Companies and businesses in Montserrat are being urged to re-registered and file their annual returns, says the Financial Services Commission (FSC).
A release from the FSC said that under the Companies Act 2023, all businesses and companies operating in Montserrat should be legally registered with their office.
Unregistered Businesses and Companies Operating within Montserrat
The Companies & Intellectual Property Office (CIPO) wishes to urge the public to be aware that any business or company operating within the jurisdiction must be registered/incorporated under the relevant legislation. Members of the community are being encouraged to urgently contact the CIPO at the Financial Services Commission and take deliberate steps if you are operating an unregistered business or company to ensure your entity is regularized. Registering your business/company offers you the following potential benefits:
• Recognizes your entity officially in the eyes of the law and protects your business name which gives you exclusive rights to use that name for your business/company.
• It helps you get potential funding: Investors and financial institutions will only invest and conduct business with registered entities due to the foundation of legitimacy that formal registration provides,
• Gives your business a professional edge: Registering your business shows commitment in complying with the law which gives your entity a more professional look, hence potentially attracting more customers.
• It gives you liability protection: Registering your business can help protect you from liability if something goes wrong with your product or service.
Generally, registering your business/company demonstrates compliance with the applicable laws and regulations of Montserrat.
Mandatory Online Re-Registration and Filing of Annual Returns for Companies under the Companies Act 2023
All companies currently registered must take steps to re-register via the online portal at cipo.fsc.ms by March 7, 2025, and file their Annual Returns by April 1, 2025. Re-registration of your company is a prerequisite for filing annual returns, which can only be done through the Online CIPO Portal.
Note, hard copies are no longer accepted.
Currently, the annual return filing fee for Companies is EC $200.00. Companies that fail to file Annual Returns by April 1, 2025, will result in penalties of EC $25.00 being imposed each day thereafter, and continued non-compliance will lead to a default notice being issued and steps taken to strike the company from the Company Register.
Registered Agent
Companies that are considered to be a reporting company as defined by the Companies Act 2023 are required to have a registered agent that is a licensed company manager in accordance with section
79 of the Act.
A reporting company as defined by s.2 of the Act is a large or public company. Further defined by Regulation 21 of the Companies Regulations 2024 as a company whose gross revenue exceeds EC four million dollars ($4mn), or the value of their assets exceed EC two million dollars ($2mn).
Foreign and external companies also require licensed company managers, while other companies may designate a resident director or licensed company manager.
Filing of Annual Returns for Businesses Under the Business Names Act All businesses currently registered under the Business Names Act must take steps to file their Annual Returns by April 1, 2025.
Currently, the annual return filing fee for Businesses is EC $100.00. Businesses that fail to file Annual Returns by April 1, 2025, will result in penalty of EC $50.00 being imposed and continued non-compliance will lead to a default notice being issued and steps taken to strike the business from the Business Names Register.
The Companies & Intellectual Property Office emphasizes that compliance with these requirements supports transparency and legal accountability that facilitates sustainable business growth and development whilst abiding by the laws and regulations of Montserrat.
For more information, visit our website or contact us directly.
Online Portal for Companies & PARBO: https://cipo.fsc.ms
FSC Montserrat : https://www.fscmontserrat.org/
Social media: Facebook: @fscmontserrat | Instagram: @fscmontserrat
Telephone: +1.664.491.6887 | +1.664.491.6888
