The Deputy Registrar of the International Business Companies Registry (IBCR) has recently announced that there will be some amendments to the fees payable to the IBCR in relation with the new Regulations coming into force on the 1
st of April, 2016.
Among other things, the Annual Renewal Fee will increase from
US$100 to US$200, provided that the authorised capital of companies does not exceed US$50.000 and all its shares have par value. The increase of fees is in accordance to Statutory Instruments No. 10 and No.11 of 2016 – International Financial Services Commission (Licensing) (Amendment) Regulations, 2016, issued under Sections 7 and 28 of the IFSC Act.
Companies that have already remitted annual fees for 2016 are not subject to the new fees until January 2017. A grace period is given until the 31
st of March to companies that have not paid their annual fees for 2016, without having to pay the newly prescribed fee.
After the end of the grace period the companies will be subject to the newly prescribed fee of US$200.
Please be informed that our Fee Schedule will be therefore changed in order to meet the increased fees by the IBCR.
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