Thursday, 14 December, 2017
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Certificate of Good Standing

In the event that the company was incorporated some time ago, the entrepreneur may need a document certifying that currently the company has full and legitimate status. As an example, this certificate may be requested by:

  • business partners of the company wishing to enter into a contract or a commercial transaction with it;
  • a bank in order to open a current account or to continue to maintain an existing account;
  • government authorities in order to issue a permission for registration of a representative office or subsidiary of a non-resident company.

In such cases a document known as a certificate of good standing (CGS) is ordered and must be issued by the register of companies in the country of incorporation.

Each jurisdiction has its own standard text of the CGS with the general meaning being to certify that as at the date of issue of this certificate the company named has full status in the register of companies, is not under liquidation and has no outstanding state fees.

Frequently, the certificate of good standing is certified by the Apostille, and, if necessary, the text is translated into the state language of the country where the certificate of good standing will be presented.

In some countries, the text of the certificate of good standing may include additional information as requested. As an example, in the United Kingdom the standard CGS text may be supplemented by the data on the current directors of the company. Such supplemented CGS may also serve as a Certificate of incumbency simultaneously.