Maintain IBC in good standing

Suzy Emerald

Trusted Member
Business Angel
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

Trusted Member
Business Angel
Mentor Group
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.
 

Gediminas

Offshore Tax Advisory
Business Angel
Mentor Group
Commercial Service
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.
COGS is also needed when opening the account in some banks.
 

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