Company renew

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

ATTENTION NEW RENEWAL RATES FOR SOCIETIES AND FOUNDATIONS

Due to the new compliance regulations applied by all offshore jurisdictions, we had to implement new fees for the following services:

Resident Agent, Annual Tax and Registered Address

Nominee Directors

Nominee Shareholders

Stock custodian

Updated prices at the link https://opm01.com/en/01/company-renew/

In addition, due to the costs and limitation of money transfer, exchanging cost between currencies and maintenance costs of bank accounts, we will apply a fee of USD 40 for payments through:

IBAN, SWIFT, BTC, PayPal (excluded consultancy fees)

Payments through ACH Panama, ACH United States, Zelle, USDT and cash in USD are exempt from extra charges.

What else should I do to keep my company or foundation active?

To keep your company or foundation active, it is essential to comply with certain accounting requirements. In most jurisdictions, regulations require maintaining basic accounting records. We recommend that you stay informed annually and well in advance, as regulations can frequently change.

In the case of companies in the United States, it is mandatory to file a tax return. Furthermore, maintaining proper accounting is an indispensable requirement. If you have not conducted any operations or do not own assets, you can keep the accounting at zero and file it accordingly.

In offshore jurisdictions, the resident agent must receive the accounting records each year. If they are not submitted, the agent is obligated to report it to the competent authorities, which could result in fines, suspension of the company, or even its permanent closure.

In many jurisdictions, it is still possible to submit a sworn statement of inactivity. Below, you can download the required document. We urge you to comply with the current regulations, as they are beyond our control, and to avoid unnecessary disputes.

You will also need to confirm each year the full name, address, phone number, and email of the person responsible for keeping the accounting records. If you do not have an accountant hired, please fill out the form with your details.

Download Guide on Accounting Records Rules for Offshore Companies and Foundations of Panama

Download Editable Accounting Journal Template

Download Editable Annual Financial Statements Template

Download Inactive Entity Declaration