{"id":132871,"date":"2023-03-01T00:00:04","date_gmt":"2023-03-01T00:00:04","guid":{"rendered":"https:\/\/systemday.wpengine.com\/?p=132871"},"modified":"2023-03-10T21:48:23","modified_gmt":"2023-03-10T21:48:23","slug":"company-not-in-good-standing","status":"publish","type":"post","link":"https:\/\/www.shane-english.com\/company-not-in-good-standing\/","title":{"rendered":"Company not in Good Standing"},"content":{"rendered":"
Your company should be in Good Standing with the Companies Registry at all times, a company is deemed not to be in Good Standing if it is in breach of filings requirements.<\/p>\n
Non-payment of annual government fees will make your offshore company lose its status of Good Standing and the company will incur late penalty fees and potential legal consequences.<\/p>\n
To remain in Good Standing your company needs to up to date with its filings, annual registration fees and requirements under the Companies Act. The register of directors and shareholders has to also be properly maintained by the registered agent of your company.<\/p>\n
We provide registered agent and registered office services in 60 countries and can assist our clients with the required filings to ensure companies remain compliant and in Good Standing.<\/p>\n
All companies should be aware the consequences that losing Good Standing status can have, including the following –<\/p>\n
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.<\/p>\n
An IBC, which is struck-off the Registrar shall remain liable for unpaid fees and also remains liable to all its debts and obligations.<\/p>\n
A struck-off company may not continue to trade or enter into any new transactions, and its directors, shareholders, may not enter into any transactions with the assets of the company. If they do, they will be personally liable for any debts or legal consequences resulting from such transactions.<\/p>\n
The non-payment of annual government fees will make your offshore company lose its status of Good Standing. The Belize Registrar of Companies will then add late penalties and then proceed to strike off your company from the Registry, for non-payment of fees.<\/p>\n
To restore your company:<\/p>\n
In Belize the registry label your company as not active if, the government fee is not paid on time.<\/p>\n
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. In the BVI, the process of being struck off involves an administrative procedure, the name of a BVI company is removed from the Corporate Register by the Registrar.<\/p>\n
Strike off does not relive a company from the payment of its annual fees or late payment penalties.<\/p>\n
If your BVI company that has been administratively struck from the Register it is automatically dissolved 10 years after it was struck off, provided that it has not been restored to the Register in the meantime.<\/p>\n
There are significant implications that arise if your BVI company is struck off, your company cannot deal with its property and it will not be possible for moneys in its bank account to be accessed, even to pay the debts of the company or to make a distribution to members.<\/p>\n
Your BVI company will not legally be able to sell or pass title to its assets, property that a company had when it is dissolved is transferred to the ownership of the Crown.<\/p>\n
To restore your BVI company:<\/p>\n
Once your BVI company has been dissolved it can only be restored to the Register by the Court which must first declare the dissolution of the company to be void.<\/p>\n
The application to Court can be made within a 10 year period following the dissolution of the company. After that, a dissolved company cannot be restored to the Register at all.<\/p>\n
Non-payment of annual government fees will make the Seychelles company lose its status of Good Standing.<\/p>\n
The Seychelles Registrar can also strike a company off the Register for the following reasons:<\/p>\n
The company is deemed to be dissolved after 10 years of being struck off.<\/p>\n
UK Companies House will only issue a Certificate of Good Standing if the company\u2019s compliance statement and accounts are filed up to date.<\/p>\n
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.<\/p>\n
Failure for a USA company to maintain Good Standing is a compliance issue and will require prompt attention. Reasons why a USA company loses Good Standing status include:<\/p>\n
In the USA a compliance failure can result in the administrative dissolution of your company and the loss of limited liability protections for the individuals involved.<\/p>\n","protected":false},"excerpt":{"rendered":"
Company Not in Good Standing Your company should be in Good Standing with the Companies Registry at all times, a company is deemed not to be in Good Standing if it is in breach of filings requirements. Non-payment of annual government fees will make your offshore company lose its status of Good Standing and the […]<\/p>\n","protected":false},"author":11,"featured_media":147448,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[10208],"tags":[],"class_list":["post-132871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-good-standing","entry","has-media"],"acf":[],"yoast_head":"\n