s.4Circumstances in which local business may be carried on
4
Section 4Part 1 — Preliminary

Circumstances in which local business may be carried on

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Subject to subsection (3), no company shall carry on business in the Islands unless it is so empowered by its Memorandum of Association and —
it is —
a local company; or
an exempted company carrying on business in the Islands,
which, at the relevant time, is complying with section 5 or is a wholly owned subsidiary of such a company;
it is licensed under this Act and under the Trade and Business Licensing Act (2021 Revision) and, at the relevant time, is carrying on such business in accordance with the terms and conditions imposed in such licence and not otherwise;
it is licensed under the Banks and Trust Companies Act (2025 Revision); or
it is a company operating under a franchise granted by the Government.
Any company which contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of two hundred dollars for each day the offence continues and on conviction on indictment to a fine of one thousand dollars for each day the offence continues.
The Cabinet may, in exceptional circumstances, having regard to the public interest, exempt any company from all or any of the provisions of this Act subject to such terms and conditions as the Cabinet may deem fit.

Cross References

  • Section of Trade And Business Licensing Actexternal

    Licensing requirement

  • Section 5 of Local Companies Control Actexternal

    Compliance with section 5