Question Offshore Company - Disolution

[Rprox]

I would like to know whether anyone on this forum has dissolved a company in any jurisdiction and what were the cost implications?

Cost in the:
- UK may vary from £1500 upward
- Cyprus ?
- Montenegro?
- UAE?
- Hong Kong?


I have just discovered what it may cost in the UK. Lets say the company does not generate any income then disolving it within a few months will cost you.

 

[JohnLocke]

Did it in Cyprus, costs 1400 euro and Seychelles roughly 550 US$

After that, I simply ignored all requests for other jurisdiction just to figure out that they give up and finally strike off the company without any costs!

 

[ShillGates]

U.K. is free

 

[Rprox]

U.K. is free

Thanks, I was not aware it is free in the UK but reading some post on the angent's website gave me the impression it cost 7 times more than what they charge to set up the company

Did it in Cyprus, costs 1400 euro and Seychelles roughly 550 US$

After that, I simply ignored all requests for other jurisdiction just to figure out that they give up and finally strike off the company without any costs!

Thanks for the point, it really helps to know what these costs are.

Did it in Cyprus, costs 1400 euro and Seychelles roughly 550 US$

After that, I simply ignored all requests for other jurisdiction just to figure out that they give up and finally strike off the company without any costs!

Thanks for the point, it really helps to know what these costs are. Hopefully I am able to recoup or make a profit in the first year of the startup.

 

[Golden Fleece]

Thanks, I was not aware it is free in the UK but reading some post on the angent's website gave me the impression it cost 7 times more than what they charge to set up the company

Charging high fees to dissolve a corporation is an old scam. It happens in many countries. It is not an illegal scam, but just preying on people's ignorance.

The simplest way to close a corporation is to stop paying the annual registration fees. Eventually the government will strike the corporation from the record.

Attorneys understand this as well as I do, but some attorneys in Panama have decided to make shutting down a corporation an additional revenue stream.

A reader sent me a recent exchange with a Panama attorney who had broken down the process of closing a Panama corp into five steps… and then had assigned a charge in each case. A charge for this and a charge for that added up in this case to more than US$3,000.

To terminate a corporation.

That’s more than two times what it should cost to set up a corporation. (For your reference, the total cost of forming a Panama corporation should be less than US$1,500.)

The cost of shutting it down? Again, that should be zero. Just wait it out, and the entity will go away on its own. No effort required… and no cost… certainly nothing like a few thousand dollars.

Attorneys have to make a living like the rest of us, but they shouldn’t be gauging unsuspecting foreigners with unnecessary and invented fees.

https://www.offshorelivingletter.com/panama-corporations-just-not-worth-anymore/

 

[Cetme308win]

just don't pay renewal fees

 

[ShillGates]

sorry it is £8 - almost free

https://find-and-update.company-information.service.gov.uk/close-a-company/
just need the authentication code for your company which your corp provider received, or if not, apply for a new one

 

[JohnLocke]

Charging high fees to dissolve a corporation is an old scam. It happens in many countries. It is not an illegal scam, but just preying on people's ignorance.

I'm not sure if I would call it a SCAM - It is rather the right way of doing things after the book. In some cases it can be useful to have a letter that your company was dissolved this or that date.

If you are sure you will never be reminded by any authority about this company again, just leave it alone, don't spend any money on it.

Now, you made this a question thread then please mark the best replies and mark the post that answered your post, it is against the forum guidelines to leave them open like this. If people continue to have difficult to do so because they are too lazy, then we will simply make this a function for mentor group gold & silver members only

 

[Rprox]

I highly appreciate the responses, thank you. Each reply definitely sends me off to research more about an offshore company. It is through this forum that enabled me to learn more about the advantages of starting an offshore company. I was not aware about the forum rules but I always try to respond with my limited knowledge, thanks for this! So the UK could be a cost effective option then, but the competition lies with other jurisdictions in Europe and South America. Thanks !

I only learnt about the upvoting recently after it was mentioned

Thank you for this link

just don't pay renewal fees