I am not renewing my offshore company. What do I have to do now?

[Yaneek]

My offshore company will expire soon. I will not renew it.
I do have a nominee director and the company is in the Seychelles.

Is there anything I have to do? i.e have the director sign any papers? For example my resignation as shareholder or anything similar?

Or I simply don't pay for renewal an that's all?

Is it worth paying for the company to be closed completely or should I just let it expire?

 

[Martin Everson]

Do nothing and just ignore it. The company will fall out of good standing and be struck off eventually.

You can pay for it to be closed and pay the nominee, registered address, cost of shutting down etc etc. If you can afford it then do it.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Yaneek]

Well it would cost a lot to close it. Around 2000 eur.
I could pay that but I am not sure if it's worth it.

 

[Martin Everson]

If you can afford to do it then close it properly 🙂

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.