcoming changes.

“Clients won’t respond much if they know what charges are awaiting them. They will just pay the additional fees, which are part of our service. We pass on the ASIC fees GST free in most circumstances,” Mr. Neibling said.

A 21-year veteran in the industry, Mr. Neibling is convinced that: "The price hikes are quite minor and people will just pay regardless. This will have no effect whatsoever on our business and will not deter people from registering new companies, or paying for other services affected by the increase. Basically, if they need it they will pay. They simply have no other choice."

Mr. Neibling’s considerations on the matter are correct. Anyone interested in starting a company will have no other option but to go through the customary business registration process, which continues to include paying standard ASIC fees.

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