The Financial Services & the Treasury Bureau has proposed waiving business registration fees for one year from August 1.

The Revenue (Reduction of Business Registration Fees) Order 2009, which seeks to implement the proposal, will be gazetted June 26.

The waiver will help reduce the operating costs of businesses, particularly small and medium enterprises, providing relief to 880,000 firms.

Businesses applying for registration, or renewal of the business registration certificate with the commencement date falling within August 1, 2009, and July 31, 2010, will have their registration fees waived if legislators approve the proposal.

Businesses which have paid the fees for the waiver period but are not required to renew their certificates during that time, or businesses whose registration certificates expire in the waiver period but are not renewed because of cessation of business, will be considered for concessionary refunds.

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