Business Name Renewal Procedure

It often happens that at one time acquired an offshore company was, for one reason or another, unnecessary and was “thrown”. This means that the owner stopped to maintain the company in the form of an annual payment of government fees, registered address, resident agent services, nominee shareholders and directors, etc. As a rule, all of these payments are made through a company administrator is the one that has been acquired and offshore.

So what to do in order to provide business name renewal? In general, there is nothing particularly wrong here. Most offshore company excluded from the register for non-payment of fees, for quite a long time, you can restore the rights of a legal entity. After that, she will again be deemed to exist, and continuously from the time of its incorporation. The main condition for recovery is the introduction of all outstanding fees and due for late payment of fines and penalties.

This applies to the company’s relationship with the state. There is another aspect concerning the relationship of the company and its owner with the company administrator and (usually provided by the same company), resident agent and nominee shareholders and directors. As a rule, to restore the company “bypassing” of the previous file agent is not possible (although there are some exceptions).

Here is a specific thing while making business name renewal. If the owner of the company, for whatever reasons, has no desire or ability to restore contact with the company, which he bought in his time offshore, it may apply to other companies of similar profile, in order to assign it to the new administrator of the company instead of the previous one. Receiving from the client the necessary powers (in writing), the new company, and the administrator will contact the old company administrator and, if necessary, with the agent in most offshore areas, and take all steps necessary to restore the company.

Here are possible options: a new company administrator can agree with an existing resident agent of the company, to continue to provide these services to the company or to appoint its permanent partner in the offshore zone (with the consent of the old agent). Denominations are usually replaced with new ones because they are more closely associated with the company administrator. However, in any case, to avoid the payment of the accumulated over the years of idle accounts are likely to fail. This was a brief review on providing business name renewal.