Why should I pay for a Resident Agent and a Registered Office of an offshore company or foundation?
Having a Registered Office and a Resident Agent is an indispensable requirement, both for the formation of an offshore company, the company renew and for its subsequent use and maintenance. A company or foundation without a Resident Agent is suspended, even if the Annual Government Fee is paid.
The legal and practical functions of a Resident Agent within the offshore company are diverse. This specialized lawyer offers the address of his office as the legal place of physical residence of the offshore company. In addition, the Resident Agent is in charge of keeping and updating different documents as required by the regulations of each country. Among them are the company’s bylaws and memorandum, the register of its members and addresses. He also keeps a copy of the notices and other documents filed by the corporation for a period of ten years.
The Resident Agent is responsible for reviewing the minutes of meetings and resolutions of both shareholders and directors. If you do not have a Resident Agent, your corporation will be suspended and will not be able to operate.
Another role of the Resident Agent is to serve as the official intermediary of the offshore company before the local authorities. This Agent is in charge of paying the annual renewal fee of the offshore company and is also the one who files the administrative declarations, if necessary.
A company or foundation that is not in good standing can be suspended.
Failure to pay on time the renewal of your offshore company can result in government fines and suspension of the company. In addition, the Resident Agent has the duty to update the data of the beneficiaries and failure to do so incurs fines in excess of $5000.
For privacy reasons our law firm does not send payment solicitations. The timely payment of the renewal is the responsibility of the client. If you have any doubts, please contact us to know the status of your partnership.
Caporaso & Partners will automatically renounce the partnerships or foundations that are not up to date, determining the suspension of these. The cost of the renewal includes free consultations on the use and problems related to partnerships or foundations.
Don’t forget that you must also fill out the KYC (1 for each shareholder) and the Annual Declar
Belize company, Delaware company, Nevis company, Panama company, Panama Foundation