Annual Renewal

If you have looked into registering an offshore company, you have probably noticed that the price list for these services usually has two columns:

• Company registration.
• Company renewal.

Company registration includes preparing the company documents as well as the services needed to keep it running during the first year.

Company renewal, which takes place after one year, involves a smaller set of documents but practically the same list of services, which includes:

• Registered agent services
• Government fee (a single tax for the calendar year)
• Registered address
• Filing updated company information with the register (only the registered agent has access to the register).

Additional services may also be provided:

• Nominee shareholder and nominee director services, as well as issuing and notarising a power of attorney. Legalisation of the power of attorney if required.
• Preparation and filing of company accounts.
• Additional powers of attorney.
• Certificate of good standing (an official certificate issued by the companies register) containing information on the legal status of the offshore company.
• Certificate of Incumbency – issued by the registered agent and may contain information about the company to the extent the client requires.
• Notarial services.
• Legalisation — apostille or consular legalisation.
• Courier services.

It is extremely important to order the company renewal in advance, at the latest by the 11th month of its use. Late submission of documents to the bank where the company holds its account will lead to a temporary block on the bank account. And even if the company has no bank account, it may be struck off the register or the registered agent may charge a late penalty.