Updated at 3:45 p.m., Monday, December 4, 2006
State cuts license fees for securities professionals
Advertiser Staff
The state's robust economy is paying unexpected dividends, at least for securities dealers, sales people, investment advisors and others who are seeing their fees cut.The state said it will save the group an estimated $2.5 million this fiscal year by halving their application and license fees.
The Department of Commerce and Consumer Affairs said it is extending a cut in the fees because the healthy economy is generating revenue that's exceeding the department's expenses. The fees for securities and franchise filings will rise to normal levels on Nov. 1, 2007, if another extension isn't announced.
The state said the discounted fees were in keeping with the Gov. Lingle's mission of creating a more business-friendly environment in Hawai'i. For example, an investment company's initial filing fee has been reduced to $100 from the $200 fee set by law.
The department, which includes the Business Registration Division, said previous fee discounts have included cutting fees 25 percent in 2003 for people setting up new businesses or filing annual corporate reports online.
Two years ago it cut those fees by an additional 25 percent and extended them to people who file using paper as well as filing online.
The department said the savings to businesses from all of the fee discounts are expected to total $30 million by the end of June.
