Regulatory Alerts2025-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2025
The Financial Services Commission has issued the 2025 Amendment Rules to modify licensing timeframes and update fee schedules for global business corporations and authorised companies. The amendments reduce the lapse period from twelve to six months and permit licence reinstatement upon application within that new window, subject to just or reasonable cause. Updated fee tables establish tiered USD charges based on payment timing, with the rules taking effect on 1 July 2025.
Government Notices 2025 333 Ziyaad iMac5/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amend_Rules 2025 - 05.06.2025 - 1st Proof Government Notice No. 51 of 2025 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2025.
- In these Rules – “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The principal Rules are amended – (a) in rule 14, – (i) in paragraph (1), by deleting the figure “12” and replacing it by the figure “6”; (ii) in paragraph (3), by deleting the figure “12” and replacing it by the figure “6”; (iii) by inserting the following new paragraph immediately after paragraph (3) – (3A) Notwithstanding paragraph (3), the Commission may on just or reasonable cause, reinstate a Global Business Licence when an application is made after 6 months from the date which the Global Business Licence has lapsed. (b) in rule 21, – (i) in paragraph (1), by deleting the figure “12” and replacing it by the figure “6”; (ii) in paragraph (3), by deleting the figure “12” and replacing it by the figure “6”;
334 Government Notices 2025 (iii) by inserting the following new paragraph immediately after paragraph (3) – (3A) Notwithstanding paragraph (3), the Commission may on just or reasonable cause, reinstate an authorisation under section 71A of the Act when an application is made after 6 months from the date which the authorisation has lapsed. (c) in the Second Schedule, (i) by deleting the table in Part I and replacing it by the following table – PART I FEES AND CHARGES FOR GLOBAL BUSINESS CORPORATION Description Fees and charges payable (USD) If Annual fee is paid: On due date 1,950 Within 1 month after due date 2,440 After 1 month but within 3 months after due date 2,925 After 3 months but within 6 months after due date 3,900 (ii) by deleting the table in Part III and replacing it by the following table – PART III FEES AND CHARGES FOR AUTHORISED COMPANY Description Fees and charges payable (USD) If Annual fee is paid: On due date 350
Government Notices 2025 335 Within 1 month after due date 440 After 1 month but within 3 months after due date 525 After 3 months but within 6 months after due date 700 4. These Rules shall come into operation on 1 July 2025. Made by the Financial Services Commission on 5 June 2025.