9.3 Lawyers’ and Accountants’ Fees



table represents the schedule for entry fees for the Global Market, in addition to the US$25,000 fee:

Shares Entry               Fees
Up to 30 million        US$125,000
30+ to 50 million      US$150,000
50+ to 100 million    US$200,000
Over 100 million      US$225,000

9.2 Sponsor’s Fees

These fees may vary depending on the size and complexity of the offering.

9.3 Lawyers’ and Accountants’ Fees

Although accountants’ fees will vary, fees associated with several recent offerings by foreign companies range from US$100,000 to US$500,000, but can be as high as US$1,000,000 to US$2,000,000 depending on the size and complexity of the offering.
Attorneys’ fees generally range from US$100,000 to US$375,000 depending on the size and complexity of the offering.

10 Corporate Governance Requirements

The complete corporate governance requirements are available on the NASDAQ website at

Important requirements include the following:

 All companies listed on NASDAQ must hold an annual shareholder meeting within 12 months of the end of the company’s fiscal year. Each company must have a quorum of 33-1/3% of the outstanding shares of voting stock. Each company must solicit proxies and provide proxy statements for all meetings of shareholders.

 Companies must submit an updated Corporate Governance Certification Form if a  change in the company’s status results in the initial certification form no longer being accurate.

 Each listed company must adopt a code of conduct applicable to all directors, officers and employees, which must satisfy the requirements of Sarbanes-Oxley.

 Each issuer shall make available to shareholders an annual report containing audited financial statements of the company and its subsidiaries. This requirement may be satisfied by mailing a copy to shareholders or by posting a copy of the report on the company’s website.

 The company’s board of directors must have a majority of independent directors (unless it is a Controlled Company).

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