Should I keep paying my offshore company formation company?

[mowgly]

Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!

 

[Fred]

mowgly said:
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
Click to expand...

You should be able to check this with other authorised corporate service provider or simply directly with the business authority in Gibraltar.

Toggle signature

 

[CaptK]

You must be using their address and maybe other services.
Check exactly what you are paying for its in your contract.

 

[mowgly]

CaptK said:
You must be using their address and maybe other services.
Check exactly what you are paying for its in your contract.
Click to expand...

You're totally right I indeed use their address as registered address. Looks like I'm stuck with them...

 

[Fred]

mowgly said:
You're totally right I indeed use their address as registered address. Looks like I'm stuck with them...
Click to expand...

You can get away to other service provider but it could be the case that your current provider blocks the process. The easiest way for you could be to contact other service provider as ask for a transfer from your current provider. I'm sure they can help you and know what to do.

Toggle signature

 

[LoveMyLife]

There are just 2 providers in Gibraltar, who bill less than 600 GBP per year. They call it domiciliacion fee + registered office fee + KYC Due dilligence annual fee. But none of them bills less than 575 GBP. So 600 GBP is absolutely acceptable. Gibraltar local law requires them to make KYC due dilligence every year, and check if you are filling annual tax return and annual report and they provide you registered office etc..

There are totaly 32 registered agents in Gibraltar now. 23 of theme are not working for usual clients - they just work for huge international structures like banks, etc..
9 of the rest of registered agents bills more than 1000 GBP per year. Just 2 billes less than 600 GBP.

If you feel 600 GBP to be too much for you, you should reconsider if your income level and assets level makes any sense for using any kind of offshore structure.

 

[wstd1234]

mowgly said:
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
Click to expand...

Don't mind I ask what service are you using? Is it possible to contract with them remotely?

 

[MrYellow]

In theory you are required to keep your company activ.
In reality nobody can force you to renew.
Just please keep in mind that couple jurisdictions have public company register where status of your company is shown. With Gibraltar you have one of these examples. So if status shows expired and your bank ever dare to check it your bank account is gone.

 

[berbo]

LoveMyLife said:
There are just 2 providers in Gibraltar, who bill less than 600 GBP per year. They call it domiciliacion fee + registered office fee + KYC Due dilligence annual fee.
Click to expand...

Hello LoveMyLife,
I have been trying to find those providers in Gibraltar who charge these low fees but could not find any. Any suggestions on how to find them??

 

[FudgyPudgy]

The company used for your Gibraltar company, do they form in any other countries? Nevis? Belize? If so, who are they? I need to find a reputable offshore company formation.

 

[JohnLocke]

You have one here for BVI
https://www.offshorebvi.com/
Same company has local offices in Belize and Seychelles!

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[234628725]

LoveMyLife said:
There are just 2 providers in Gibraltar, who bill less than 600 GBP per year. They call it domiciliacion fee + registered office fee + KYC Due dilligence annual fee. But none of them bills less than 575 GBP. So 600 GBP is absolutely acceptable. Gibraltar local law requires them to make KYC due dilligence every year, and check if you are filling annual tax return and annual report and they provide you registered office etc..

There are totaly 32 registered agents in Gibraltar now. 23 of theme are not working for usual clients - they just work for huge international structures like banks, etc..
9 of the rest of registered agents bills more than 1000 GBP per year. Just 2 billes less than 600 GBP.

If you feel 600 GBP to be too much for you, you should reconsider if your income level and assets level makes any sense for using any kind of offshore structure.
Click to expand...

Thanks for the detailed response LoveMyLife.

It looks like myself, berbo and wstd1234 are keen to figure out what are the 2 agents that bill ~600GBP. Would you mind sharing the names or hinting how to find them? Is there one that you recommend?

 

[JohnLocke]

234628725 said:
It looks like myself, berbo and wstd1234 are keen to figure out what are the 2 agents that bill ~600GBP. Would you mind sharing the names or hinting how to find them? Is there one that you recommend?
Click to expand...

count me in, if there is any register as the one in place in Belize and Seychelles to check for valid CSP's it would be nice to learn about it for Gibraltar!

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[Sols]

Sticking with locally licensed service providers, I think the cheapest option in Gibraltar is Form-A-Co: Fees ”“ Form-A-Co (Gibraltar) Limited

It's possible that there are resellers of them (or others) that get even better pricing, though.

Toggle signature
This is the probably the answer to your question.

 

[234628725]

Thanks Sols! That's gold.
Have you used their services in the past? Would you recommend them?

 

[berbo]

many thanks Sols, very much appreciate your answer 😉coo-:!y

 

[Sols]

234628725 said:
Thanks Sols! That's gold.
Have you used their services in the past? Would you recommend them?
Click to expand...

Depends on what you need. They don't do anything spectacular beyond forming the company and keeping it registered (filing paperwork). The team has been around for a long time now and do a pretty good job.

Toggle signature
This is the probably the answer to your question.

 

[mowgly]

wstd1234 said:
Don't mind I ask what service are you using? Is it possible to contract with them remotely?
Click to expand...

Of course and very sorry for the delay, for some reasons I didn't get notifications. The company that I am using is One Offshore Company and yes you can definitely deal with them remotely. About the 600GBP fee, I know it's totally acceptable, but I was wondering if there was any way to avoid it, but I guess the safest way to go is to renew every year. Just like Sols said about his service provider, they don't do anything crazy but if you're only looking for company formation they do the job absolutely fine. So I would recommend them since I've had so far no worries at all with them.


Thanks a lot for all of you who answered!

 

[jerseyuser]

mowgly said:
Hello everyone,

I own an offshore LTD company in Gibraltar, that was incorporated with the help of a company that charges annual fees. My question is simple: why should I keep paying them? Because fees are getting higher year by year (this year more than 600£). I file tax return and accounts myself every year so I am wondering what they are doing that is worth more than 600£/year?

Thanks a lot for youd help!
Click to expand...

Is your main management in Gibraltar?

 

[mowgly]

jerseyuser said:
Is your main management in Gibraltar?
Click to expand...

Acually not, I am the director and I live abroad, if that was the question? And 100% of my business is mde outside of Gibraltar.