A new risk-based licencing system for businesses in certain sectors was introduced through regulation GR 5/2021*, which also revokes the previous regulation on the topic.** This system has introduced different types of licencing requirements depending on the risk of the business applying. Risks are divided into four categories, low, medium-low, medium-high, and high. Licencing requirements for high-risk businesses are more onerous than for low-risk businesses.

The Minister for Investment has recently issued Circular Letter 17*** which states that all administrative procedures relating to risk-based licencing, including applications, must be carried out online, through a special section of the Online Single Submission System called the Risk Based Approach (OSS RBA). Circulate Letter 17 also adds a number of new business sectors to which risk-based licencing now applies.

Businesses that have been provisionally granted licences under the previous regulation** which have not yet come into effect will need to resubmit all their data through the new OSS RBA. Business will not be able to apply for certain loans, exemptions, tax relief or other Government funds/exemptions or relief unless their information is in the OSS RBA.

* Government Regulation Number 5 of 2021 concerning The Implementation of Risk-Based Business Licencing.

** Government Regulation Number 24 of 2018 concerning Electronically Integrated Business Licencing Services.

*** Circular Letter Number 17 of 2021 concerning Transition of Business Licence to the Risk-Based Business Licence Through OSS System.