Closing offshore companies: Seychelles, Belize, Hong Kong

[carlc]

Hello folks
everybody who runs offshore companies knows that the new year always comes with bills to run these.

Unfortunately in my case, I had some hits in personal business and can not pay any bills anymore.

So I need to get rid of three companies which were set up through different service providers cost effectively.

My provider for the Seychelles told me I can easily just not pay the annual fees and the company will be simply stoke off automatically.

The other 2 service providers seem to want to make a lot of money. So they want to charge me 1500 to close the Belizian and even 3000 USD to close the Hong Kong company. Both tell me I will be prosecuted if I do not close the companies "properly".

Mayking payments of ay kind is not an option. I m sure there must be a better way like to wind them up through insolvency. The companies have no financial obligations to other third parties.

E. g. I lived in Belize for a couple of years and they can not even prosecute somebody properly for a homicide. I can hardly immagine that will happen for non payment of corporate fees for an IBC.

Thanks!

 

[GiGoGo]

close the Hong Kong company.

Ask another secretary to do that job, it should be cheaper. The problem is if you have pending annual reports, you need to do audits, etc...

They are not going to prosecute you in your home country for that, but they can make you things harder if you want to do business in HK again in the future

 

[GC12]

Hello folks
everybody who runs offshore companies knows that the new year always comes with bills to run these.

Unfortunately in my case, I had some hits in personal business and can not pay any bills anymore.

So I need to get rid of three companies which were set up through different service providers cost effectively.

My provider for the Seychelles told me I can easily just not pay the annual fees and the company will be simply stoke off automatically.

The other 2 service providers seem to want to make a lot of money. So they want to charge me 1500 to close the Belizian and even 3000 USD to close the Hong Kong company. Both tell me I will be prosecuted if I do not close the companies "properly".

Mayking payments of ay kind is not an option. I m sure there must be a better way like to wind them up through insolvency. The companies have no financial obligations to other third parties.

E. g. I lived in Belize for a couple of years and they can not even prosecute somebody properly for a homicide. I can hardly immagine that will happen for non payment of corporate fees for an IBC.

Thanks!

If you have the patience, email every legal service provider you can find on Google and ask for a quote.
for Hong Kong, they range from $200 to $10.000. The $200 worked fine. Not the most professional provider but nine months later, I was out.

my company secretary asked for $3000.

I don’t know what happens if you don’t go through the proper channels. I assume you may get into legal troubles if you land in HK or China but I don’t see anything more than that.

 

[GiGoGo]

or China

Except some criminal cases, they can't prosecute you in China for something you did in HK

 

[traveller79]

Standard procedure in many countries to get rid of company is to sell it to somebody (usually non-resident foreigners who do not care about potential administrative fines for non-filed statements etc). How about HK and Belize, is this possible?

If your companies are clean, maybe somebody would like to buy them for future use, could be win-win for both?

 

[JohnLocke]

For the Belize company, just forget about it and don't renew it, nothing will happen and as already mentioned here, the same for the HK company, you may get troubles if you want to register a new HK company in the future with your own ID, but that's it.

 

[carlc]

Thanks guys.
That s pretty much what I expected as well.

 

[blockchain4ever]

I just checked Seychelles, and you basically can't dissolve a company without an independent liquidator. The liquidator needs to do a bit of work. The alternative is to ensure all officers resign and then fees will not accrue on those people personally. The company will accrue fees, be struck from the Register, and then after 5 years be dissolved.

The IBC Act in Belize is in a lot of cases copy&paste of the one in Seychelles (I am not sure who copies who, they should put their legislation out under an open source license!)