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Close Gibraltar company properly OR stop paying annual fees?

MrBurns

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Oct 25, 2023
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I have no use for my Gibraltar company and don't want to pay the yearly fees anymore.
What happens if I just don't pay the fees and don't close the company properly? As opposed to filing the final accounts and closing properly.
 
Same answer as every other thread about abandoning vs. dissolving properly.

Dissolving properly has advantages, which may or may not matter to you, such as having a clean SOF/SOW for profits from the company and settlement of debts/liabilities. The only downside is you have to pay for it. If you're strapped for cash, that can feel like a frustrating cost.

You may run into issues forming companies in Gibraltar in the future and/or work with the same corporate service provider again. Aside from that, if the company is dormant and clean, no real harm.
 
Same answer as every other thread about abandoning vs. dissolving properly.

Dissolving properly has advantages, which may or may not matter to you, such as having a clean SOF/SOW for profits from the company and settlement of debts/liabilities. The only downside is you have to pay for it. If you're strapped for cash, that can feel like a frustrating cost.

You may run into issues forming companies in Gibraltar in the future and/or work with the same corporate service provider again. Aside from that, if the company is dormant and clean, no real harm.
Thank you for the thorough reply.

Sometimes the c.s. provider might agree to take over the company for resale at no cost, it’s worth asking instead of just disappearing.
Great idea. Thanks.
 
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@MrBurns what is the yearly cost of a Gibraltar company? I saw providers offering packages from around 1k to 4-5k not sure what you actually need as a minimum
The ones I spoke to want to have a fairly great control over the company including doing accounting etc. If you have many transactions, it may not be the best solution. Unless you want to live there too.

Also, the audit becomes mandatory fairly quickly.

That's why I am currently more inclined towards Singapore or Guernsey.
 
What does fairly quickly mean? Micro companies seem to be up until 600k GBP revenue
I think 1.5M GBP, which is less than what I am looking for. Another thing is that the balance sheet of a Gibraltar company is public. If you sell services, Gibraltar would actually be a good choice. I may even consider it for another use case.

Other providers would be

I was once in touch with Unlock Your Business Potential with Gibraltar Companies | Octopus they charge the following fees:

Set up Fee
GBP
Incorporation
550.00​
Registered Office & Secretary
650.00​
Storage of certificate of incorporation
10.00​
End of business relationship deposit
100.00​
Company profile
85.00​
Total Set Up Fee
1,395.00
Optional
Certificate of Goodstanding
185.00​
Set of company documents, notarised and apostilled
205.00​
Courier
70.00​
Assistance with opening an EMI account
350.00​
Assistance with opening a bank account
500.00​
Annual Fee
Registered Office & Secretary
650.00​
Compliance fee
100.00​
Preparation and filing of annual return
360.00​
Storage of certificate of incorporation
10.00​
Tax return preparation and submission
150.00​
Filing of accounts
To be selected​
Transaction monitoring
To be selected​
Minimum Annual Fee
1,270.00
 
This question has come up many times before. My experience is that you can just stop responding to emails from your CSP and not care, let the company stand and at some point, it will be closed or deleted from the register. It works every time as long as you don't live in the same country. And of course, only with those kinds of low-cost offshore companies.
 
Formaco has quite good prices, they're the one I'd use.
Their prices are good but they want to know even what you had for breakfast for half of your life to form a company, loads of documents, some which I don't find very relevant like who my clients are and their details (not sure why I have to tell them that) not sure if it's just them or Gibraltar in general but for Singapore document requirements were next to nothing.
 
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Their prices are good but they want to know even what you had for breakfast for half of your life to form a company, loads of documents, some which I don't find very relevant like who my clients are and their details (not sure why I have to tell them that) not sure if it's just them or Gibraltar in general but for Singapore document requirements were next to nothing.
It's possible to incorporate in Gibraltar with fewer questions than Form-a-Co. Their only edge is pricing. It'll still be a bit more than Singapore and Hong Kong but usually not as much as Form-a-Co.
 
Their prices are good but they want to know even what you had for breakfast for half of your life to form a company, loads of documents, some which I don't find very relevant like who my clients are and their details (not sure why I have to tell them that) not sure if it's just them or Gibraltar in general but for Singapore document requirements were next to nothing.
You want to avoid such CSP's if possible. As already mentioned here not all CSP's will ask so many questions. Some people are just too afraid of compliance, so they've loaded up their form with questions. It's a bit like what's going on with BVI companies.
 
Stop paying renewal fees or other fees, the agent will sign off and the company will past away after some time.
 

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