INTERNATIONAL BUSINESS COMPANIES ACT, 1994

SCHEDULE

Section 103(1)

Part II

ANNUAL LICENCE FEE

2. A company the name of which is on the Register on 31st December in any year shall, before the date of the relevant anniversary of its incorporation under the Act pay to the Registrar an annual licence fee as follows -

(a) $100 if its authorised capital does not exceed $5,000;

(b) $300 if its authorised capital  does not exceed $50,000 and its shares have a par value;

(c) $1,000 if its authorised capital exceeds $50,000; and

(d) $350 if its authorised capital does not exceed $50,000 and some or all of its shares have no par value, or

3. If a company fails to pay the amount due as the licence fee under paragraph 2 by the date specified therein, the licence fee increases by 10  per cent of that amount.

4. If a company fails to pay the amount due as an increased licence fee under paragraph 3 90 days after the date when it becomes due, then, the licence fee increases by 50 per cent of the licence fee specified in paragraph 2.