(1) In this regulation “annual fee” means the annual fee payable under section 11 of the Act.
(2) Subject to subregulations (3) and (4), the fees payable under the Act shall be as prescribed in Schedule 2.
(3) Subject to subregulation (4), where the incorporation or continuation of an international business company takes place between—
(a) 1 January and 31 March or on either of these dates, the full annual fee shall be payable at the time of incorporation or continuation;
(b) 1 April and 30 June or on either of these dates, the annual fee payable at incorporation or continuation is reduced by 25%;
(c) 1 July and 30 September or on either of these dates, the annual fee payable at the time of incorporation or continuation is reduced by 50%;
(d) 1 October and 31 December or on either of these dates, the annual fee payable at the time of incorporation or continuation is reduced by 75%.
(4) The annual fee is paid at the time of incorporation or continuation of a company, and on or before 15 January in every year following the year of incorporation or continuation.
(Substituted by S.I 38/2001)