Annual renewal

What renewal covers in different jurisdictions

Renewal is a bundle of recurring obligations. Their names and dates vary, but most jurisdictions ask for the same kinds of things every year.

Hong Kong private companies file an annual return (Form NAR1) with the Companies Registry within 42 days after each anniversary of incorporation. Late filing brings a much higher registration fee. The business registration certificate is renewed separately.

UK companies file a confirmation statement at least once every 12 months, within 14 days after the end of the review period, even if nothing has changed. Failing to file can lead to prosecution and to the company being struck off.

BVI companies pay an annual fee to the Registry of Corporate Affairs and must file an annual financial return with their registered agent within nine months after the financial year end. Late payment or filing brings penalties and loss of good standing.

• Government annual fee or licence fee
• Registered agent and registered office fee
• Annual return, confirmation statement or equivalent
• Financial, tax or economic substance returns where required

Why the date matters as much as the fee

Penalties usually start the day after the deadline and grow with each month of delay. In some jurisdictions a company that stays unpaid for long enough is struck off the register, and restoring it costs far more than the original renewal.

A company that is not in good standing also struggles elsewhere. Banks request certificates of good standing at account reviews, counterparties ask for them before signing, and some offshore registries restrict filings or certificates until overdue items are cleared.

Each jurisdiction counts its deadline differently: from the incorporation anniversary, from the financial year end or on a fixed calendar date. We put your exact dates in the portal calendar so you can see them at any time.

What you need to do each year

Your part is short. Confirm that the company's directors, shareholders and beneficial owners are unchanged, or tell us what changed. Update identity documents if they have expired. Pay the renewal invoice before the deadline we give you.

Registered agents must keep up-to-date due diligence on the companies they act for. If your documents are out of date, we ask for replacements as part of renewal. It is a legal requirement for us, and doing it at renewal avoids a separate request later in the year.

If a renewal is already late

Tell us as soon as possible. We check the registry status, calculate the penalties due and file the missing returns in the right order. If the company has already been struck off, we explain the restoration route and its cost before you decide.

Companies formed by another provider can move to us for renewal. Where we are to become the registered agent, the transfer service applies first.

Renew, restructure or close

Renewal is a good moment to ask whether the company still does what you need. If it no longer trades, closing it properly stops the annual fees and avoids penalties that keep growing while the company stays on the register.

If the business has moved, a company in another jurisdiction may fit better, or the existing company may need new directors or a new address. Your specialist can review this with you before the renewal invoice is due.

Whatever you decide, decide before the deadline. A company left to lapse builds penalties, and closing or restoring it later is slower and more expensive than acting on time.

• Still trading: renew and update any changed details
• No longer needed: apply for strike-off or deregistration
• Business has moved: review structure, directors and address