Renewals
RENEWAL OF A LICENCE OR REGISTRATION
Individuals and corporate entities licensed under the Trust and Corporate Services Providers Act, 2017[1] are required to use the specified Excel form (Form 4) when making payment of the applicable annual renewal fees set out in the First Schedule of the TCSP Act.
The annual renewal fees for a licensee and its principal representative are non-refundable. These annual fees are payable on or before the anniversary of the grant of the licence or registration. The annual renewal fees payable are as follows:
| Annual Renewal Fee | |
| Corporate Service Providers | Three hundred thousand dollars ($300,000.00) |
| Trust Service Providers | Four hundred thousand dollars ($400,000.00) |
| Trust and Corporate Services Providers | Six hundred thousand dollars ($600,000.00) |
| Principal Representative | Fifty thousand dollars ($50,000.00) |
Where any change required to be notified to the FSC under the TCSP Act and Regulations, such as a change in the status of a licensee as specified in section 12 of the TCSP Act and regulation 7 of the Trust and Corporate Services Providers (Licensing and Operations) Regulations, 2022, or a change relating to legal and other proceedings or cessation of business or mergers and take-overs as specified in sections 19 and 20 respectively of the TCSP Act has not been submitted at the time of completing this form, those changes must be submitted using the relevant form(s) provided by the FSC together with the completed Form 4.
Where a person (individuals and corporate entities) fails to pay the fee on time that person will be required to pay a late fee of $20,000 as prescribed under section 45A and item 8 of the First Schedule.
Form 4 is also to be used, at the time of paying the renewal fees, to provide the declaration of compliance required to be filed with the FSC, indicating that the licensee is operating its service provider business in conformity with the TCSP Act and the regulations made under this Act.
Pursuant to section 26 of the TCSP Act, a person who, in respect of an application for the grant or renewal of a licence, knowingly or recklessly—
(a) makes a false statement of a material fact;
(b) omits to state a material fact; or
(c) makes a statement that contains information that is misleading in light of the circumstances in which it is made,
commits an offence and is liable on summary conviction in a Parish Court to a fine not exceeding three million dollars or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.
[1] The TCSP Act was amended in 2021 by the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021
