(PRESS RELEASE) – In December 2015, the Department of Commerce undertook an intensive review of the Trade License Act as part of the department’s overall reform agenda of improving the business environment.
The Trade License Act was drafted in 1985 with the purpose of regulating trade and reserving certain business activities for nationals, however this document excluded areas of enforcement, monitoring and dispute settlement. The review of the Trade License Act included the insertion and amendment of the following inter alia: (1) the functions of a Trade License Advisory Board; (2) the stipulations of license fees and conditions under which a license may be suspended or cancelled; (3) the duration and renewal of licenses; (4) penalties for failing to display trading licenses and for violating the provisions of the Order; (5) and the appeals process.
It is against this background, that the department seeks to review and discuss the proposed amendments to the Trade License Act.
As such, a stakeholder consultation will be held on Tuesday, Nov. 7 and Wednesday, Nov. 8. Tuesday’s session will bring together stakeholders from the legal and accounting professions while Wednesday’s session will focus on private and public sector agencies. The fundamental aim is to establish consensus by all stakeholders on this important piece of legislation.
The consultation on the Trade License Act Amendment will be held at Windjammer Landing, Labrelotte Bay, from 8 a.m. to 12 noon.
For further information please contact Ms. Augusta Joseph, Investment Coordination Officer at 468-4266 or [email protected]