Companies Management (Amendment) Regulations, 2024

Companies Management Act (2024 Revision) COMPANIES MANAGEMENT (AMENDMENT) REGULATIONS, 2024

PUBLISHING DETAILS

Regulation 1

Companies Management Act (2024 Revision) COMPANIES MANAGEMENT (AMENDMENT) REGULATIONS, 2024 In exercise of the powers conferred by section 23 of the Companies Management Act (2024 Revision), the Cabinet, having consulted the Authority, makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Companies Management (Amendment) Regulations, 2024. (2) These Regulations come into force immediately after the Companies Management (Amendment) Act, 2024 comes into force. General amendments to the Companies Management Regulations (2018 Revision) - references to Schedules The Companies Management Regulations (2018 Revision) are amended as follows — (a) by deleting the words “the First Schedule” and “First Schedule” wherever they appear and substituting the words “Schedule 1”; (b) by deleting the words “the Second Schedule” and “Second Schedule” wherever they appear and substituting the words “Schedule 2”; and by deleting the words “the Third Schedule” and “Third Schedule” wherever they appear and substituting the words “Schedule 3”.

Repeal and substitution of the Third Schedule to the Companies Management Regulations (2018 Revision) - table of fees The Companies Management Regulations (2018 Revision) are amended by repealing the Third Schedule and substituting the following Schedule — “SCHEDULE 3 (regulation 4) Table of Fees Item Provision of Act Description of fee Fee

5(6) (1) Application fee for a management licence

(2) Application fee for a corporate services licence

6(1) (1) Fee on grant of a management licence

(2) Fee on grant of a corporate services licence

6(2) (1) Renewal fee in respect of a companies management licence shall consist of —

(a) in respect of each managed company for which a licensee provides the specified services, as defined in section 3 of the Act, on 31st December in the preceding year; and

(b) in respect of managed companies for which a licensee provides the specified services, as defined in section 3 of the Act, on 31st December in the preceding year —

(i) up to 99 managed companies

(ii) 100-500 managed companies $2,500

(iii) 501-1,000 $5,750

(iv) 1,001-2,000 $9,000

(v) 2,001-3,000 $12,500

(vi) 3,001-4,000 $16,500

(vii) 4,001 and more managed $21,500

(2) Renewal fee in respect of a corporate services licence shall consist of —

(a) in respect of each serviced company for which the licensee provides the corporate services as defined in sections 3 and 5 of the Act, on 31st December in the preceding year; and

(b) in respect of serviced companies for which a licensee provides the corporate services referred to in sections 3 and 5 of the Act, on 31st December in the preceding year —

(i) up to 99 serviced companies

(ii) 100-500 serviced companies $2,000

(iii) 501-1,000 serviced companies $3,750

(iv) 1,001-2,000 $5,250

(v) 2,001-3,000 $7,000

(vi) 3,001-4,000 $8,500

(vii) 4,001 and more $11,500”. Made in Cabinet the 17th day of December, 2024. Kim Bullings Clerk of the Cabinet