Section 14Part 5 — Trade CertificateAmended
Application for trade certificate
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Subject to subsection (2), a person that is an exempted company or an exempted limited partnership that is desirous of carrying on a special economic zone business in a special economic zone shall submit an application to the Authority for a trade certificate in accordance with this Law and the Regulations.
Where an exempted company or exempted limited partnership that is already registered as an exempted company or exempted limited partnership in the Islands applies to be registered as a Special Economic Zone entity, the change in registration of the exempted company or exempted limited partnership to registration in the Special Economic Zone shall in accordance with section 64 of the Immigration (Transition) Act (2022 Revision) be a change of employer for an employee of the exempted company or exempted limited partnership, who holds a work permit.
An applicant under subsection (1) shall be a fit and proper person.
The controller, beneficial owner, director and senior officer of the applicant referred to in subsection (1B) shall be a fit and proper person.
In determining whether a person is a fit and proper person, the Authority shall have regard to the person’s honesty, integrity and reputation.
Without prejudice to the generality of subsection (1D), regard may be had to the previous conduct and activities in business or financial matters of the person in question and, in particular, to any evidence that the person has —
committed an offence involving money laundering, terrorist financing, proliferation financing, fraud or other dishonesty or violence;
contravened any provision made by or under any enactment designed for protecting members of the public against financial loss due to —
dishonesty, incompetence or malpractice by persons concerned in the provision of services or the management of companies or other legal entities; or
the conduct of discharged or undischarged bankrupts; or
engaged in any business practices appearing to be deceitful or oppressive or otherwise improper (whether lawful or not) or which discredit the person’s method of conducting business.
The Authority may issue guidelines for the determination of fitness and propriety under subsection (1D).
An application submitted under subsection (1) shall be in the prescribed form and shall be accompanied by —
evidence that the person is —
an exempted company that is registered as a special economic zone company; or
an exempted limited partnership, in good standing;
a non-refundable prescribed application fee to be paid to the general revenue of the Islands; and
such other information or particulars as may be prescribed or required by the Authority.
Notwithstanding section 15, where an incomplete application is submitted to the Authority under subsection (1), the Authority may require an applicant to complete and re-submit the application, subject to payment of the prescribed re-submission fee to the general revenue of the Islands.
A person shall not —
in relation to any application submitted pursuant to this section; or
in relation to any information or particulars that the person is required to furnish pursuant to this section, make any representation or statement that the person knows is false or misleading in a material particular.
A person who contravenes subsection (4) commits an offence and is liable on summary conviction to a fine of five thousand dollars or to imprisonment for a term of one year, or to both.
Where an applicant for a trade certificate is a person who commits an offence under subsection (4), the Authority may refuse to grant a trade certificate to the applicant for a period of five years commencing from the date of conviction for the offence.