Is there a reasonably priced option to strike off a Seychelles company or should I just not pay renewal fees?

[TheAceDog]

I see a post almost the same as this earlier in 2021. Many of you said that if I don't pay the renewal fee, it will just be struck off over time. I prefer to not have any loose ends but my current agent want's a stupid amount of money to do it. I'm a sole director, no bank accounts open and nothing linked to the business in any way. 2 questions;

If I don't pay the fee, is there the possibility of this following me to Australia where I now run my business through an Australian registered business?

Is there someone on this forum that can do this for a reasonable fee. I saw the admin state it was $550 for him to dissolve a Seychelles company. That is more than acceptable if available.

Thanks guys. Been a long time lurker but first time poster.

 

[Sols]

If I don't pay the fee, is there the possibility of this following me to Australia where I now run my business through an Australian registered business?

Extremely, extremely unlikely. There are thousands of inactive IBCs expiring every year. The Seychelles government doesn't care. Your agent might try to scare you but ultimately has no power to do anything.

As long as the company has no liabilities or debtors, you can just let it go.

If you have derived wealth from the company, I wouldn't recommend abandoning it, though. If in the future you need to explain your source of wealth, it's much preferred to be able to show that the company was dissolved rather than just being abandoned. This can, for example, disqualify you from taking on directorship positions in some companies (regulated companies, public companies) or cast doubt over your source of wealth if you need to explain it to a bank.

Is there someone on this forum that can do this for a reasonable fee. I saw the admin state it was $550 for him to dissolve a Seychelles company. That is more than acceptable if available.

IIRC, Seychelles is a place where you can initiate a dissolution independent of your registered agent. You'd have to transfer the company to that agent first, so you're anyway looking at a similar bill at the end of the day.

 

[erni]

Extremely, extremely unlikely. There are thousands of inactive IBCs expiring every year. The Seychelles government doesn't care. Your agent might try to scare you but ultimately has no power to do anything.

Agree, I leave them if I don't need them any longer and never look back. There is no need to pay for anything if you don't need the company longer, just leave it.

 

[TheAceDog]

Agree, I leave them if I don't need them any longer and never look back. There is no need to pay for anything if you don't need the company longer, just leave it.

Thanks Erni. This was my feeling also. Can't imagine the long arm of the law from Seychelles will reach me.

Extremely, extremely unlikely. There are thousands of inactive IBCs expiring every year. The Seychelles government doesn't care. Your agent might try to scare you but ultimately has no power to do anything.

As long as the company has no liabilities or debtors, you can just let it go.

If you have derived wealth from the company, I wouldn't recommend abandoning it, though. If in the future you need to explain your source of wealth, it's much preferred to be able to show that the company was dissolved rather than just being abandoned. This can, for example, disqualify you from taking on directorship positions in some companies (regulated companies, public companies) or cast doubt over your source of wealth if you need to explain it to a bank.


IIRC, Seychelles is a place where you can initiate a dissolution independent of your registered agent. You'd have to transfer the company to that agent first, so you're anyway looking at a similar bill at the end of the day.

Thanks for the detailed response Sols. They are stating that you now need 7 years of financial data that you must supply to the Seychelles government and that they will fine you 10,000 USD if it is not done by Feb. Again, I can't see how they could force me to pay such a fine. I don't know if you have heard of this new requirement?

 

[Sols]

Thanks for the detailed response Sols. They are stating that you now need 7 years of financial data that you must supply to the Seychelles government and that they will fine you 10,000 USD if it is not done by Feb. Again, I can't see how they could force me to pay such a fine. I don't know if you have heard of this new requirement?

That is correct. But as long as you have done or can show some rudimentary form of accounting, that requirement is easy to satisfy.

This requirement has existed for many years now. Your agent should have informed you about it long ago, as they are required to know where the company's financial statements are physically located.

 

[uplana]

That is correct. But as long as you have done or can show some rudimentary form of accounting, that requirement is easy to satisfy.

Agree, not difficult.

Thanks for the detailed response Sols. They are stating that you now need 7 years of financial data that you must supply to the Seychelles government and that they will fine you 10,000 USD if it is not done by Feb

Just forget about them, they will never come after you, it's a way to scare you because I can imagine the Seychelles is soon out of business in regards to offshorecorps because they are worthless.