INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT, 2003

PART II

LICENSING

3. (I)

Subject to section 20. no person shall -

(a) provide international corporate services; or

(b) provide international trustee services except under and in accordance with a licence issued under subsection (5).

(2) An application for a licence to provide international corporate services or international trustee services may be made to the Authority -

(a) by a company registered under the Companies Act. 1972;

(b) in the form provided by the Authority and accompanied by such information and documents as the Authority may specify.

(3) Each application for an international corporate services licence or an international trustee services licence shall be accompanied by the annual licence fee of US$ 1,000 or such other fee as may be prescribed.

(4) The Authority shall, before granting a licence, ascertain that-

(a) the applicant is a fit and proper person;

(b) each director and manager of the applicant is a fit and proper person; and

(c) the applicant has the necessary financial standing.

(5) If the Authority is of the opinion that it is in the public interest to grant the application and that the applicant satisfies the requirements of this Act, the Authority may grant a licence to provide international corporate services or international trustee services, as the case may be, subject to such conditions as may be specified in the licence, and notify the applicant accordingly.

(6) The Authority may, at any time by written notice to the holder of a licence amend any conditions of the licence or impose additional or other conditions on the licence.

(7) Where the Authority decides not to grant a licence it shall notify the applicant of that fact and the reasons therefor.

4.(1) Subject to sections 17 and 18, a licence issued under this Act-

(a) shall be valid for a period of one year from the date of issue;

(b) shall be renewed annually upon -

(i) the payment of the prescribed fee; and

(ii) the lodgment with the Authority of the compliance certificate by the licensee in the form specified in Schedule I.

(2) A licence issued under this Act shall be displayed in the premises where the licensee carries on business under the licence.

5.(1) The Authority shall maintain separate registers of persons licensed as-

(a) international corporate services providers: and

(b) international trustee services providers with the following particulars -

(i) the name of the licensee;

(ii) the address of the licensee;

(iii) the location of the registered office of the licensee;

(iv) the date on which the licence was issued;

(v) the expiry date of the licence specified in the licence.

(2) The registers maintained under subsection {I) shall be open to inspection by the public.

6.(1) A licensee shall give the Authority prior notice in writing of any change referred to in subsection (4): Provided that notice relating to a departure of a director or manager may be given after the event.

(2) The Authority may require the licensee to furnish further information or documents in respect of such change.

(3) The Authority may, within one calendar month of receiving any notification, object in writing to the change. Where the Authority raises such an objection, the licensee shall take such action as may be recommended by the Authority. If the licensee fails or neglects to take such action the Authority may suspend or revoke the licence.

(4) For the purpose ofthis section, "change" means -

(a) a change in the ownership of a majority of the issued shares in the company holding the licence; or

(b) a change in the beneficial ownership of such shares in the company holding the licence;

(c) the appointment or departure of a director or manager of the company holding the licence.

7. {1) No person, other than a licensed international corporate services provider, shall -

(a) use any word or words, whether in English or any other language, in the name or description under which such person carries on business which suggest or imply that such person carries on the business of providing international corporate services;

(b) make any representation in any document or other communication that the person is licensed to provide international corporate services.

(2) No person, other than a licensed international trustee services provider, shall -

(a) use any word or words, whether in English or any other language, in the name or description under which such person carries on business which suggest or imply that such person carries on the business of providing international trustee services;

(b) make any representation in any document or other communication that the person is licensed to provide international trustee services.

(3) A person who contravenes subsection (1) or (2) commits an offence.