As many of you are aware, your IBC company must pay renewal fees on the anniversary of the formation of the company, except in the case of Belize IBC companies, whose renewal date is always 1 January.
The payment of the company renewal fees includes such things as renewal of the company licence to trade, this is especially so with UAE companies, certificate of good standing, and nominee director and shareholder services. Many clients delay or make late payments for their renewal fees. In practice, this is not advisable for several reasons. Firstly, the company may well be struck off due to lack of payment of fees. Renewing the company can be time-consuming and very expensive. The other effect of not keeping your company up to date, is that it is more than likely that your bank will suspend the banking facility until they receive confirmation that the company's up-to-date and they have received from our office a certificate of good standing of the company for the following year. If you are still using your company and especially if there is money in the bank, it is in your best interest to pay renewal fees upon our request.