Closing offshore IBC

bigladsmith

Building Trust
Entrepreneur
Mentor Group
Hi All,

Closure of an IBC…. How can it be done? The company will have no debts or issues that will stop it being closed. Can I just not renew the fees and then the company will be dissolved after some time?

Has anyone have experience of this?
 

bigladsmith

Building Trust
Entrepreneur
Mentor Group
HI Admin,

Its registered in Dominica... Any experience of closing a company in Dominica?
 

Martin Everson

Offshore Consultant
Business Angel
Mentor Group
That’s one way I’d agree but if like others have advised for two other jurisdictions, if that’s also the case for Dominica why pay someone a lot of money to do that?
lol...because if you wait then Dominica may pass that tax bill into law soon that is held up for amendments currently. That means Dominica will tax IBC's like they tax domestic companies and you will be stuck owing 25% in taxes plus any penalties.

If you think leaving your company to die and be struck off after 2-3 years will avoid the new tax bill (if introduced into law during the striking off period) then you are taking a huge huge huge risk.
 

Artemis Eleutheria

Building Trust
Entrepreneur
You may consider the option of continuation (re-domiciling) in another jurisdiction, if there is any benefits associated with the company that might be lost by closure.
 

James Turner

Trusted Member
Business Angel
Mentor Group
You could look at re-domiciling the company, but I would suggest formally closing the company and creating a new one in a different location. This of course depends what you have used it for, whether it owns assets that are not easily transferrable to a new entity etc. Most agents can handle the closure and creation of a new entity for you without too much issue.
 
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