Licence fees

(1) A company the name of which is on the Register on the 31st December in a year shall, before the 31st July of the following year, pay to the Registrar an annual licence fee as follows– (a) $100 if its authorised capital does not exceed $50,000 and all its shares have par value; International Business Companies[CAP. 270 123 (b) $1,000 if it’s authorised capital exceeds $50,000; (c) $350 if– (i) its authorised capital does not exceed $50,000 and some or all of its shares have no par value; or (ii) it has no authorised share capital and all its shares have no par value; and (d) $4,000 (in addition to the licence fee payable under paragraphs (a) to (c) above) if the company is a public investment company. (2) If a company fails to pay the amount due as the licence fee under sub-section (1) by the date specified therein, the licence fee increases by 10 per cent of that amount. (3) If a company fails to pay the amount due as an increased licence fee under sub-section (2) of this section by the 31st October, then, the licence fee increases by 50 per cent of the licence fee specified in sub-section (1).