Registered Agent MIA, how to close incorporation?

[Tasgall Wallace]

Hi all,

i currently have an LTD in SVG, however because of some recent scandals my bank (EPB) asked us to move the company to another jurisdiction.

Problem is that our current Registered Agent has ceased all the activities (maybe you have heard of Loyal Agent) and we are not able to get any document from them.

At the moment we have 2 options:
- Moving the company to a new jurisdiction
- Closing the company and create a new one

Our POC (a broker for the RA) wants to charge me something like 2kUSD only to get the few docs needed to move the company (and again the whole process seems quite shady), so i am currently thinking about simply close the company and open a new one.

Do you have any suggestion? How can i either get the company closed or get the needed documents if my RA has ceased all the activities? Of course i am looking for a solution as fast and as painless as possible....

Please note:
i have already everything sorted out for the creation of the new company... new RA, new bank account, everything.

Thanks!

 

[James Turner]

If the company is a trading entity and it is essential that the existing company continues to exist then it will be necessary to carry out a re-domiciliation of the business to another location. This can be quite costly and is not necessarily easy to achieve and can easily be done wrong or not done at all by agents who d not understand the process, but this will depend on the location you intend to redomicile the company to.

In most cases it is simpler to strike off the existing entity and close your account with EPB and to create a new company in a location of your choice and open a new bank account for it. What you intend to do can be explained to EPB who know your business and seem happy to still work with you and opening a new account should therefore not be difficult.

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[Tasgall Wallace]

James Turner said:
If the company is a trading entity and it is essential that the existing company continues to exist then it will be necessary to carry out a re-domiciliation of the business to another location. This can be quite costly and is not necessarily easy to achieve and can easily be done wrong or not done at all by agents who d not understand the process, but this will depend on the location you intend to redomicile the company to.

In most cases it is simpler to strike off the existing entity and close your account with EPB and to create a new company in a location of your choice and open a new bank account for it. What you intend to do can be explained to EPB who know your business and seem happy to still work with you and opening a new account should therefore not be difficult.
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thanks for the quick reply, closing the old company and creating a new one is indeed what i would like to do.
I have already sorted out all the problems with the bank account, i just need advice on how to close the existing company when your Registered Agent has ceased all the activities because i don't trust my POC at the moment.

 

[James Turner]

If the company is in SVG I would be inclined to let it lapse and do nothing else with it. Just tell EPB to close the bank account.

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[Tasgall Wallace]

James Turner said:
If the company is in SVG I would be inclined to let it lapse and do nothing else with it. Just tell EPB to close the bank account.
Click to expand...

being the director and shareholder, will there be any legal (or non legal) consequences? I would really prefer to have a clean cut and i want to understand what are the implications for letting the company lapse

 

[negon]

I would close the old company and simply register a new one, it's not that difficult to do unless you have a lot of activity in the current company or accounts connected.

 

[Tasgall Wallace]

negon said:
I would close the old company and simply register a new one, it's not that difficult to do unless you have a lot of activity in the current company or accounts connected.
Click to expand...

Negon, thank you for your opinion, however i need actual information on how to close the company... can you help?

 

[JohnLocke]

Can't you just don't renew the company so it will be taken off the registry?!

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[Tasgall Wallace]

Admin said:
Can't you just don't renew the company so it will be taken off the registry?!
Click to expand...

That is indeed an option, my main concern is that being the Director and the Shareholder i don't want to be put in some sort of global blacklist of insolvent individuals.... i understand that i may sound paranoid but this is not really my piece of cake and i don't want to take this decision lightly.

Do you know if there are consequences for doing what you suggest? Like ay kind of consequence that may affect me personally or any other future company i will open?

Thanks

 

[Internationaloff]

Tasgall Wallace said:
Hi all,

i currently have an LTD in SVG, however because of some recent scandals my bank (EPB) asked us to move the company to another jurisdiction.

Problem is that our current Registered Agent has ceased all the activities (maybe you have heard of Loyal Agent) and we are not able to get any document from them.

At the moment we have 2 options:
- Moving the company to a new jurisdiction
- Closing the company and create a new one

Our POC (a broker for the RA) wants to charge me something like 2kUSD only to get the few docs needed to move the company (and again the whole process seems quite shady), so i am currently thinking about simply close the company and open a new one.

Do you have any suggestion? How can i either get the company closed or get the needed documents if my RA has ceased all the activities? Of course i am looking for a solution as fast and as painless as possible....

Please note:
i have already everything sorted out for the creation of the new company... new RA, new bank account, everything.

Thanks!
Click to expand...

If your company is in Good Standing and active, why not move it to another jurisdiction? It's cheaper.

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​

 

[JohnLocke]

Tasgall Wallace said:
Do you know if there are consequences for doing what you suggest? Like ay kind of consequence that may affect me personally or any other future company i will open?
Click to expand...

I have yet to see any consequences. I have never paid for to close any of my companies I didn't use any longer all of them have simply just expired.

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[Tasgall Wallace]

Internationaloff said:
If your company is in Good Standing and active, why not move it to another jurisdiction? It's cheaper.
Click to expand...

Thank you for your opinion, however i really need actual information on how to do it, can you help me?