Bahamas Company Restoration
Do you need your company restored to continue trading or unfreeze assets? Contact us for an expert and reliable Bahamas company restoration.
If your IBC is struck off the register then all assets such as property will be held by the Bahamas Registrar General’s Department until your company is restored to the register. Once your company is restored the company’s directors and shareholders will regain access to any assets. To restore the company to the register a director or shareholder must apply for a Bahamas company restoration with the Bahamas Registrar.
We can complete all necessary requirements to have your company successfully restored to the company registry, as if it had never been struck off. A Bahamas company administrative restoration takes 21 days from date of submission and a court restoration can take between 3 and 6 months.
Consequences of a Bahamas IBC being Struck Off
Where your company has been struck-off the Register the company, directors and shareholders may not:
- Commence legal proceedings
- Carry on any business or in any way deal with the assets of the company
- Defend any legal proceedings
- Sell any assets or property held in the company name
- Make any claim or claim any right for, or in the name of the company; or
- Act in any way with respect to the affairs of the Bahamas company
The fact that the name of a company is struck off the Register does not prevent:
- that company from incurring liabilities
- any creditor from making a claim against that company through to judgement or execution; or
- the appointment by the court of an official liquidator for that company under section 168
Bahamas Administrative Company Restoration
A company qualifies for administrative restoration if it was struck off the register less than 5 years ago, and the Bahamas Registrar General’s Department dissolved the company for non-payment of government fees or no filing of company documents.
In order for a successful administrative company restoration, an application must be made to the Bahamas Registrar by the registered agent of the company along with a signed affidavit from a director or shareholder.
If the Registry is satisfied with the application, then upon payment of the prescribed fee and all overdue filing penalties the company shall be reinstated to the company register. Once the name of the company is restored to the register it is deemed to have never been struck off the Register. We can carry out all necessary requirements once appointed registered agent.
Bahamas Court Order Restoration
The IBC 2010 Act stipulates that when a Bahamas company has been struck off the Companies Register for non-payment of fees for a period exceeding five years, an application must be made to the Bahamas Supreme Court to have the company restored.
The court has to be satisfied that it would be fair and reasonable for the company to be restored to the Register, if granted, all of the annual fees and payments would need to be brought up to date. An estimate of the costs the company would incur is as follows:
- Fee to apply for restoration to the Registrar General – $ $300
- Attorney’s legal fees – $4,000
- Disbursements (Attorney General’s and Court fees) – $2,100
The fees to the Registrar would be determined according to the year the last fee was paid.
We would also require the company’s statutory documents and registers to present to the Court.
Transferring Registered Agent
A Bahamas company can only be restored by the registered agent on record, or the agent must be changed to a new agent undertaking the company restoration. We can organise the transferring of the company agent to ourselves.
Our firms fees for Registered Office and Agent are as follows:-
- Due diligence process to be completed and approved before we agree to act;
- Provision of Registered Office fees – $ 350
- Provision of Registered Agent fees – $ 350
Bahamas Company Restoration Enquiry
Please complete our restoration form and we can provide a detailed breakdown of fees, along with a potential timeframe to have your company restored to the register.