COCI To Commence with Deregistration of Legal Entities in June
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COCI To Commence with Deregistration of Legal Entities in June

SINT MAARTEN (PHILIPSBURG) - The St. Maarten Chamber of Commerce & Industry (COCI), calls on the business community, social organizations, foundations, and other legal entities to update their information at the Chamber within the soonest time possible, since its deregistration process will commence during the month of June, COCI said in a press statement on Tuesday.

Based on the Article 25 of the Civil Code 2019, the COCI after 6 weeks of publication of entities that are in default and have failed to engage the Chamber during the same period, such entities will be liable to be deregistered from the business registry. 

For this reason, the COCI is appealing to all legal business entities to engage the Chamber and make necessary arrangement to have your files and annual fee payments sorted and updated. Publication of the names of businesses and other entities that are in default will commence during the month of June 2021.

As the official business registry entity, it is imperative that COCI have the latest information of all operating entities and that the business trade registry be up to date. Businesses, federations, associations, and foundations are obligated to have their file information and annual fees to the Chamber up to date.

Failure to provide updated information and non-payment of annual fees can be considered as non-compliance, for which COCI will be implementing corrective measures as stipulated in article 25 of the Civil Code in order to address and discourage non-compliance.

Additionally, as part of control mechanism and error mitigation, while excerpts of businesses are of public knowledge and can be issued to anyone, the internal procedure of COCI will now requires all excerpt requests be made in writing.

Furthermore, as of 1 June 2021, COCI will be reinstituting the use of its non-compliant stamp on all excerpts issued, in the event that businesses and legal entities are in default with their annual Chamber fees.

Information and other obligations to COCI that Businesses, federations, associations, and legal entities are to adhere to and can be in default for, include:

1.    Payment of annual fee by all Businesses, federations,
associations, foundations and other entities

2.    The COCI business registry must have
the most recent information related to the legal operating entity as regards to any changes to shareholders’ lists, Articles of Incorporation, business addresses, telephone, fax and cellphone numbers, websites or email addresses, directorship, board members etc, 

3.    In the event that a business is still registered as active, after the death of its owner, the Chamber request that the next of kin visit COCI to have the files updated to reflect the change.

4.    Business owners who have discontinued business operations – closed down - should inform COCI and make this closure official regardless of the reason for the change.  The Chamber is aware that some business owners and proprietors are still of the opinion that once they have stopped their operation their business or entity is closed, and they no longer have obligations to the Chamber of Commerce. This is not the case, since formalities must be followed via the COCI and a Notary for its closure.

Furthermore, COCI through its trade register provides a secure environment for business undertakings in Sint Maarten.  Therefore, businesses and organizations, foundations and other entities are all reminded to ensure that their letterheads, receipts and other official documents have their COCI registration number printed on, as it is required by law. Additionally, businesses that offer warranties for products sold are reminded that they are required to have a copy of the warranty deposited in their file at COCI.

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