Renewal of Seychelles company, what if I don't?

[alain]

I need to know what happens if I don't renew my Seychelles company next year once due?


Will the company be disolved or just vanish?

 

[JohnLocke]

Depends on the case.. for sure the company will not be in good standing and‌ any bank account that is opened in connection with the company will be closed.

 

[buzzoffshore]

So you don't have access to the bank account opened for the offshore company if‌ it isn't renewed? Why is that so?

 

[alain]

I got informed because there is no company which is actually the owner of the‌ bank account!

 

[JohnLocke]

Yes that's true! A compny who holds a offshore bank‍ account and which does not exists any longer can't keep the account open because it⁠ would not be in compliance with the banks policy.

 

[alain]

But why does the bank shut down the bank account? I mean, how do they‌ get informed that the company is not renewed?

 

[JohnLocke]

Because if the company isn't renewed then the bank account holder is not in good‌ standing. We have an agreement with each business partner to inform them if a company‍ isn't renewed and comply to the banks regulations and policys.

 

[alain]

Okay got it.. How long do I have after renewal note and until I need‌ to pay for the renewal? Can I pay 1/2 year later or so? Will there‍ be fines or penalty?

 

[JohnLocke]

Most often you can pay the 6 months later, however, there will be a late‌ fee to be paid. However, there is a risk that the company can't be renewed.‍

 

[buka]

Thanks Admin, what is the late fee to renew the Seychelles company if any?

 

[JohnLocke]

You may want to submit a ticket with a specific company you want to renew,‌ you can submit here More...

 

[alain]

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[poulaCo]

Thanks, very helpful actually. Means we have to renew the company or at least pay‌ some fee to get the company closed accordantly right?

 

[Spinat]

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[JohnLocke]

I can only agree with that, not because⁠ I work for cclogic but because in most cases you get rid of trouble later⁤ on when you don't want them.

 

[protain]

Why not just pay the little amount to get your company closed accordantly to your‌ agreement. It would be dump to risk any later troubles I think.

 

[poulaCo]

I don't understand why it is important to get the company renewed if you don't‌ need it any longer? I mean what can happen in worst case? please explain..😱

 

[tax-haven]

If you don't need the company any longer then don't renew it just get it‌ dissolved, that's it.

 

[alain]

Well, I got a bill direct from SIBA in the Seychelles and a request to‌ send them my accounting documents!! WTF

 

[trundom]

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