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Premium Services Transactions: Frequently Asked Questions (FAQs)
Premium Services Transactions
Frequently Asked Questions (FAQ’s)
Q: What is the service delivery time for Premium Transactions?
A: There is a 4-hour turnaround or completion time for Premium service transactions. (Excluding the period the transaction is under defect status). Premium transactions may be submitted up to 6:00 p.m. daily for 4-hour turnaround.
Q: What is the time frame within which a premium services transaction must be resubmitted after it has been defected?
A: A defected Premium service transaction should be submitted within 4 hours of the defect to maintain its Premium service status.
Q: Which transactions are included in Premium Services offerings?
A: Transactions included in Premium Services are:
- R103 - Application for Continuation (BC)
- R310 - Change of Company Name or Add/Change A Foreign Character Name (New)
- R201- Amendment of Memorandum and/or Articles of Association
- R401- Application for Registration of Charge
- R402 - Application to Register variation in terms of Registered Charge (New)
- R403 - Notice of Satisfaction or Release of Charge (New)
- R602 - Registration of Articles of Merger
- R701 - Notice of Continuation out of the Virgin Islands (Discontinuation)
Q: What is the fee for Premium services transactions?
A: Premium Services transactions will attract an additional $500 per transaction fee in addition to the Statutory (regular) filing fee. The Premium fee amount will be shown separately at the time of the transaction and in accounting records.
Q: Is the Premium Service fee charged if the transaction was rejected or defected and the defect period has lapsed?
A: A service fee of 50% of the premium service fee is charged if the transaction’s defect period has lapsed or if the transaction was rejected. In both cases, the transaction will require resubmission.
Q: Is the Premium service fee charged if the transaction is not approved within 4 hours?
A: If the transaction is submitted between 7:00 a.m. and 6:00 p.m. and is not approved within 4 hours of submission the additional premium service fee is not charged. Only the statutory filing fee is charged.
Q: Are premium service transactions approved within 4 hours when submitted on weekends and holidays or after 6:00 p.m. on a working day?
A: The 4-hour window will begin at 7 am on the next working (business) day.
