PRESS RELEASE

(Source : Government Information Centre)

One-year waiver on Business Registration fee

***************************************************

In his Budget Speech this afternoon, the Financial Secretary proposed to waive Business Registration fees for one year.

"Businesses applying for business registration or renewal of business registration certificate with commencement date falling within the concessionary period will have their fee waived for 12 months. Over 600,000 businesses would benefit from the concession, which will cost government revenue $1.29 billion. Waiving business registration fees, together with other relief measures announced in the 2002-03 Budget, will help lower the cost of doing business," a Government spokesman said.

The fees for business registration are levied at $2,000 for a one-year certificate; and $5,200 for a three-year certificate. The waiver is proposed also to apply to branch registration certificate fees. Currently there are about 625,000 business and 65,000 branch registrations.

"Implementation of this proposed concession requires subsidiary legislation. The Government will introduce the relevant legislation into the Legislative Council as soon as possible," the spokesman added.

End/Thursday, March 6, 2002

NNNN