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) | $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 |
$2,000 |
39, 92I | $2,000 | |
40, 92J | Improper use of " |
$2,000 |
42(1)(A), 92K(1)(A) | $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 | $2,000 | |
45, 92O | Failure of name to appear outside place of activities | $2,000 |
46, 92P | $1,000 | |
47, 92Q | $2,000 | |
50, 92T | $2,000 | |
52(1), 92V | Failure of a |
$2,000 |
52(4), 92V | $2,000 | |
52(4), 92V | $1,000 | |
55, 92V | Directors failing to comply with duties | $2,000 |
56, 92V | Director failure to disclose interest | $2,000 |
57, 92W | $2,000 | |
60(1), 92V | Company failing to have a Company secretary | $2,000 |
60(3), 92V | $2,000 | |
60(3), 92V | $1,000 | |
64 | $15,000 | |
77, 92FF | $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 |
$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 |
$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 |
$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 | $5,000 | |
92 | $5,000 | |
92M(3) | Failure of an LLC(G) to notify the |
$2,000 |
105 | Failure to inform persons they are dealing with a |
$2,000 |
117(2)(B) | Failure to maintain a principal place of business | $2,000 |
117(2)(C) | Failure of |
$2,000 |
120(3) | Failure of |
$2,000 |
121 | Failure of |
$2,000 |
122(2) | Failure of |
$2,000 |
123 | Failure of |
$2,000 |
124 | Failure of |
$1,000 |
125 | Failure of name of |
$2,000 |
130 | Failure to comply with direction of |
$15,000 |
132 | Provision of false or misleading information to the |
$50,000 |
149(5) | Failure to sign declaration | $5,000 |
151(3) | Offeror failing to give minority |
$5,000 |
Amended (as from 5th April 2015) Amended (as from June 2022) |