A Certificate of Good Standing (COGS) is an important document for any business, as it proves to other businesses and individuals that your company is in good financial standing. This can be helpful when seeking new clients or partnerships, as it provides peace of mind and assurance that your company is a reliable and trustworthy business to work with. Read more financial software at iTechsoft
There are a few key things that a COGS should include:
-The name and registered address of your company
-The date of incorporation
-The company registration number
-The current status of the company (e.g. active, dissolved, etc.)
-A statement from the Registrar of Companies confirming that the company is in good standing
A COGS can be obtained from the Registrar of Companies in your country of incorporation. In the UK, this is Companies House. The process and fees for obtaining a COGS vary from country to country, so it’s important to check the requirements in your jurisdiction.
Once you have your COGS, it’s important to keep it up to date. If any of the information on the certificate changes, for example if your company changes its registered address, you will need to update the certificate. You can usually do this by sending an updated copy to the Registrar of Companies.
So why is having a COGS so important?
As well as providing peace of mind and reassurance to your clients and partners, a COGS can also be helpful in other situations. For example, if you’re planning to sell your business, potential buyers will often request a COGS as part of their due diligence.
Similarly, if you’re seeking funding from investors, they may also request to see a COGS as part of their assessment of your business. In both of these cases, a COGS can give your business added credibility and help to build confidence in your company.
Overall, a COGS is a valuable document for any business. It can help to build confidence and trust in your company, and can be helpful in a variety of different situations. If you don’t already have a COGS, we recommend that you obtain one as soon as possible.