Dissolve or Let Company Expire?

[Monty Lee]

Hi,

I want to stop using a company that's registered in Cyprus. I'm not sure about what steps to take.

My registrar suggests dissolving the company, costs €1200. If I let company expire, they said that registry will strike-off the company in 6 months. Further they wrote: "As the strike-off is only removing the company name from the registry, the company can be if required, reinstated once all the necessary procedures are completed. Please note that the Director of the company remains liable in this case. "

I'm not sure what that means. Someone can reinstate company for me and leave me liable? Or it's just some confusing jargon to pay them for dissolution?

What liability can there be if company no longer exists?

maybe someone can advise.

thanx

 

[Okanda Fernando]

you need to get an advice from lawyer and EURO1200 for just dissolving the company is not reliable

 

[Monty Lee]

Okanda Fernando said:
you need to get an advice from lawyer and EURO1200 for just dissolving the company is not reliable
Click to expand...

yeah I think it's a bit steep also. Before i just let offshore companies expire assuming it's the end of that. But who knows what legal repercussions there are really.

 

[JohnLocke]

Most people simply don't renew the company so the company will be taken off the registry sooner or later!

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[JohnK]

let the company expire have done that a few times without facing troubles!

 

[Brokenby2703]

Admin said:
Most people simply don't renew the company so the company will be taken off the registry sooner or later!
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Hi I step into this thread to ask whether your comments is valid also for a BELIZE LLC.
They are asking me US$ 690 for annual fees and US$ 890 to dissolve which of course I don't want to pay.....

 

[Martin Everson]

If you are resident in the EU then close down the company properly. If you are not an EU resident then let it be struck off like a normal offshore company in the Caribbean. Remember this is not a BVI company you are striking off if you are EU resident. With EU companies there can be comeback depending on what the company did and its liabilities.

Proper legal advice is needed as was mentioned.

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

 

[Brokenby2703]

Martin Everson said:
If you are resident in the EU then close down the company properly. If you are not an EU resident then let it be struck off like a normal offshore company in the Caribbean. Remember this is not a BVI company you are striking off if you are EU resident. With EU companies there can be comeback depending on what the company did and its liabilities.

Proper legal advice is needed as was mentioned.
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Thanks for your answer.
Actually the BELIZE LLC was just partners of a Canadian LP where now the new partners are the UAE company. Nothing else.
I haven't changed the resident address there yet with my new UAE so it's still my EU.
I then prefer to change the residence from EU to UAE and let if struck off.

 

[Internationaloff]

It would be better to dissolve a company.

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[JohnK]

I have had a few offshore corps in Belize and Seychelles.. I live in Europe. Trust me never renewed the companies and never got any troubles! to pay someone to dissolve the company is only filling his pockets.

Do all the changes and just wait. It is normal for a offshore corp and any other LTD to simply be stroke off by the registry and no one can do anything about it.

 

[Dragon]

Turner little charges 500 pounds to strike off the company in Belize if i did not want it anymore would it be ideal to pay or let it be if decide not to use it?

 

[Martin Everson]

Let the company lapse do not pay. Belize is not going to chase you.

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

 

[diablo]

Martin Everson said:
Let the company lapse do not pay. Belize is not going to chase you.
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I totally agree to this !