Company Not in Good Standing

A company is deemed not to be in Good Standing if it is in breach of filings requirements. If your company has not paid or filed the annual government licence fee or the registered agent fee then, your company will not be in Good Standing. Your company should be in Good Standing with the Companies Registry at all times.

If your company is not in Good Standing please contact us and we can assist you in filing the documents to bring your company back into Good Standing.

Non-payment of annual government fees will make your offshore company lose its status of good standing. The IBC will also incur late penalties and possible legal consequences.

An IBC, which is struck-off the Registrar shall remain liable to any due and unpaid fees. Such company also remains liable to all its debts and obligations. Any creditor may legally raise a claim against a struck-off company for debts and pursue the collection of those debts through litigation. A struck-off company may not legally continue to trade or enter into any new transactions, and its directors, shareholders, managers and owners may not enter into any transactions with the assets of the Company. If they do, they are personally liable for any debts or legal consequences resulting from such transactions.

Striking-off an International Business Company means that all its assets are frozen until the IBC is restored in good standing - or until legally wound-up.

It is possible to restore a company after it has been struck-off the Registrar, but government fees and fines will apply for restoration. These reinstatement fees will be in addition to all unpaid agent fees and penalties. In addition, professional fees will also apply if a struck-off IBC has to be reinstated in good standing.

Good Standing Status

To remain in Good Standing your company needs to up to date with its filings, fees and requirements under the Companies Act and the register of directors and shareholders needs to be properly maintained by the registered agent. We can assist and ensure your company maintains a Good Standing status.

Loss of Good Standing Will Damage Your Ability to Do Business

All corporations should be aware the consequences that losing good standing status can have, including these actions:

  • Difficulties in securing capital and financing - Most lenders view a loss of good standing as an increased risk
  • Loss of name rights -  Once an entity loses its good standing status, it risks losing the right to use its name, other companies may be able to acquire the rights to its name
  • Administrative dissolution or revocation -  In a situation in which a business repeatedly fails to respond to requests for required filings, the company can be administratively dissolved
  • Fines and penalties - Fines and penalties on companies that don’t comply with the requirements that led to the loss of good standing
  • Personal liability -  In addition to fines and penalties levied on a company not in good standing, some countries also hold individuals personally liable for conducting business on behalf of a company

Seychelles - Not in Good Standing

Non-payment of annual government fees will make the Seychelles company lose its status of good standing.

The Seychelles Registrar can also Strike a company off the Register for the following reasons:

  • The company no longer satisfies the requirements of the Companies Act for an International Business Company
  • The Seychelles company fails to comply with a request for information from the Seychelles Revenue Commission
  • The company fails to pay any penalty imposed by the Registrar under the Act
  • The company conducts business or other activities which are, or are likely to be, contrary to the written laws of Seychelles or detrimental to the reputation of Seychelles

Time frame – 150 days from the first Notice to the Seychelles company, the company is deemed to be dissolved after 10 years of being struck off.

Belize Company - Not in Good Standing

The non-payment of annual government fees will make your offshore company lose its status of Good Standing.

The Registrar of Companies will then add late penalties and then proceed to strike-off your company from the Registry, for non-payment of fees.

To restore your company:

  • First we need to obtain a Company Search from the companies registry to obtain details of the latest filings, and establish what fees are owed to the companies registry.
  • The companies registry also have a reinstatement fee which must also be paid.
  • The registered agent of your company will also need to be paid any outstanding fees owed.
  • We can then become your registered agent and ensure that your company is kept in good standing

In Belize the registry label your company as not active if, the government fee is not paid on time.

BVI - Not in Good Standing

The non-payment of annual government fees will make your offshore company lose its status of good standing. The Registrar of Companies will then add late penalties and then proceed to strike-off your company from the Registry.

To restore your BVI company:

  • First we need to obtain a Company Search from the companies registry to obtain details of the latest filings, and establish what fees are owed to the companies registry.
  • The companies registry also have a reinstatement fee which must also be paid.
  • The registered agent of your company will also need to be paid any outstanding fees owed.
  • We can then become your registered agent and ensure that your company is kept in good standing

In the BVI the registry label your company as not active if, the government fee is not paid on time.

Gibraltar - Not in Good Standing

As part of the new policies in Gibraltar, Companies House now require that all companies file their balance sheets in order to remain in Good Standing.

Guernsey - Not in Good Standing

A Guernsey company will have a company status of Not in Good Standing if the Registered Office is not effective, the company has no Registered Agent, the company has failed to file an Annual Validation or the company has no directors.

Marshall Islands - Not in Good Standing

Non-payment of annual government fees will make your Marshall Islands company lose its status of good standing. There is an Annual Maintenance Fee payable to the Registry which varies depending on the company type, there are no annual document filings.

Nevis - Not in Good Standing

All the outstanding fees to the current Registered Agent and also to the government fees including Renewal, penalty fees and Reinstatement fee will need to be paid. The company will also need to be renewed with the Nevis Financial Services to bring the company back into Good Standing. Upon confirmation from the current registered agent that all fees have been paid a Certificate of Good Standing could be provided.

Panama - Not in Good Standing

A Panama company will have a company status of Not in Good Standing if the Registered Office is not effective, the company has no Registered Agent. The Annual Franchise Tax/ Tasa Unica Anual must be paid by all Panamanian and Foreign Corporations registered at the Public Registry Office of Panama to remain in Good Standing.

The Panama public registration law automatically dissolves any company that owes annual corporation tax for a period of more than 10 years. Provided permission is granted and note is added to the company file, the company can be granted a period of 3 years to pay back taxes.

UK - Not in Good Standing

UK Companies House will only issue a Certificate of Good Standing if the company’s compliance statement and accounts are filed up to date.

If you submit company accounts late, the UK Companies Act imposes penalties. The level of the penalty depends on how late the accounts reach Companies House. Failure to pay the late filing penalty will result in enforcement proceedings.

Your Company's Registered Agent

Your company requires a registered agent in the country, where it was registered.

We provide a comprehensive registered agent services for our clients, to ensure you are aware of the legal requirements that can impact your company.

Our registered office service ensures your company meets annual filing deadlines and pays government licence fees on time, late filing will your company's good standing status and incurs penalty charges from the Registry.

Our Registered Agent Service includes:

  • Ensure your company keeps its good standing status
  • Registered office address in the country
  • We are responsible for receiving important legal documents on behalf of your company
  • The registered agent's address is a matter of public record
  • We assist with the ongoing compliance requirements

Request to Change Agent

Our Registered Agent service provides expert management of important business communications from the registry and includes our managed annual report filing service, to ensure documents are filed on time. Please complete our enquiry form and we will get back to you with the options. We will then get a resolution drawn up, signed by yourselves and filed with the registry to make ourselves the registered agent for your company.

If your company is not in Good Standing, we can get the company restored and back into Good Standing. To do this we have to get a resolution drawn up to become the registered agent of your company.

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