Bahamas Company Restoration

The IBC 2010 Act stipulates that when a Bahamas company has been struck off the Companies Register for non-payment of fees for a period exceeding five years, an application has to be made to the Court for the IBC to be restored.

The court have to be satisfied that it would be fair and reasonable for the company to be restored to the Register, if granted, all of the annual fees and payments would need to be brought up to date.

Restoring a Bahamas company to the Register

166. (1) If the name of a company has been struck off the Register under section 165, the company or a creditor, member or liquidator thereof, may within five years immediately following the date of the striking off, apply to the Registrar to have the name of the company restored to the Register and upon payment to the Registrar of the prescribed fee and all fees due under this Act, the Registrar shall restore the name of the company to the Register and upon restoration of the name of the company to the Register, the name of the company shall be deemed never to have been struck off the Register.

(2) If upon an application the court is satisfied that it would be fair and reasonable for the name of the company to be restored to the Register, the Court may order the name of the company to be restored to the Register upon payment to the Registrar of all fees and upon restoration of the name of the company to the Register, the name of the company is deemed never to have been struck off the Register.

(3) If a company has been dissolved or the period of five years has expired the company or a creditor, member or liquidator thereof, may apply to the court to have the name of the company restored to the Register.

We can assist in the restoration of your Bahamas company after it has been struck-off the Register.

Effect of a company being struck off

Where the company has been struck-off the Register the company and the directors, shareholders, liquidators and receivers thereof may not:

  • Commence legal proceedings
  • Carry on any business or in any way deal with the assets of the company
  • Defend any legal proceedings
  • Make any claim or claim any right for, or in the name of the company; or
  • Act in any way with respect to the affairs of the Bahamas company

The fact that the name of a company is struck off the Register does not prevent:

  • that company from incurring liabilities
  • any creditor from making a claim against that company through to judgement or execution; or
  • the appointment by the court of an official liquidator for that company under section 168

Annual fee in respect of a company registered under this Act on 1st January in each year where authorized capital is $50,000 and under $350

Annual fee in respect of a company registered under this Act on 1st January in each year where authorised capital is $50,001 and over $1000

 

The time-frame to restore a company is 21 days.

If the company is struck off the register for more one year the cost is annual government fee plus 50%, i.e. $525.00 plus $100.00 and for every year company has been off the register, plus $1000 restoration fee. Agents fee is $450.

Transferring Registered Agent

A Bahamas company can only be restored by the registered agent on record, or the agent must be changed to a new agent undertaking the company restoration, which we can organise.

Company Restoration Form
Submitting this form does not commit you, we will let you have the fee and time-scale shortly.