Belize companies that have been struck-off the Register for failure to pay license fees or penalty by that date as stated in Section 107(4) of the IBC Act of Belize may apply to have the name of the company restored to the Register.
Once a company is struck off it is possible to have it restored, we are able to assist and advise on the restoration process to put your company back on the companies register, and be placed back into Good Standing and be authorised to begin trading again. Upon restoration of the company to the register, the company is deemed never to have been struck off the Register.
We have to draft a letter addressed to the Deputy Registar stating reason for wanting to restore the company along with evidence, In order to have a company restored all arrears, penalties and outstanding charges must be fully paid and a restoration fee must be paid to the Registry.
If the Belize company has been struck off the Belize Register a director or shareholder can apply to have the company restored to the Register. In order for a struck off company to be restored by the Registrar the following fees must be paid:
If your company is not restored after 3 years of being struck off it will be involuntarily dissolved by the Belize registry on January 1st. If you require a company to be restored we will need the name of the company and its date of incorporation in order to provide a quotation of the restoration fees.
A company struck off the register is unauthorised to trade and is not in Good Standing with the authorities. The company still remains liable for all claims, debts, liabilities and obligations it has but the liability of the shareholders, directors, shareholders and agents remains limited.
When a Belize company is struck off there is a three year period in which the company may be restored, after three years the Belize Registry moves to involuntarily dissolve the company. A dissolved company may still be restored if all arrears and penalties are settled but the process will take much longer, is more complicated and will require special permission from the Registrar. We are able to advise with the restoration of dissolved companies and guide you through the process.
Annual fees are due on 1st of January following the date of incorporation, if your company fails to pay the annual fees by the 31st July the licence fee will increase by 10%.
If your company fails to pay the annual fees by the 31st October the licence fee will increase further by 50% and if your annual fees remain unpaid after the 31st day of December, your company will be struck from the Register of Companies.
A Belize 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.