Most companies that are registered in offshore locations are required to have a ‘Registered Agent’.
What is a Registered Agent?
The registered agent are the people who make changes or filings to the company on your behalf and they help you keep the company in good standing.
When you first think about registering an offshore company, you begin with tax planning and legal matters and don’t actually think about who to register the company with. It is vitally important to ensure you register the company with the right people as this could have an impact on your business.
When you are considering who to register your company with, it’s important that you take a few factors into account, including the following:
- Are they a reputable company?
- Can you read reviews about the company – are they good, bad or indifferent?
- Are their fees reasonable? Not only set up fees but also the ongoing fees!
- Can they assist you with everything you need?
These are only a number of factors that you should consider.
Should you change your Registered Agent?
If you have already registered an offshore company and you are not happy with your current registered agent, the good news is you are able to change agents. Obviously, this could incur further charges, however if you are not receiving an acceptable service and you are not happy with your registered agent, it’s important that you do what is right for your business.
If you aren’t receiving the support you need, and they aren’t helping you keep the company in good standing, it is important that you consider changing agents. If your company is not kept in good standing, you could receive government penalties which you will be responsible for, obviously the agent aren’t going to pay these. You will also be unable to open a Bank Account and may find it difficult to trade.
What to consider before changing agents
There are a few important points that you should consider before changing agents, including:
- Keep your current agent happy – your current agent are required to approve the change of agents so make sure you try and keep them happy
- Make sure your company is up to date – to be able to change agents your company needs to be in good standing. Make sure all the fees have been paid to the current agent and ensure the company is in good standing with the government
- Don’t leave it too late – we usually say it takes around 1 month to change agents. Please ensure that your company renewal is not too close to the day you decide to change agents as this could affect the good standing status of your company
- Bank Accounts – if your company has a Bank Account, you need to ensure you update the Bank with the new registered agent details
- Nominee officers – if your company has nominees, you need to ensure that you can either keep the existing nominees or check that the new registered agent can offer nominees
- Registered office address – a registered office is a requirement for all companies offshore, however sometimes the registered agent may not provide this service. Please make sure that the registered agent also offers the registered office service that you need
- Prices – are the new agents prices reasonable? Don’t only consider the renewal fees but also the fees when you wish to make changes to the company
The registered agent of your company is important as they help you make changes to your company and also assist with the ongoing requirements. It is important that the service you receive it up to your standards. Make sure you read reviews about the agent, maybe ask others for their opinions and mainly, make sure you are happy!
Remember, do your research and I’m sure you will make the right decision.
CFS are able to assist with changing the registered agent for your Offshore Company. If you would like to know more, or if you would like to change the agent for your company, you can contact us using the following details:
Tel: +44 (0)1302 729041