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Should I keep paying my offshore company formation company?

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mowgly

New member
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
You should be able to check this with other authorised corporate service provider or simply directly with the business authority in Gibraltar.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
You must be using their address and maybe other services.
Check exactly what you are paying for its in your contract.
 

mowgly

New member
You must be using their address and maybe other services.
Check exactly what you are paying for its in your contract.

You're totally right I indeed use their address as registered address. Looks like I'm stuck with them...
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
You're totally right I indeed use their address as registered address. Looks like I'm stuck with them...
You can get away to other service provider but it could be the case that your current provider blocks the process. The easiest way for you could be to contact other service provider as ask for a transfer from your current provider. I'm sure they can help you and know what to do.
 

LoveMyLife

Active Member
There are just 2 providers in Gibraltar, who bill less than 600 GBP per year. They call it domiciliacion fee + registered office fee + KYC Due dilligence annual fee. But none of them bills less than 575 GBP. So 600 GBP is absolutely acceptable. Gibraltar local law requires them to make KYC due dilligence every year, and check if you are filling annual tax return and annual report and they provide you registered office etc..

There are totaly 32 registered agents in Gibraltar now. 23 of theme are not working for usual clients - they just work for huge international structures like banks, etc..
9 of the rest of registered agents bills more than 1000 GBP per year. Just 2 billes less than 600 GBP.

If you feel 600 GBP to be too much for you, you should reconsider if your income level and assets level makes any sense for using any kind of offshore structure.
 

wstd1234

New member
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
Don't mind I ask what service are you using? Is it possible to contract with them remotely?
 

MrYellow

New member
In theory you are required to keep your company activ.
In reality nobody can force you to renew.
Just please keep in mind that couple jurisdictions have public company register where status of your company is shown. With Gibraltar you have one of these examples. So if status shows expired and your bank ever dare to check it your bank account is gone.
 

berbo

New member
There are just 2 providers in Gibraltar, who bill less than 600 GBP per year. They call it domiciliacion fee + registered office fee + KYC Due dilligence annual fee.
Hello LoveMyLife,
I have been trying to find those providers in Gibraltar who charge these low fees but could not find any. Any suggestions on how to find them??
 

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