Closing offshore IBC

[bigladsmith]

Hi All,

Closure of an IBC”¦. How can it be done? The company will have no debts or issues that will stop it being closed. Can I just not renew the fees and then the company will be dissolved after some time?

Has anyone have experience of this?

 

[Compirate]

I am curious

Did you have any issues or are you just closing it cus‌ there is no more business to do?

 

[JohnLocke]

Where is the company registered? If it is the Seychelles or Belize you can simply‌ just let it go and don't renew the company, it will taken off the register‍ in a few months or so. Nothing else will happen.

 

[bigladsmith]

HI Admin,

Its registered in Dominica... Any experience of closing a company in Dominica?

 

[bigladsmith]

Big changes happening‍ in Dominica so I need to close this company and move to a new location.⁠

 

[Martin Everson]

Get it done via your agent who set the company up for you.

 

[bigladsmith]

That’s one way I’d agree but if like others have advised‍ for two other jurisdictions, if that’s also the case for Dominica why pay someone a⁠ lot of money to do that?

 

[Martin Everson]

lol...because if you wait then Dominica may pass⁠ that tax bill into law soon that is held up for amendments currently. That means⁤ Dominica will tax IBC's like they tax domestic companies and you will be stuck owing⁣ 25% in taxes plus any penalties.

If you think leaving your company to die and⁢ be struck off after 2-3 years will avoid the new tax bill (if introduced into︀ law during the striking off period) then you are taking a huge huge huge risk.︁

 

[bigladsmith]

Gotcha! Consider me educated! (Again!)

Thanks for the heads up

 

[Martin Everson]

No problem. Stay safe thu&¤#

 

[Artemis Eleutheria]

You may consider the option of continuation (re-domiciling) in another jurisdiction, if there is any‌ benefits associated with the company that might be lost by closure.

 

[James Turner]

You could look at re-domiciling the company, but I would suggest formally closing the company‌ and creating a new one in a different location. This of course depends what you‍ have used it for, whether it owns assets that are not easily transferrable to a⁠ new entity etc. Most agents can handle the closure and creation of a new entity⁤ for you without too much issue.