• Commercial Licensing Regulations 2015 (FEES) Rules 2020

    • 1. Citation And Interpretation

      (1) These Rules may be cited as the Commercial Licensing Regulations 2015 (Fees) Rules 2020.
      (2) In these Rules:
      "financial services" means the controlled activity specified in Rule 3 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2018;
      "other economic activities" means the controlled activity specified in Rule 7 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2018; and
      "Regulations" means the Commercial Licensing Regulations 2015.
      (3) Terms used in these Rules which are defined in the Regulations shall have the meanings given to them in the Regulations.

    • 2. Fees

      The fees set out in the Schedule to these Rules shall apply to applications under the Regulations.

    • 3. Reduction, Waiver Or Refund Of Fees

      (1) The Registrar may reduce, waive or refund all or part of any fee if it considers that, in the exceptional circumstances of a particular case, it would be equitable to do so.
      (2) For the purpose of these Rules, “exceptional circumstances” is defined as any unforeseen circumstances in which the public interest outweighs the need for the imposition of the fees.

    • 4. Commercial Licensing Regulations 2015 (FEES) Rules 2018 And 2020

      The Commercial Licensing Regulations 2015 (Fees) Rules 2018 and the Commercial Licensing Regulations 2015 (Fees) Rules 2020 (adopted on 29 March 2020) are repealed.

    • SCHEDULE

      • Fees

        • Rule 2

          Table 1 - Initial Registration (General)

            Business Activity Categories Fees (USD)
          Matter in relation to which fee is payable A B C
          Application for license to carry on one or more controlled activities 13,000 8,000 4,000
          Application for license to carry on one or more controlled activities, where application is delivered in paper form 14,000 9,000 5,000;
          Application for license to carry on the business activity of Special Purpose Vehicle n/a 1,000 n/a
          Application for license and to carry on the business activity of Open / Closed Ended Investment Company n/a 1,000 n/a
          Application for license to carry on the business activity of Effecting a Contract of Insurance as Principal, Carrying out a Contract of Insurance as Principal 600 n/a n/a
          Application for license to carry on the business activity of Cell Company n/a 400 n/a
          Application for license and to carry on the business activity of acting as Investment Partnership or General Partner to an Investment Partnership n/a 1,000 n/a
          Application for license to carry on the business activity of Professional Membership Organization n/a 1,500 n/a
          Application for license to carry on the business activity of developing financial technology services within the RegLab 2,000 n/a n/a

          Table 2 – Registration Renewal (General)

            Business Activity Categories Fees (USD)
          Matter in relation to which fee is payable A B C
          Application for a new license made by a licensed person prior to the expiry of its current licence 13,000 8,000 4,000
          Application for a new license made by a licensed person prior to the expiry of its current licence, where application is delivered in paper form 14,000 9,000 5,000;
          Application for a new license made by a licensed person prior to the expiry of its current licence for the business activity of Special Purpose Vehicle n/a 1,000 n/a
          Application for a new license made by a licensed person prior to the expiry of its current licence for the business activity of Open / Closed Ended Investment Company n/a 1,000 n/a
          Application for a new license made by a licensed person prior to the expiry of its current licence for the business activity of Effecting a Contract of Insurance as Principal, Carrying out a Contract of Insurance as Principal 1,000 n/a n/a
          Application for a new license made by a licensed person prior to the expiry of its current licence for the business activity of Cell Company n/a 1,000 n/a
          Application for a new license made by a licensed person prior to the expiry of its current licence for the business activity of acting as Investment Partnership or General Partner to an Investment Partnership n/a 1,000 n/a
          Application for a new license made by a licensed person prior to the expiry of its current license for the business activity of Professional Membership Organization n/a 1,400 n/a
          Application for a new license made by a licensed person prior to the expiry of its current license for the business activity of 2,000 n/a n/a
          developing financial technology services within the RegLab      

          Table 3 – Variation of License

          Matter in relation to which fee is payable Fee Payable (USD)
          Application for variation of a licence where business activities remain in the same Category 100
          Application for variation of a licence where business activity changes from Category C to Category B 4,100
          Application for variation of a licence where business activity changes from Category B to Category A 5,100
          Application for variation of a licence of a Special Purpose Vehicle if business activity changes to any of the business activities listed for Category B 8,100
          Application for variation of a licence of a Special Purpose Vehicle if business activity changes to any of the business activities listed for Category A 13,100

          Table 4 – Cancellation of a Licence

          Matter in relation to which fee is payable Fee Payable (USD)
          Application for cancellation of a licence NIL

          Table 5 – Trade Names

          Matter in relation to which fee is payable Fee Payable (USD)
          Application for a trade name NIL

          Notes:

          1. "Business activity" means a description of activity specified by the Registrar for the purposes of these Rules. The Registrar may specify any number of distinct business activities for the purposes of these Rules. Business activities specified by the Registrar may or may not correspond to the controlled activities and a particular controlled activity may encompass any number of business activities specified by the Registrar. Nothing in these Rules prevents the Registrar from specifying a business activity, which falls within the scope of more than one kind of controlled activity.
          2. Where an applicant applies for a licence to carry on a controlled activity, the application shall be regarded as including all business activities falling within the scope of the controlled activity.
          3. "Category A" refers to any applicant for a licence to carry on the controlled activity of financial services.
          4. "Category B" refers to any applicant (other than a Category C applicant) for a licence to carry on any controlled activity other than financial services.
          5. "Category C" refers to any applicant for a licence to carry on the controlled activity of other economic activities where the applicant intends only to carry on the activity of retail trade.