Section 57Part 11 — MISCELLANEOUS
Annual returns
←→ Navigate · Click subsection badges to collapse · Press ? for help
A limited liability company shall, in January in every year file (including by permitted electronic means) with the Registrar a return signed by or on behalf of the limited liability company stati ng the nature of the business, certifying that it has, during the calendar year, complied with the provisions of this Act and pay to the Registrar the prescribed annual fee.
A limited liability company that defaults in submitting its annual return or fee specified in subsection (1) shall incur a penalty of —
33.33% of the annual fee specified in subsection (1) if the return is submitted or the fee and penalty are paid between 1 April and 30 June;
66.67% of the annual fee specified in subsection (1) if the return is submitted or the fee and penalty are paid between 1 July and 30 September; and
100% of the annual fee specified in subsection (1) if the return is su bmitted and the fee and penalty are paid between 1 October and 31 December.
A limited liability company which fails to comply with subsection (1) shall, subject to subsection
, be deemed to be a defunct company and dealt with as such under section 40 but without prejudice to it being registered again as though it were being registered for the fir st time. ( 4 ) Before taking action under subsection (3), the Registrar shall give six months’ prior written notice to the defaulting limited liability company at its registered office in the Islands and, if the default is made good (including, without limitation, with respect to any penalties due under subsection (2)) before the expiry of such notice, subsections (1) and (2) shall be deemed to have been complied with.