I have a delaware LLC that will soon be one year old. the offshore provider said, if you do not pay annually, the company is closed. Now I have a transferwise account with stripe so that customers can deposit cash online. what happens if i do not renew the company? does the transferwise and stripe account continue?
Company expires, what now?
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As long as no bank or EMI will ask yor for a certificate of incumbency / certificate of good standing there will be no problem. But most often they will ask for it if the company is more than year old so they will close the account if you fail to provide that document.
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Hi all,
Just out of curiosity, if no CGS can be provided, and they close the account...............then what?
Can they hold onto the funds?
Or do they simply contact you and say account closed, please provide details where we can forward the balance to. Ie what is the likely outcome/scenario ...........a) .balance lost along with account operations...............or b) balance forwarded with loss of account operations.
Just out of curiosity, if no CGS can be provided, and they close the account...............then what?
Can they hold onto the funds?
Or do they simply contact you and say account closed, please provide details where we can forward the balance to. Ie what is the likely outcome/scenario ...........a) .balance lost along with account operations...............or b) balance forwarded with loss of account operations.
If it is a real bank they will simply send the money back.
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How do u mean admin, send the money back? back where? to the customers?
If there is a balance lets say of 30k, (made up of multiple deposits from multiple clients ) and the account holder does not renew company/can not provide CGS..............then what happens to this balance after the account is closed by the bank?
You say, 'they will send the money back', back where? to each client individually?
or will they simply request that account holder/company UBO/signatory provide details as to where this balance is forwarded to, so the account can be closed and settled.
If there is a balance lets say of 30k, (made up of multiple deposits from multiple clients ) and the account holder does not renew company/can not provide CGS..............then what happens to this balance after the account is closed by the bank?
You say, 'they will send the money back', back where? to each client individually?
or will they simply request that account holder/company UBO/signatory provide details as to where this balance is forwarded to, so the account can be closed and settled.
they will ask you to provide bank details which include your personal name and details as account holder to where they will send the money and close the account. That's how they did it a few times with me where it was applicable.
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Hi Kanakke,
thanks for your reply.
So business bank account is closed due to the lack of being able to provide a CGS....................balance of account will be forwarded to the signatory/UBO?
( ie, if this is the only bank account connected to the company, and bank can not forward balance to another bank account in companies name).
Also, is balance forwarded to the UBO? I ask this as because what happens if you have nominated shareholders and directors?
thanks for your reply.
So business bank account is closed due to the lack of being able to provide a CGS....................balance of account will be forwarded to the signatory/UBO?
( ie, if this is the only bank account connected to the company, and bank can not forward balance to another bank account in companies name).
Also, is balance forwarded to the UBO? I ask this as because what happens if you have nominated shareholders and directors?
they accept UBO in most cases. It requires that UBO match the data of the account in question.
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You can renew your DE company yourself without your provider or reg agent Division of Corporations - Filing
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Reply from a private banker here, basically this works like this:
1. you cant confirm that the company is in good standing (without providing CGS).
2. for bank this means that the company is not operated, which means to them that you might not have POA, dont ask how this is connected, but bank cannot take any requests for such company, they will block the cash.
3. In order to retrieve the cash you will need to provide the CGS, so dont waste time, since usually if you are asking for a CGS after your previous CGS expired it will be more coslty and longer process.
1. you cant confirm that the company is in good standing (without providing CGS).
2. for bank this means that the company is not operated, which means to them that you might not have POA, dont ask how this is connected, but bank cannot take any requests for such company, they will block the cash.
3. In order to retrieve the cash you will need to provide the CGS, so dont waste time, since usually if you are asking for a CGS after your previous CGS expired it will be more coslty and longer process.
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