What Happens if I Don't Renew Offshore Company?

[Monty Lee]

Need your advice guys.

Had on offshore company with SFM offshore for many years. It started at $800 bucks for renewal, then $1500, now they want $2000. This is nuts. At this point I can't afford to pay the renewal fee.

Company has no bank account, closed it 3 years ago. I'm the only shareholder, director, there are no assets, don't owe money to anyone. It was pretty much dormant, thought I'd do something with it in the future, but never did.

Wanted to liquidate it or let it expire, but SFM replied that the only option is liquidation and fee is $2700.

I hate to be in debt or anything like that, but just can't pay the fees at this point.

Can someone advise me what can happen if I don't renew my company fee? Can they sue me or legally go after me?
Could I just tell them i have no money ATM and pay for liquidation later on (doubt this company would consider)?

I'm not sure what to do.

 

[Sols]

https://www.offshorecorptalk.com/th...-or-should-i-just-not-pay-renewal-fees.35894/https://www.offshorecorptalk.com/threads/company-liquidation-vs-deregistration.40096/https://www.offshorecorptalk.com/threads/risks-in-abandoning-a-seychelles-company.35320/https://www.offshorecorptalk.com/th...shore-company-what-do-i-have-to-do-now.23644/https://www.offshorecorptalk.com/th...struck-off-in-seychelles-if-no-renewal.33776/https://www.offshorecorptalk.com/threads/liquidation-a-seychelles-company.32727/

 

[kilor]

Wanted to liquidate it or let it expire, but SFM replied that the only option is liquidation and fee is $2700.

Biggest lie ever - they are a joke and they in need of money because everyone has changed to different jurisdictions.

Just give up the company don't respond to their crap and forget about it.. the company will vanish in a few months max 12 months.

 

[MichelRippon989]

your company will lose its "good standing" with the company registry. This means it will no longer be considered an actively operating entity.

 

[bibing]

Don't fall for the unregistering scam.

Just don't pay any fee

Block their email because they are going to annoy you about that for long

 

[Monty Lee]

thanx a lot guys for the replies! that gives me a peace of mind. I'll prob. just ignore them then. Was just afraid that they can come after me legally for not paying some withstanding fees or whatever. They are a bunch of lawyers in the end. The way they put it is that expiration wasn't an option, so basically I have to pay them if I want out. Good to know, I'll let it expire then. thanx

 

[koohl]

Don't fall for the unregistering scam.

Just don't pay any fee

Block their email because they are going to annoy you about that for long

+1 for this answer. Ignore them and don't bother any longer, the company will vanish some time from now.