Corporations holding a Category 1 Global Business Licence (GBC 1) are required, pursuant to Section 30 of the Financial Services Act 2007 (the FSA), to file with the Financial Services Commission (FSC) every year, audited financial statements while corporations holding a Category 2 Global Business Licence (GBC 2) are required to file financial summary with the FSC each year.
The audited financial statements /or financial summary should be submitted within six (6) months after the financial year end of the GBC 1 / or GBC 2, except where otherwise required under any other relevant Acts. Other relevant Acts are defined under the FSA and include among others, the Insurance Act 2005 and the Securities Act 2005.
Non-compliance with the deadline entails the GBC 1 / or GBC 2 to incur administrative penalties - as detailed in the Schedule accompanying the Financial Services (Administrative Penalties) Rules 2013 (‘the Rules’). Administrative penalties are calculated based on business days only. The administrative penalty imposed for each business day is USD 10 for GBC 1 and GBC 2.
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