Administrative Penalties

Administrative penalties are calculated based on business days only. The administrative penalty imposed for each business day is USD 10 for GBC1 and GBC2. For example, if company A holds a GBL1 licence with the FSC and its financial year end is 31 December. Company A files its audited financial statements for the year ended 31 December 2016 (which was ought to be filed on 30 June 2017) on 15 August 2017, Company A will be charged USD 320 (USD 10 * 32 days) in terms of administrative penalties.

For ease of processing and to avoid any disagreement/discrepancy, calculations for administrative penalties are done using the submission form available on the website of the FSC on the following link. Details on the submission are inputted as per the downloadable form and the amount of penalty due on each filing can be determined.

In the event that the accounts were already due for filing prior to 01 April 2014 but were filed or will be filed after 01 April 2014, the administrative penalties will be calculated as from 01 April 2014 till the date the audited financial statements / or financial summaries are filed.