WHO MUST APPLY FOR A BUSINESS AND OCCUPATION LICENCE: All individuals and entities prior to engaging in business activities, must obtain a Business and Occupation licence. This applies to corporations, professionals, traders etc. APPLICATION FOR A BUSINESS LICENCE: All applications for business licences are made to the Ministry of Finance. You must complete all relevant sections of the application, including: applicant name, enterprise ownership, nationality and enterprise location. If the licence is approved you will receive a Notice of Approval. This notice together with payment for the licence must be presented to the Inland Revenue Department before the commencement of business activity. DUTY-FREE CONCESSION: All applications for Business and Occupation licences are not qualified for concession. This concession is only granted where the business is the sole source of employment and income. RENEWAL OF BUSINESS LICENCE: The Business and Occupation licences must be renewed by the 31st January each year. Renewal of the licence after the due date will result in an interest charge of twelve percent (12%) per annum.