Close Gibraltar company properly OR stop paying annual fees?

[MrBurns]

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.

 

[Sols]

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.

 

[JohnnyDoe]

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.

 

[MrBurns]

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.

 

[Roo]

@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

 

[daniels27]

@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.

 

[Xshore]

Fees – Form-A-Co (Gibraltar) Limited

www.formacogibraltar.com

Formaco has quite good prices, they're the one I'd use.

 

[Roo]

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.

What does fairly quickly mean? Micro companies seem to be up until 600k GBP revenue

 

[daniels27]

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

Steadfast Corporate Services - Gibraltar trust and company management firm - Downloads

Steadfast Corporate Services is a Gibraltar licensed trust and company management firm which provides Professional Trust and Company services from it’s Gibraltar base to an international network of financial intermediaries and their entrepreneurial clients.

www.steadfast.gi

AIX - Corporate Services Gibraltar - Establish private companies, unlimited companies, limited partnerships and public companies

AIX - Corporate Services Gibraltar - Establish private companies, unlimited companies, limited partnerships and public companies

aix.gi

Accountancy, Auditing and Company Management Gibraltar- TAG Consultancy

Tailored accounting services for businesses & professionals. Our experts aim to foster business growth. Call us today +350 225 01252

tag.gi

Gibraltar Company Formation & Registration | Company Management

We have been forming and managing companies since 1974. We have an extensive global network and can provide services in many jurisdictions, and our most popular include Gibraltar, Malta, Cyprus, Cayman and Delaware. We will help with; Company Formation, Domiciliation Services, Corporate...

www.abacus.gi

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​

 

[bountymounty]

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.

 

[Roo]

Fees – Form-A-Co (Gibraltar) Limited

www.formacogibraltar.com

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.

 

[Sols]

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.

 

[JohnLocke]

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.