Renewing A Business Licence

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2024 Renewal Facts

Turnover is the total revenue from business activities (in money and money’s worth, e.g. all cash, credit sales, and commissions) without any deductions.

All businesses with turnover of $250K + are required to submit an independent accountant’s report. Businesses with turnover of $250K – $4.99M are required to submit a review report and business licence return reviewed by a BICA member. Businesses with turnover of $5M + are required to submit financial statements and business licence return audited by a BICA member.

The Business Licence Annual Actual (BLAA) for 2023 is the actual turnover for 2023. It determines any outstanding tax owing based on the estimate supplied for 2023 (i.e. turnover for 2022).

The Business Licence Annual Estimate (BLAE) permits you to trade in the current year, from January to December. The Business Licence Annual Estimate for 2024 is the actual turnover for 2023.