Thursday, 14 December, 2017
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Transfer of companies for servicing by I.O.S.

At the customerís request, INTERNATIONAL OVERSEAS SERVICES may take over the servicing of a company that was established by another law firm or another registration agent.

Usually, takeover is relevant for the owner of the company if:

  • the previous agent that registered the company at the time is no longer in the registration business;
  • the previous agent does not provide an adequate range of additional services required by the entrepreneur for his work with the company;
  • the previous agent fails to deliver the agreed documents within an acceptable and due time frame;
  • the previous agent pricing or other terms and conditions become unacceptable.

The process of taking over a company for servicing by I.O.S. includes the following steps:

  1. I.O.S. performs a company status search in the country of incorporation, in order to find out the situation of the company; particularly - whether it has any outstanding state duty payments or penalties imposed by the register of companies, or has been even struck off the register.
  2. In jurisdictions where this is required, it is necessary to obtain the consent for the company takeover from the current local agent in the country. In most cases, the consent is obtained provided that the company has no debts such as unpaid services to the current local agent.
  3. The register of companies of the country makes a record of an instrument of the change of the registered agent, as well as any necessary documents of the change of address, directors and company secretary.

After this process, the company is able to continue its operations using the services of INTERNATIONAL OVERSEAS SERVICES.

It is important to note that the abovementioned amount of penalties may be established with regard mainly to the register of companies. However, for taxpaying jurisdictions there is another issue which is the tax authorities. There are situations where a company has had overdue tax reporting under the previous agent (this is possible even though filing with respect to the register of companies was performed on time). Information of the tax authorities is usually not publicly available; so in the event that taxes and/or penalties have been assessed by the tax authorities, they frequently have to be paid even after the takeover. Accordingly, when ordering the takeover in taxpaying jurisdictions, the owner of the company signs the paragraph in his application about being informed that such additional costs may exist and being prepared to accept them in accordance with the actual situation or, on the other hand, provides a document stating that all obligations to the tax authorities have been fulfilled.