Change of Registered Agent
Changing the registered agent of an offshore company.
The registered agent of an offshore company is a firm that registers and services IBC (International Business Company) offshore companies directly in the country where the companies register is located. This activity is licensed, so not every law firm can register IBC companies and deal with government authorities on behalf of an offshore company.
- As a rule, IBC companies use the registered address of your registered agent, so the registered address makes it easy to find out which registered agent the company in question was registered with.
Why change the agent?
When you first register an offshore company, you are concerned with choosing a suitable jurisdiction, minimising taxation and the price of the service. But it happens that after one or several years you start having problems with the servicing of your offshore company. The registered agent is slow to process orders, issues invoices that were never agreed, or does not respond at all.
- The cost of servicing has changed significantly without any objective reason.
- Unprofessional or dishonest performance of duties by the company's administrator or agent.
- The agent has ceased operations.
How to change the registered agent?
- Prepare the transfer documents.
- An application from the owner of the company.
- Payment for the previous agent's services; a "release fee" is also commonly charged.
- Choose a new agent and agree the terms.
- Have the company director sign the resolution on the change of registered agent.
- Receive a new set of documents from the new registered agent.
The current registered agent may artificially delay this procedure, and it can cost you a lot of time and effort. Before changing your registered agent, you should weigh all the pros and cons of this step.