Waiver of business registration fees for one yea

The Financial Secretary proposed to extend the waiver of business registration fees by one year, starting from 1 August 2010. The Government will introduce the relevant legislation into the Legislative Council as soon as possible to effect the proposal.

Implementation Details of the Waiver of Business Registration Fees

The fees payable in respect of business registration certificates and branch registration certificates with commencement date falling within the period from 1 August 2010 to 31 July 2011 ("Waiver Period") will be reduced by a sum of $2,000 and $73 respectively.

Businesses are still required to pay the levy for the Protection of Wages on Insolvency Fund.

Please refer to the business registration fee & levy table for details of the total amount payable in respect of a certificate.

Concessionary Refund of Registration Fees Paid

The proposal only relates to the waiver of one-year registration fees for new certificates or renewal certificates with commencement date falling within the Waiver Period. Both 1-year and 3-year certificates are eligible for the concession. However, the proposal does not apply to cases where fees are paid in respect of the Waiver Period.

In order that the waiver can also benefit those businesses that have paid the registration fees for the Waiver Period but are not required to renew their certificates in such period, concessionary refunds of the relevant amount of business registration fees paid will be allowed to them, upon their applications. They include the following types of business:-

(a)

Businesses or branches, which hold a 3-year certificate with a commencement date before 1 August 2010 and an expiry date on or after 31 July 2011; and

(b)

Ceased businesses or branches, which last held a 3-year registration certificate with an expiry date falling within 1 August 2010 to 31 July 2011.

The IRD will announce the application and refund procedures after the relevant budget legislation is passed by the Legislative Council.

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