(1) Upon approval of an application submitted to the Board under this part, the Board shall issue a Free Zone Enterprise Licence in the relevant Form 7 provided in the Schedule to these Regulations to the applicant.

(2) The licence shall state specifically the activities to be carried on by the licensed enterprises.

(3) A free zone enterprise shall commence its operations within 6 months of the date of receipt of the licence.

(4) Where a licensed enterprise fails to start operations within the time specified in sub regulation (3) of this regulation, the license may on an application by the licensee be renewed only once by the Board.