s.5Application to be made to Authority
5
Section 5Part 0 —

Application to be made to Authority

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

An application for a licence under this Act shall be made to the Authority in writing.
The Authority may grant either —
a corporate services licence to an applicant who wishes to provide only the corporate services specified under paragraph (a), (b), (ba), (c), (d) or (e) of section 3(1) or such other corporate services as may be prescribed under paragraph (l); or
a companies management licence to an applicant who wishes to provide the corporate services specified under paragraph (a) in addition to any other corporate services specified under paragraph (l) of section 3.
The Authority may grant a licence to an applicant under this section either unconditionally or subject to conditions.
Subject to subsection (2), a person who carries on the business of company management without being the holder of a current licence under this Act commits an offence and is liable —
on summary conviction to a fine of ten thousand dollars and to imprisonment for six months; or
on conviction on indictment to a fine of one hundred thousand dollars and to imprisonment for five years,
and if the offence of which that person is convicted is continued after conviction that person commits a further offence and is liable to a fine of ten thousand dollars for every day on which the offence is so continued.
An offence under subsection (4) is not committed by —
a trust company which is the holder of a Trust licence to carry on trust business granted under paragraph (c) of section 6(5) of the Banks and Trust Companies Act (2025 Revision);
a trust company which is the holder of a Restricted Trust licence granted under paragraph (e) of section 6(5) of the Banks and Trust Companies Act (2025 Revision) in respect of the clients and services specified in the restrictions;
a trust company which is the holder of a Nominee (Trust) licence granted under paragraph (f) of section 6(5) of the Banks and Trust Companies Act (2025 Revision) in respect of the nominee function only;
a holder of an Insurance Managers licence issued under the Insurance Act, 2010 [Law 32 of 2010] when engaged in the business of company management in respect of that holder’s clients who are insurance companies licensed under that Act; or
a holder of a Mutual Funds Administrator’s licence granted under the Mutual Funds Act (2025 Revision) when engaged in the business of company management in respect of that holder’s clients who are mutual funds whether or not licensed or regulated under that Act.
An application under this section shall —
include such information and references; and
be accompanied by the non-refundable fee,
as may be prescribed.
The Authority may not grant a licence unless the Authority is satisfied by the applicant —
that that applicant has sufficient expertise to carry on the business of company management; and
that that applicant’s business of company management will be carried on by persons who are fit and proper persons to be directors or, as the case may be, managers or officers.
In determining for the purposes of this Act whether a person is a fit and proper person, regard shall be had to all circumstances, including that person’s —
honesty, integrity and reputation;
competence and capability; and
financial soundness.
A recognised custodian is not required to be licensed under this Act.
Where the Authority has granted a licence under this section, the Authority shall immediately publish notification of the grant in the Gazette.
No person who is licensed under this Act is required to be licensed under the Trade and Business Licensing Act (2021 Revision) or the Local Companies (Control) Act (2025 Revision) in respect of that person’s business of company management.

Cross References

Referenced By