Each Company Manager or Company Agent is required under section 4 of the Ordinance to hold a licence. Contravention of this provision is an offence for which there is a fine of $20,000 and every director and every officer concerned with the management of the company is liable with the company to be convicted of that offence.
Applications to be licenced under the Company Management Ordinance must be submitted to the Commission with the prescribed fee and in the prescribed form along providing information related to the directors, beneficial owners, managers and shareholders or partners.
The Commission may grant a licence once it is satisfied that all of the following conditions have been met and that there is evidence to confirm:
- Fitness and propriety of persons acting as directors, secretary or resident manager of applicant;
- That management and administration has adequate knowledge and experience in company management;
- That the applicant can comply with the provisions of the licencing Ordinance;
- That there is a manager who is an individual ordinarily resident in the islands;
- That if a company, that its Article of Association prohibits issuance of bearer shares;
- That there is an undertaking to notify the Commission of any changes that will affect the conditions of the licence;
- See Application Requirements for a Licence under the Company Management (Licensing) Ordinance
licences under this Ordinance are renewed on April 1st annually; on application to the Commission evidencing that the conditions of the licence have been satisfactorily met. The licencee must:
- Evidence sufficient capital is maintained to meet liabilities as and when they fall due;
- Submit to the Commission by March 31 annually a Compliance Certificate and a listing of companies under management for year ending December 31st of the preceding year;
- Prescribed annual fee
- Evidence of maintenance of separate client account; and
- Provide evidence of Professional Indemnity Insurance in an amount considered reasonable for the size of the business (minimum cover of $250,000) for company managers.