Seychelles IBC...allow it to expire or sell it?

[Topcat]

I have a Seychelles IBC that I formed in Hong Kong through an agent back in 2015. It has a Hong Kong Paypal account in very good standing, but the only bank account I was able to get for it was Wise (and Neat, but that account has since expired, though Paypal still sees the Neat bank account I attached to it as a Standered Chartered bank account, which is helping to keep the paypal account in good standing).

Due to the fact that Paypal HK were the only payment gateway that would let me have an account using a Seychelles IBC, I've decided to move on to a US LLC, and thus no longer need the Seychelles IBC. I managed using only Paypal as a payment gateway for years, but have had enough.

The Hong Kong agent I used to form the IBC, want $3000 USD to close the company properly. No chance I'm paying that, so I'll just stop replying to the agent, ignore their warnings, and eventually the IBC will be struck off (please let me know if it won't be struck off, or if I'm potentially going to get in any legal trouble for just letting the IBC expire).

But I was wondering, could I instead of letting the IBC expire, sell it to someone? Does it have any value? And if it does, is there a risk in selling it? Like if I sell it to someone, and they then use it for nefarious purposes, would I potentially get in some trouble for that?

Just wondering whether to let the Seychelles IBC expire, or if it's a good idea to sell it.

Cheers, TC

 

[myhand]

No it has no value, no one is using Seychelles companies any longer since banking is almost impossible for such entities unless you have real substance and staff in the Seychelles.

Toggle signature
I do services that no one does at OffshoreCorpTalk - Get in touch with me e-mail - Do you have a problem, get in touch. Be clear to what you want, sneaky questions are ignored!
UK LTD with Nominee Shareholder & Nominee Director, passport and utility bill available, 2 days delivery - learn more!

 

[wellington]

If you let it expire it will hang around and then drop off, as long as you have no concerns for lawsuits should be fine.

If lawsuits you will be fucked when it's brought back online (upto 7 yrs).

 

[viudes]

I opened a bank account and EMI, and also a brokerage account

 

[Sols]

There is value in the company but it's limited. Unless the company has been turning over a large sum of money, the change in ownership plus any increase in volume (or changes to the business activities) will trigger re-KYC with Wise and PayPal.

I think the right buyer might be open to paying you the annual renewal fees, transfer fees, and something on top for yourself. But finding that buyer is tricky.

Topcat said:
please let me know if it won't be struck off, or if I'm potentially going to get in any legal trouble for just letting the IBC expire
Click to expand...

Nothing, really, provided the company is on good standing and has no outstanding debts or liabilities. The same agent might refuse you service again in the future, but that's about it.

Toggle signature
This is the probably the answer to your question.

 

[Topcat]

wellington said:
If you let it expire it will hang around and then drop off, as long as you have no concerns for lawsuits should be fine.
Click to expand...

It's a small e-commerce company. It would cost the agent a lot of money to start a lawsuit in Hong Kong I imagine?

I'm not based in Hong Kong, nor do I have any plans to visit there or Seychelles, so I'm not really sure how they could pursue me? And over a company with revenue mostly below 5 figures per month? Seems very unlikely right?

They do have my old address in the UK where some of my family still live, but I don't think that would help them.

Sols said:
Nothing, really, provided the company is on good standing and has no outstanding debts or liabilities.
Click to expand...

Yes it's in good standing and has no debts nor liabilities (other than the upcoming annual renewal fees). I guess I should be ready for some threats from the agent, but that those are going to be empty threats to try get me to pay, when they have no real way of pursuing me given I spend no time in HK nor Seychelles?

Last edited: Oct 2, 2023