Renewal of Seychelles company, what if I don't?

[alain]

I need to know what happens if I don't renew my Seychelles company next year once due?


Will the company be disolved or just vanish?

 

[JohnLocke]

Depends on the case.. for sure the company will not be in good standing and any bank account that is opened in connection with the company will be closed.

 

[buzzoffshore]

So you don't have access to the bank account opened for the offshore company if it isn't renewed? Why is that so?

 

[alain]

I got informed because there is no company which is actually the owner of the bank account!

 

[JohnLocke]

I got informed because there is no company which is actually the owner of the bank account!

Yes that's true! A compny who holds a offshore bank account and which does not exists any longer can't keep the account open because it would not be in compliance with the banks policy.

 

[alain]

But why does the bank shut down the bank account? I mean, how do they get informed that the company is not renewed?

 

[JohnLocke]

Because if the company isn't renewed then the bank account holder is not in good standing. We have an agreement with each business partner to inform them if a company isn't renewed and comply to the banks regulations and policys.

 

[alain]

Okay got it.. How long do I have after renewal note and until I need to pay for the renewal? Can I pay 1/2 year later or so? Will there be fines or penalty?

 

[JohnLocke]

Most often you can pay the 6 months later, however, there will be a late fee to be paid. However, there is a risk that the company can't be renewed.

 

[buka]

Thanks Admin, what is the late fee to renew the Seychelles company if any?

 

[JohnLocke]

You may want to submit a ticket with a specific company you want to renew, you can submit here More...

 

[alain]

Thanks Admin' date=' what is the late fee to renew the Seychelles company if any?[/quote']
I had a Seychelles corp in the past which I actually in the beginning not wanted to renew, then I decided to do so, and had to pay an additional eur 150 or so in late fee ;( anyway it was cheaper then register a new company in the Seychelles. Even if I registered 3 more later on

 

[poulaCo]

Thanks, very helpful actually. Means we have to renew the company or at least pay some fee to get the company closed accordantly right?

 

[Spinat]

Thanks' date=' very helpful actually. Means we have to renew the company or at least pay some fee to get the company closed accordantly right?[/quote']
Yes, best is to get the company closed by the agent so you get out of all of it and not risk anything come back from the past once you think you were done

 

[JohnLocke]

Yes, best is to get the company closed by the agent so you get out of all of it and not risk anything come back from the past once you think you were done

I can only agree with that, not because I work for cclogic but because in most cases you get rid of trouble later on when you don't want them.

 

[protain]

Why not just pay the little amount to get your company closed accordantly to your agreement. It would be dump to risk any later troubles I think.

 

[poulaCo]

I don't understand why it is important to get the company renewed if you don't need it any longer? I mean what can happen in worst case? please explain..

 

[tax-haven]

If you don't need the company any longer then don't renew it just get it dissolved, that's it.

 

[alain]

Well, I got a bill direct from SIBA in the Seychelles and a request to send them my accounting documents!! WTF

 

[trundom]

Well' date=' I got a bill direct from SIBA in the Seychelles and a request to send them my accounting documents!! WTF [/quote']
Do you send them the things they asked for?