Persons who operate their businesses using expired trade and business licences will be subject to paying fines under the Trade and Business Licensing Law (TBL).
As of 1 January 2017, penalties will be issued for business owners who allow their licenses to expire without renewing on a timely basis.
'The TBL aims to create fair competition and we are encouraging everyone to abide by the law and comply with their business licensing obligations', said Department of Commerce and Investment (DCI) Director Ryan Rajkumarsingh.
Section 23 (2) of the TBL law addresses persons operating with expired licences. Unless waived by the board, a licensee who fails to pay the renewal fee within 28 days after the expiry date of the licence must pay a surcharge not exceeding 25 percent of their renewal fee. The surcharge increases every month or part of a month that the renewal fee is not paid.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
