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Schedule 1: Contraventions with financial penalties stipulated

Article creating contravention General nature of contravention Maximum Financial Penalty (US$)
22 Failing to register a return as to allotments $2,000
23(2) Allotment of shares at a discount $2,000
24 Non-compliant registration of transfer of Shares $2,000
25 Non-compliance with requirements in relation to certificates of Shares $2,000
27(4) Company issues bearer Shares or bearer Shares warrants $5,000
28(3) Failing to give notice of altered share capital $2,000
30(3)(a) Failing to publish reduction of capital in newspapers $2,000
30(3)(b) Failing to obtain signatures from 2 directors $2,000
30(5) Failing to give notice of a reduction in capital $2,000
33 Providing financial assistance $2,000
34 Unlawful dividend or other distribution $5,000
37, 92I Failure to register change of name with CRO $2,000
39, 92I Company failing to change name on direction of CRO $2,000
40, 92J Improper use of "Limited Liability Company" or a "Company Limited by Guarantee" etc $2,000
42(1)(A), 92K(1)(A) Company failing to have a registered office in the QFC $2,000
42(1)(B), 92K(1)(B) Company failing to carry out its principal activity at or from the registered office without permission from the QFC Authority to carry on such activity at or from another placed within the QFC $2,000
43, 92L Failure to notify change of registered office $2,000
44, 92N Company failing to keep internal registers $2,000
45, 92O Failure of name to appear outside place of activities $2,000
46, 92P Company failing to have name etc. on certain Documents $1,000
47, 92Q Company failing to lodge annual return $2,000
50, 92T Company failing to register alteration of Articles $2,000
52(1), 92V Failure of a Company to have at least one director $2,000
52(4), 92V Company failing to register a resignation, removal or appointment of director(s) $2,000
52(4), 92V Company failing to register a change in director's particulars $1,000
55, 92V Directors failing to comply with duties $2,000
56, 92V Director failure to disclose interest $2,000
57, 92W Company providing financial assistance to director without consent $2,000
60(1), 92V Company failing to have a Company secretary $2,000
60(3), 92V Company failing to register the appointment or resignation of a of secretary $2,000
60(3), 92V Company failing to register change of secretary's particulars $1,000
64 Company default in complying with CRO's direction to hold Company meeting $15,000
77, 92FF Company failure to submit resolutions to CRO $2,000
80(1), 92HH Non-compliant maintenance of accounting Records $1,000
80(2)(A) and (B), 92HH Failure to keep and preserve accounting Records $2,000
80(2)(C), 92HH Failure to keep accounting Records open to inspection $10,000
82(3), 92HH Failure of directors to approve and sign accounts $5,000
82(4), 92HH Failure to comply with requirements within 4 months $10,000
82(5), 92HH Failure to file accounts with the CRO $2,000
83(3), 92HH Failure to provide accounts $10,000
84 Publication of accounts without auditors' report $5,000
85 Acting as auditor when not qualified $10,000
86(1) Failure to register the initial appointment of, or a change in respect of its auditor $2,000
86(6) Company failing to notify the CRO of the removal of auditor $10,000
88 Failure of auditor to comply with resignation requirements $5,000
88(4) Failure to file auditor's resignation with CRO $10,000
89 Failure of auditor to make a report as required $5,000
90(1) and (2) Auditor failing to fulfil duties $5,000
90(3), (4), (5) and 91 Company and officers etc. not co-operating with auditor $5,000
92 Company and officers etc. obstructing auditor $5,000
92M(3) Failure of an LLC(G) to notify the CRO of changes concerning its Support Services Provider. $2,000
105 Failure to inform persons they are dealing with a PCC $2,000
117(2)(B) Failure to maintain a principal place of business $2,000
117(2)(C) Failure of Branch to give notice of change of particulars $2,000
120(3) Failure of Branch to change name on direction of CRO $2,000
121 Failure of Branch to give particulars of Principal Representative $2,000
122(2) Failure of Branch to give notice of change of particulars $2,000
123 Failure of Branch to keep and preserve accounting records $2,000
124 Failure of Branch to have name etc. on certain documents $1,000
125 Failure of name of Branch to appear outside place of business $2,000
130 Failure to comply with direction of CRO $15,000
132 Provision of false or misleading information to the CRO $50,000
149(5) Failure to sign declaration $5,000
151(3) Offeror failing to give minority Member notice of rights $5,000

 

Amended (as from 5th April 2015)
Amended (as from June 2022)