Renew My License
General Contractor's license renewals for 2024-2026 will open in August. Prior to accessing the online renewal system, all license groups are required to submit an appropriate financial statement, valid surety bond, or surety bond continuation form. There will not be a grace period to submit this information at a later date. Licensees are encouraged to familiarize themselves with the group limit changes (see below) prior to submitting their financial documents, as their licensing groups may have changed. In an effort to give licensees ample time to complete this two-step renewal process, you may start submitting financial documentation now via the Board's Document Submission page. Once your financial documentation has been accepted, you will be able to complete the online renewal process when renewals officially open in August. If all documents and fees are not received or postmarked by October 31, 2024, your license will lapse.
As a reminder, acceptable financial statements must have a balance sheet date no more than twelve months prior to the date of renewal showing a minimum net worth or working capital for the appropriate license group. If you currently have a surety bond on file and it is expiring with the renewal, a continuation certificate or a new surety bond needs to be on file before expiring. If this is your first time submitting a surety bond, you must provide the Surety Bond form (a link to the form is provided below) to your bonding company. The original surety bond must be submitted with the Surety's signature, Principal's signature, a visible surety company seal, and the Power of Attorney document attached to the form. Docusign is not an acceptable form of signature. If you already have a surety bond on file that has not yet expired, you are not required to submit anything at this time. Surety Bonds payable to the South Carolina Residential Builders Commission are not accepted by the South Carolina Contractor's Licensing Board for license renewal.
FINANCIAL STATEMENT OR SURETY BOND REQUIREMENTS FOR RENEWALS:
Groups 1 and 2 (submit one):
- Doc #172, Owner-Prepared Financial Statement (Note: please download and save this document to your computer prior to inputting data); or
- Surety Bond Form for General Contractors
Groups 3 and 4 (submit one):
- Doc #172, Owner-Prepared Financial Statement (Note: please download and save this document to your computer prior to inputting data); or
- Compiled financial statement from a licensed CPA, prepared in accordance with GAAP, including all disclosures required by GAAP, or
- Surety Bond Form for General Contractors
Group 5 (submit one):
- Reviewed financial statement from a licensed CPA, prepared in accordance with GAAP, including all disclosures required by GAAP (cannot be on an "income-tax basis"); or
- Surety Bond Form for General Contractors
| General Contractors | ||||
| Group | Bid and Job $ Limitation | Working Capital[1] | Net Worth[2]/ Total Equity | Surety Bond Requirement |
| Group #1 | $100,000 | $10,000 | $20,000 | $20,000 |
| Group #2 | $400,000 | $40,000 | $60,000 | $60,000 |
| Group #3 | $1,000,000 | $100,000 | $150,000 | $150,000 |
| Group #4 | $3,000,000 | $175,000 | $250,000 | $250,000 |
| Group #5 | $Unlimited | $250,000 | $350,000 | $350,000 |
1 Current assets minus current liabilities. S.C. Code Ann. §40-11-20(28). 2 The total wealth of a company taking account of all financial assets and liabilities. S.C. Code Ann. §40- 11-20(18).
Bill H4115, ratified and signed by the Governor on May 19, 2023, resulted in modifications to Chapter 11 of Title 40 of the South Carolina Code related to licensing groups, financial statements and net worth requirements for licensed contractors.
Section 40 11 260. Financial statements; net worth requirements. - The net worth requirements applicable to each license group for General Contractors were adjusted, as provided in the table below. In addition, applicants now have the option of qualifying for license groups by meeting either the net worth or working capital requirements with the provided financial documentation. In order to remain in your current licensing group, you must meet the increased net worth or working capital requirements at the time of renewal. Licensees are not required to meet both the working capital and net worth requirements, but must meet one option to qualify for the requested group limit.