Bahamas Company Restoration
If your company has been struck off the Bahamas Companies Register due to non-payment of fees or other compliance issues, we offer a full Bahamas company restoration service to help reinstate your business. Our team will handle all aspects of the process, from obtaining the necessary fees and penalties due to the Registrar to securing approval for reinstatement from the relevant authorities.
For companies that have been struck off for more than two years, we will need to apply to the Financial Secretary or Cabinet to gain approval for reinstatement. According to the Bahamas International Business Companies (IBC) Act 2010, companies struck off for non-payment of fees for over five years must apply to the Bahamas Court for restoration.
The Court must be satisfied that restoring the company is fair and reasonable. Once approved, all outstanding fees and penalties must be paid to bring the company’s records up to date.
| Bahamas Company Restoration fees | |
|---|---|
| Fee to Restore Bahamas Company | £1500 |
| Government Restoration fee | US$1500 |
| Government Restoration Penalty fee | US$520 per year |
| Drafting Resolution to appoint new Bahamas registered agent | US$150 |
| Filing fee to appoint new Registered Agent | US$150 |
| Annual Filing fee | US$350 |
| Overdue Annual Filing fee fine per year | US$200 |
| Court Fee | US$1000 |
| Bahamas Lawyers fee in the region of | US$5000 – US$8000 |
| Registered Office Annual fee | £800 |
| Due Diligence – per Director & Shareholder | £80 |
| Company Search and checking the company file | £220 |
| 2% Transfer fee – for penalties, fees and charges to the Bahamas – to cover exchange rate changes, bank charges and fees |
Company Restoration Timescale
It typically takes between 4 – 6 weeks for the court order to be obtained and for the company to be restored, subject to acceptance of the due diligence. The restoration process typically takes between 4 to 6 weeks, depending on court availability and due diligence acceptance. In some cases, additional time may be required, particularly if approval is needed from the Financial Secretary or Cabinet.
Documents required for Bahamas Restoration
We will need the following documentation from the company’s Directors and Ultimate Beneficial Owners (UBOs):
- Passport photo page of each Director and UBO.
- Utility bill for each Director and UBO.
Additionally, company documents such as the Register of Directors, Officers, and Shareholders are required.
Restoring a Bahamas Company to the Register
If the name of a company has been struck off the Register under section 165 of the IBC Act of 2010, 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.
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.
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.
Effect of a Company being Struck off
If a company is struck off, its directors and shareholders are prohibited from:
- Commencing or defending legal proceedings.
- Conducting business or dealing with the company’s assets.
- Making claims in the company’s name.
Bahamas Court Restoration
- Obtain a company search
- Obtaining and perusing relevant filings and various related documents
- Drafting and completing the documents necessary for the application
- Drafting the restoration order
- Serving documents and communicating with on the Registrar of Companies
- Advertisement if required
- Filing the application with the Court if necessary
- Attending court hearing
Disbursements or Expenses:
- Outstanding filing fees on annual returns
- Penalty for late filings and other penalties
- Court filing fees
- Filing fees to the Companies Registry on the restoration application
Once we have the required information and approval, the court application documents are drafted with an affidavit of a director or a shareholder which needs to be signed in front of a notary.
The court will eventually require the original notarised affidavit to complete the reinstatement application.
On submission of the Court and company documents, the court order is issued for the restoration of the company to the Registrar together with payment of the fees and penalties and they issue a Certificate of Restoration.
Lawyers fee are around $7,000, depending upon any objection to the application by the Attorney General Office’s Lawyer, who will appear for the Registrar of Companies. The Court may award a portion of the Registrar’s costs to be paid by the applicant company, we expect this to amount to around $3,000.
Company Directors and Shareholders
When a Bahamas company is restored, its previous directors, shareholders, and registered office details are automatically reinstated, unless otherwise specified. We ensure the company’s records are fully updated, so it can resume operations smoothly.
If you need assistance with a Bahamas company restoration, our experienced team is ready to guide you through the entire process, from court applications to obtaining the required documents and approvals. Let us help you bring your company back to good standing with the Bahamas Registrar General’s Department.
To start the process and to enable us to give a precise quote we require copies of the company documents, please upload: Company Documents
We will then inspect the company file at Bahamas Company Registry