Maintain IBC in good standing

[Suzy Emerald]

Hi all,

I have an BZ IBC that I dont use anymore for trading. I just keep some assets on it. Do I still need to get a need COGS then every year? I guess the answer is Yes but am not sure.

 

[James Turner]

Hi,

It is not compulsory to obtain a COGS, but is your only receipt to‌ demonstrate that the company is in good standing so most people to tend to obtain‍ one each year. I would certainly do this if the company holds assets.

 

[JohnLocke]

For people that don't know what a COGS is, then it stands for Certificate of‌ Good Standing 😉

You will only need that certificate if you have a bank account and‍ they request it from you or some other financial partner.

 

[Gediminas]

COGS is also needed when opening the account in some banks.

 

[JohnLocke]

read what he / she‍ wrote 😛