The Ministry of Finance wishes to correct misinformation that has filtered through the public regarding the registration for business licences under the new Business Licence Act.
Contrary to reports, the registration of business licenses under the new Business Licence Act, does not carry with it a late fee for persons who have missed the March 31 registration deadline.
Under the new Act, persons found to be operating a business without a business licence, and who are charged and convicted before the courts for this offence, would be liable to a fine of $5,000 plus $100 for each day he or she is in contravention of the Act.
At present, the Government is not prosecuting business owners who have failed to meet the March 31 registration deadline, and State Minister for Finance Zhivargo Laing has instructed the Business Licence office to accommodate last minute registrations.
The Business Licence Act, which came into effect January 1, 2011 is a key component in the Government’s economic growth strategy.
The Act simplifies the legal and regulatory requirements to start and operate a business in both New Providence and the Family Islands, and facilitates a one-stop-shop approach to business licencing.
As a result, business licencing will become easier, faster and more efficient and it will impose much less of a compliance burden on the private sector.
Among the standout features of the new Act is the elimination of yearly renewals for business licences. Instead, business licences will now be issued for the life of a business, with business owners only being required to pay annual business licence fees.
Additionally, small businesses with a turnover of $250,000 or less per annum who have paid their outstanding fees under the old Business Licence Act, were exempted from the payment of business license fees for two years to December 31, 2011.
To further simplify the process of licensing, persons will be able to apply for business licenses and pay annual fees online via the e-Government initiative presently under development. This is due to come on stream in July of this year.
