Over the years Gibraltar companies have been used for many business solutions, including bank account ownership, property and land ownership and general international inheritance planning.
However, for one reason or another, these companies do not always get renewed as they should in order to remain in good standing.
The reasons a Gibraltar company is not always renewed are:
- Poor management by the agent company who introduced the client.
- Lost contact with the agent company who introduced the client.
- Beneficial Owners not informing their family of their offshore assets, and subsequent loss of contact by the family to the Gibraltar agent.
- Beneficial Owners not being made aware by their initial agent that the company has to be maintained and renewed each year in order to keep the company in good standing.
Why does the Gibraltar company need to be kept in good standing?
Simply put; if the annual returns and accounts are not filed annually, the company will be penalized, and eventually struck off by the Gibraltar Registrar. This can result in any bank accounts, trading platforms, or share portfolios, that the company owns being frozen. Banks and institutions now require companies, both on-shore and offshore to prove that they are properly maintained and renewed in their jurisdictions every year. In essence they must provide a certificate of good standing, and if the company cannot, then the bank will freeze the account until the certificate is produced. At Octopus International Business Services Ltd – we have over of 4,000 companies that have lapsed by lack of contact from the introducing agent, are you the Beneficial Owner of one of these valuable companies?
It is possible that the house you own, or the land your father built on in UK, Spain or Portugal is owned by a Gibraltar company – have your family renewed it? If not, your assets are at risk. Octopus International Business Services Ltd can provide you with a very competitive quote to re-instate your Gibraltar company – whether it was originally registered with us or not – we can help.
We will beat any genuine like for like quote by at least 5%. We will guarantee our experienced team will be available throughout the reinstatement process to keep you up to date. Once re-instated, we promise competitive annual renewal fees and expert assistance in a number of fields, including new banking facilities for your company, legal and accountancy services if required and simply efficient customer services.