Belize company inactive

[hey]

I had a Belize company made to avoid American tax legally, the US government knows about it but there are legal loopholes where if I live overseas most of the time I don't owe taxes as long as I keep them overseas. No problem. I had my Belize company in place, all is good.

Then Trump changed the tax law. Its great that he massively cut taxes but another thing that was done was now I get taxed even if I leave it overseas. So the Belize company is was no longer needed. I called the formation company and they said no problem, but I can active it at anytime again.

What does that mean? Its still mine? Its still on the books? What changed besides me paying $3000 USD every year for it and nominee services?

Thanks

 

[Samuel Newman]

it looks like your agent had not provided annual return

 

[Spinat]

hey said:
What does that mean? Its still mine? Its still on the books? What changed besides me paying $3000 USD every year for it and nominee services?
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LoL that's a lot of money, let it go and get a new cheaper one 😉 I know guys that can deliver agent Belize corps. here from the forum for a fraction of this!

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[Samuel Newman]

blueweb said:
LoL that's a lot of money, let it go and get a new cheaper one 😉 I know guys that can deliver agent Belize corps. here from the forum for a fraction of this!
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maybe, Mr. hey has used some of US law firm services
their prices are extremely high 🙂

 

[hey]

Samuel Newman said:
it looks like your agent had not provided annual return
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Great, now I have more questions! What does that mean? Is that good or bad?

 

[hey]

Samuel Newman said:
maybe, Mr. hey has used some of US law firm services
their prices are extremely high 🙂
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Well, sort of, yes. What should I have been paying?

 

[hey]

blueweb said:
LoL that's a lot of money, let it go and get a new cheaper one 😉 I know guys that can deliver agent Belize corps. here from the forum for a fraction of this!
Click to expand...

Yup, good point. But I am still wondering if I still own it, etc. What happens to it now?

 

[Samuel Newman]

I am not sure that understand your case well
on my opinion, you should make some due dilligence in cooperation with local registered agent in Belize

have you tried to check status of the company here? International Business Companies Registry - eData

also, when you have paid your annual fees last time?

 

[hey]

Samuel Newman said:
I am not sure that understand your case well
on my opinion, you should make some due dilligence in cooperation with local registered agent in Belize

have you tried to check status of the company here? International Business Companies Registry - eData

also, when you have paid your annual fees last time?
Click to expand...

I checked, its there. Last time I paid....last year around September about...

 

[blizz]

It takes about 3 -5 months after the company is expired before it get's off this list!

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[Samuel Newman]

hey said:
I checked, its there. Last time I paid....last year around September about...
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So, it might be ok

If something is wrong with it, it means only that your agent didn't do his work
Also, as you are American it would be better for you to take a look at structures with darks or professional nominees

 

[hey]

Samuel Newman said:
So, it might be ok

If something is wrong with it, it means only that your agent didn't do his work
Also, as you are American it would be better for you to take a look at structures with darks or professional nominees
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Good point, I will do that going forward. But this was a legal structure with the US government, so the US government has to know about it. But only good up to about $100k per year now and with strings attached. Darks is better.

What should I be paying for a Belize company with professional nominees? What is a professional nominee vs. a normal one, which I assume I got?

 

[Samuel Newman]

hey said:
What should I be paying for a Belize company with professional nominees? What is a professional nominee vs. a normal one, which I assume I got?
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By professional nominees I mean somebody, who will act in his name but on your behalf in relations with banks, so you can hide your name
Cost depends, but I have already 2-3 options for you on my mind with different prices

For sure, do not work with US attorneys! They charge a lot, because this activity is prohibited by IRS, even advertising of offshore companies might be punished in US, as I know

 

[hey]

Samuel Newman said:
By professional nominees I mean somebody, who will act in his name but on your behalf in relations with banks, so you can hide your name
Cost depends, but I have already 2-3 options for you on my mind with different prices

For sure, do not work with US attorneys! They charge a lot, because this activity is prohibited by IRS, even advertising of offshore companies might be punished in US, as I know
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I doubt it illegal, because I am only doing what Apple/Google/Microsoft and tons of companies are doing. Not to mention I reported everything I did to the IRS, its fully legal.....as long as you meet the requirements in the "attached springs" I mentioned:

1. do not step foot in the US for more than 30 days every year OR if your a bona fide resident of another country, 4 months.
2. you only get tax free up to $100K per year, after that its taxed at normal rate.
3. your company does not have a presence in the US, not operating in the US. You can still have US clients.....More in depth explaining here before someone just goes and tries to attract US clients, more strings here....
4. no freelance work, meaning, no work that you are performing yourself. So I can't do website design. But I can own the design company and have employees do the designing no problem.

Every CPA in the states that deals with decent size corporations knows this, common knowledge in the States. The problem is, most CPAs will charge you $10,000 just to do your taxes for you because of all the reporting. For us small guys that is not really worth it, particularly after President Trumps new tax law.

So your right, darks is a better way to go for us.

 

[JohnLocke]

hey said:
I had a Belize company made to avoid American tax legally, the US government knows about it but there are legal loopholes where if I live overseas most of the time I don't owe taxes as long as I keep them overseas. No problem. I had my Belize company in place, all is good.

Then Trump changed the tax law. Its great that he massively cut taxes but another thing that was done was now I get taxed even if I leave it overseas. So the Belize company is was no longer needed. I called the formation company and they said no problem, but I can active it at anytime again.

What does that mean? Its still mine? Its still on the books? What changed besides me paying $3000 USD every year for it and nominee services?

Thanks
Click to expand...

It's a lot of money you pay for renewal and nominees for a Belize company, anyway, there may be a reasonable explanation to this. You need to get rid of the company in order to avoid any troubles with the tax office. For that you need to strike off the company and ask for proof from your agent that this has been executed. It's the only way to go around it.

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[hey]

Admin said:
It's a lot of money you pay for renewal and nominees for a Belize company, anyway, there may be a reasonable explanation to this. You need to get rid of the company in order to avoid any troubles with the tax office. For that you need to strike off the company and ask for proof from your agent that this has been executed. It's the only way to go around it.
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Are you referring to tax in Belize? I thought there was none as long as its an IBC and your not doing business in Belize.

Either way, its a good idea to get that done.

 

[Samuel Newman]

hey said:
Are you referring to tax in Belize? I thought there was none as long as its an IBC and your not doing business in Belize.

Either way, its a good idea to get that done.
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I think, Mr. Admin talks about IRS in USA

there are still no taxes for IBC in Belize

 

[hey]

Samuel Newman said:
I think, Mr. Admin talks about IRS in USA

there are still no taxes for IBC in Belize
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oh, you mean to prove to the IRS that its gone. Makes sense.

 

[hey]

I asked about closing my Belize company and this is what they replied....

"We acknowledge receipt of your email.

The company is currently listed as Inactive at the Company's Registry. In order for it to be listed as Dissolved, it will need to remain Inactive for 3 years.

If you wish to Dissolve the company before the 3 year period, it will need to be renewed, and then placed in Dissolution; this process takes 30 business days and costs US$850.00.

Kindly advise if you wish to Dissolve or leave the company Inactive.
Kind Regards,"

hummm, sounds expensive. I don't know if this is legit or not.

 

[Spinat]

hey said:
What does that mean? Its still mine? Its still on the books? What changed besides me paying $3000 USD every year for it and nominee services?
Click to expand...

get rid of this company it's smells like trouble!

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