Change of registrar of a Scottish company
Opening, extending, closing a company abroad, as well as any other manipulations with a foreign business require knowledge of all the legal subtleties. In these cases, it is best to turn to specialists, then the task is carried out quickly and does not create problems.
We are talking about registration agents. This is a natural or legal person who represents the interests of a company before regulators, authorities, tax authorities and so on.
In this article we will tell you how to change the registration agent of a Scottish company, and we will dwell on the peculiarities of the local jurisdiction.
Pros of opening a company in Scotland
This country is objectively a place that has favorable conditions for business. And here's why:
- Scotland has one of the highest GDP growth rates of any country in Europe. In 2022, this indicator increased by 7.6%. Experts predict that by the end of 2023 the GDP will grow by another 2.4%;
- The legal system is well thought out and organized, and is based on English law. Consequently, you can always be sure that you will be able to defend the interests of your business by legal methods;
- Scotland has partnerships with many European, Asian and African countries because of its geographical location: for example, it has access to the North Sea and the Atlantic Ocean. This is one of the important factors in the country's strong economic development;
- Scotland has a transparent tax system, the intricacies of which can be easily and quickly learned. Businesses do not encounter pitfalls, as is the case in many other jurisdictions;
- The jurisdiction has an excellent human resource potential. The number of highly qualified specialists is very high, which constantly attracts international companies.
Practice shows that companies that operate in areas such as technology, tourism, international operations, financial services – do quite well in Scotland.
When to change your enrollment agent
Let's look at the most common reasons.
- Poor quality of service by the current agent. This is the most obvious point. An unscrupulous enrollment agent may not fulfill the requirements specified in the contract. For example, the specialist may notify the client with a significant delay that a certain law has been amended. Some inexperienced or simply inattentive agents make mistakes when drafting documents.
- Business Scaling. At the first stages of company development, the services of a registration agent with "average" skills and without much experience may be sufficient. However, over time the business grows, and there is a need for a more professional approach.
- Search for new terms of cooperation. First, the entrepreneur may be looking for a more affordable option. Secondly, the object of the search can become a registration agent with an extended list of services. For example, not all specialists undertake the preparation of financial documentation.
- Non-compliance with regulatory requirements for registration agents. The activities of such professionals in Scotland are strictly regulated. If an agent is no longer compliant with a certain point, his license may be suspended or revoked. In such a case, a new agent should be found as soon as possible so that the business is not left unattended for long.
Registration agent change procedure with Intelligent Solution Group
Intelligent Solution Group is ready to become your new registration agent. You can trust us because we have a lot of experience: we started providing this service in 2011, since then we have helped more than 2000 clients, our specialists are ready to accompany the whole process of transferring from another registration agent.
In order to make the change, an application must be made to the Registrar of Companies in Scotland, signed by all directors of the company, and the application must include the name of the new registered agent and the new registered address of the company.
The following documents must be submitted with the application:
- a resolution for the change of agent with the signatures of all directors;
- certificate of incorporation;
- documents that confirm the powers of the officers;
- a copy of the passport or other document confirming the identity of the new registration agent.
In addition, all individuals who take part in the company must provide their passport or other document confirming their identity, as well as a document confirming their residential address.
Now about what exactly you need to do if you decide to change the registration agent.
- choose a new agent;
- prepare the above package of documents;
- fill out an application to change the registration agent;
- send the application and documents to the Registrar of Companies in Scotland;
- pay the registration fee.
Intelligent Solution Group specialists will take care of all the paperwork and filing, you just need to wait a little longer.
How long do I have to wait? The Registrar of Companies usually checks the documents within two weeks. If the outcome is positive, the specialists will enter the new information about your company in the register.
Important point: when terminating the contract with the old registration agent, you must fulfill all the conditions stipulated in this contract. For example, you must pay all invoices for services and fulfill KYC requests.
In general, the activities of a registration agent are summarized by the types of work:
- Company registration. Specialists collect documents, prepare and submit applications to the regulatory authorities of the country.
- Legal advice. As soon as you have a question regarding the operation of your company in Scotland, you can turn to Intelligent Solution Group. We employ specialists who have an impeccable understanding of the legislative intricacies of this jurisdiction.
- Accounting services. For example, Intelligent Solution Group staff can prepare financial statements or advise on AML/CTF compliance.
With Intelligent Solution Group's support, you will reduce not only time but also financial costs. The registration agent helps the company to comply with all legal and administrative requirements, avoiding penalties and fines. In addition, specialists will help you protect your business's confidential information and documents. As a result, you will be able to delegate dozens of tasks to us, while you focus on the development of your company.