Regulatory Alerts2020-01-01
International Business Companies (Amendment of Second Schedule) Regulations 2020
The Minister of Finance, Trade, Investment and Economic Planning issued these regulations to amend Part I of the Second Schedule to the International Business Companies Act, 2016. The amendments replace existing fee provisions by establishing a US$130 incorporation charge for standard international business companies and setting annual fees at US$140 for standard entities and US$500 for protected cell companies. These updated fee schedules officially took effect on April 1, 2020.
[24th February 2020] Supplement to Official Gazette 161
S.I. 23 of 2020
INTERNATIONAL BUSINESS COMPANIES ACT, 2016
(Act 15 of 2016)
International Business Companies (Amendment of Second Schedule) Regulations, 2020.
In exercise of the powers conferred by section 380 of the International Business Companies Act, 2016, the Minister responsible for Finance makes the following regulations —
1. These regulations may be cited as the International Business Companies (Amendment of Second Schedule) Regulations, 2020 and shall come into operation on 01st April, 2020.
2. PART I of the Second Schedule to the International Business Companies Act, 2016 is by amended as follows —
(a) by repealing item (a) and the entries relating thereto and substituting therefor the following —
| DESCRIPTION | FEE |
|---|---|
| "(Section 9(1) <br> (a) Fee for incorporation of an international business company (other than a protected cell company) | US$ 130"; |
162 Supplement to Official Gazette [24th February 2020]
(b) by repealing item (d) and the entries relating thereto and substituting therefor the following —
| DESCRIPTION | FEE |
|---|---|
| "(section 12) <br> (d) Annual fee- international business company (other than a protected cell company) | US$ 140 |
| (section 12) <br> (e) Annual fee - protected cell company | US$ 500". |
MADE this 13th day of February, 2020.
MAURICE LOUSTAU-LALANNE MINISTER OF FINANCE, TRADE, INVESTMENT AND ECONOMIC PLANNING