SCHEDULE 3: FINES
PART 1: FINES
PART 1: FINES
SCHEDULE 3 FINES AND FEES |
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PART 1: FINES | ||
Section | Contravention | Maximum Fine (US$) |
6(6) | Person failing to provide a copy of assignment of rights | 1,500 |
14(7) | Prohibition against conduct of business without incorporation or registration in the AIFC | 10,000 |
17(6) | Foundation failing to notify Registrar of changes to By-laws | 2,000 |
19(11) | Foundation failing to notify Registrar of changes to Council | 2,000 |
31(1) | Foundation failing to keep accounts or Accounting Records, or to make them available | 10,000 |
31(2) | Foundation failing to have its accounts approved by Council members | 5,000 |
31(4) | Foundation failing to file accounts | 10,000 |
31(5) | Person making a statement that is misleading, false or deceptive in a material way in respect of accounts | 10,000 |
36(4) | Foundation failing to file an annual return | 5,000 |
60(1) | Foundation failing to provide information to the Registrar | 10,000 |
60(2) | Foundation making a false or misleading statement to the Registrar | 10,000 |
PART 2: FEES
Application or notification |
Fee Payable (US$) |
Application for registration of a Foundation |
400 |
Notification of a change in registered office address |
100 |
Notification of an appointment and cessation of a Council member |
100 |
Notification of change of particulars of a Council member |
100 |
Notification of an appointment and cessation of a Guardian |
100 |
Notification of change of particulars of a Guardian |
100 |
Notification of a change of name of a Foundation |
100 |
Amendment of the Charter by the Founder(s) or in the event of Founder’s death by Court Order |
100 |
Request for information from the Registrar |
100 |
Application to strike off |
100 |
Reinstatement of a Foundation on the Register |
Nil |
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