Dissolution of Belize LLC Offshore Company

[Bright]

My Belize offshore is inactive and I want to close it. If I don’t go through the Dissolution Process and pay €890.00 fees plus the due annual fee will the company eventually be de-registered? The agent has told me that I will have dire legal consequences and prosecution from the Belize government if I don’t go through the Dissolution process. I was always under the impression that if you don’t pay the annual fees the company just dies off.
Thank you for any help you pay provide.

 

[negon]

The agent try to push you to pay the renewal or dissolve fee!

Only if you have a bank account or you have something else connected to the company it will be required in order to avoid to loose this.

 

[Bright]

The agent try to push you to pay the renewal or dissolve fee!

Only if you have a bank account or you have something else connected to the company it will be required in order to avoid to loose this.

Thank you very much Auric for your kind reply,

 

[Samuel Newman]

My Belize offshore is inactive and I want to close it. If I don’t go through the Dissolution Process and pay €890.00 fees plus the due annual fee will the company eventually be de-registered? The agent has told me that I will have dire legal consequences and prosecution from the Belize government if I don’t go through the Dissolution process. I was always under the impression that if you don’t pay the annual fees the company just dies off.
Thank you for any help you pay provide.

your are completely right, it would be deleted from the register sooner or later
it is neccessary to go through Dissolution process when we talk about onshore jurisdictions such as UK, Poland, France etc.

for classic offshores like Seychelles, Belize it's just a way to waste money

 

[Martin Everson]

The agent has told me that I will have dire legal consequences and prosecution from the Belize government if I don’t go through the Dissolution process.

What agent told you this? PM if you don't want to post here.

Basically under section 107(6) of the Belize International Companies Act.

107(6) A company that has been struck off the Register under this section remains liable for all claims, debts, liabilities and obligations of the company, and the striking off does not affect the liability of any of its members, directors, officers or agents.

109(3) The fact that the name of a company is struck off the Register
does not prevent,
(a) the company from incurring liabilities;
(b) any creditor from making a claim against the company and pursuing the claim through to judgment or execution; or
(c) the appointment by the court of an official liquidator for the company under section 110 of this Act.

111(1) If the name of a company has been struck off the Register under section 107 of this Act and remains struck off continuously for a period of three years, the company shall be deemed to have been dissolved.....

So basically you have a three year wait for company to be considered officially dissolved. Striking off and dissolution of a Belize company are two totally different things. Basically no one is gonna come after a Belize company and Belize will not come after you unless you did something really shady with the company in which case creditors can themselves actually pay to get the company put back on the register over the next three years and come after you in worst case.

 

[Bright]

your are completely right, it would be deleted from the register sooner or later
it is neccessary to go through Dissolution process when we talk about onshore jurisdictions such as UK, Poland, France etc.

for classic offshores like Seychelles, Belize it's just a way to waste money

Thank you Samuel. I never used the company and just want to close it. So I will not do anything, just let it be deleted from register.

 

[Bright]

What agent told you this? PM if you don't want to post here.

Basically under section 107(6) of the Belize International Companies Act.

107(6) A company that has been struck off the Register under this section remains liable for all claims, debts, liabilities and obligations of the company, and the striking off does not affect the liability of any of its members, directors, officers or agents.

109(3) The fact that the name of a company is struck off the Register
does not prevent,
(a) the company from incurring liabilities;
(b) any creditor from making a claim against the company and pursuing the claim through to judgment or execution; or
(c) the appointment by the court of an official liquidator for the company under section 110 of this Act.

111(1) If the name of a company has been struck off the Register under section 107 of this Act and remains struck off continuously for a period of three years, the company shall be deemed to have been dissolved.....

So basically you have a three year wait for company to be considered officially dissolved. Striking off and dissolution of a Belize company are two totally different things. Basically no one is gonna come after a Belize company and Belize will not come after you unless you did something really shady with the company in which case creditors can themselves actually pay to get the company put back on the register over the next three years and come after you in worst case.

Thank you Martin. Will PM you. I never used the company as I never started the project I was thinking about. I have no bank account or any activity whatsoever.

 

[Bright]

What agent told you this? PM if you don't want to post here.

Basically under section 107(6) of the Belize International Companies Act.

107(6) A company that has been struck off the Register under this section remains liable for all claims, debts, liabilities and obligations of the company, and the striking off does not affect the liability of any of its members, directors, officers or agents.

109(3) The fact that the name of a company is struck off the Register
does not prevent,
(a) the company from incurring liabilities;
(b) any creditor from making a claim against the company and pursuing the claim through to judgment or execution; or
(c) the appointment by the court of an official liquidator for the company under section 110 of this Act.

111(1) If the name of a company has been struck off the Register under section 107 of this Act and remains struck off continuously for a period of three years, the company shall be deemed to have been dissolved.....

So basically you have a three year wait for company to be considered officially dissolved. Striking off and dissolution of a Belize company are two totally different things. Basically no one is gonna come after a Belize company and Belize will not come after you unless you did something really shady with the company in which case creditors can themselves actually pay to get the company put back on the register over the next three years and come after you in worst case.

 

[Bright]

I don’t know how to send a private message...I am new to this forum. How is it done?
Thank you.

 

[JohnLocke]

You are unable to PM because you are new, feel free to post the provider here if it is something you want to share with someone, that's what the forum is for!

 

[Martin Everson]

Thank you Martin. Will PM you. I never used the company as I never started the project I was thinking about. I have no bank account or any activity whatsoever.

Ok just let it get struck off. Don't pay a dime to dissolve it.

 

[Bright]

Thank you kindly.

 

[cardholder]

Is this still the case that one shouldn't pay to dissolve an inactive Belize company?

(even for Belize LLCs and even with the new Belize company law that came into effect in 2022?)

 

[Kouki]

Good morning . I would like to share with people in the same configuration as me. I would like to close my structure. the agent is asking me for an astronomical sum and a… long deadline. so I read when not renewing. the company would be closed in 1 year. 1 day after the date of the year not renewed! but is it wise to do so and let her die? I have no debt. should I close the bank account associated with the structure? Thank you for your advice .

 

[JohnLocke]

Is this still the case that one shouldn't pay to dissolve an inactive Belize company?

(even for Belize LLCs and even with the new Belize company law that came into effect in 2022?)

Good morning . I would like to share with people in the same configuration as me. I would like to close my structure. the agent is asking me for an astronomical sum and a… long deadline. so I read when not renewing. the company would be closed in 1 year. 1 day after the date of the year not renewed! but is it wise to do so and let her die? I have no debt. should I close the bank account associated with the structure? Thank you for your advice .

The question has already been answered here many times, nothing happens if you just let the company lapse because you don't pay the renewal fee that the service provider wants and that the company registry often charges - this is generally the case for companies in these exotic countries and islands like Belize, Seychelles, BVI, etc.

If you have an active bank account for the company, you can use it until the company is closed down, which often only happens if the bank discovers that the company has been deleted from the registry and not before. I have experienced a company continuing to operate for a whole year after it was closed without the bank reacting.

 

[Kouki]

Hello, thank you for this message. he reassures me. I requested the bank account to be closed, to avoid being at fault! but they have not yet taken into account my email on this subject… surely they will contact the incorporation company. but so the only thing that remains is the structure that incorporated my company which will follow up with me for the invoices awaiting renewal!! because he charges fairies for the bank and other things for nothing every year without warning all the more! Thank you for this update in 2024. This will reassure other people I think.