Keeping your offshore company in Good Standing is highly important to ensure you do not receive unnecessary penalties. Offshore Companies should be renewed with the authorities where the company is registered on a yearly basis, by doing this your company will remain in good standing.
The yearly renewals will usually cover the government fees, the registered office fees and registered agent fees for the company.
If you fail to pay for the yearly renewal, then penalties may occur and the company could potentially be removed from the register.
To help take away the pressure of remembering the yearly renewals, we do send courtesy reminders six weeks before to arrange the payment for the renewal. However, please note that it is the Directors responsibility to ensure that the Company is in good standing.