Striking off / Dissolve Belize LLC

[expat123]

I have a Belize LLC with nominee and shareholder services, it’s up for renewal soon. I am not using the company and never have.

I told my agent I would like to strike off/dissolve the company, and got quoted what to me seems like an very high end and close to absurd high price at close to 2000 dollars.

Is what I am being quoted reasonable? Or are they trying to milk me just because they can?

Alternatively, what would happen if I just let it expire? I have no plans to ever use the agent again or setup anything in Belize.

 

[Martin Everson]

Alternatively, what would happen if I just let it expire?

See below thread

Post in thread 'Dissolution of Belize LLC Offshore Company'

Sep 13, 2018

The agent has told me that I will have dire legal consequences and prosecution from the Belize government if I don’t go through the Dissolution process.

What agent told you this? PM if you don't want to post here.

Basically under section 107(6) of the Belize International Companies Act.

107(6) A company that has been struck off the Register under this section remains liable for all claims, debts, liabilities and obligations of the company, and the striking off does not affect the liability of any of its members, directors, officers or agents.

109(3) The fact that the...

• Martin Everson

Is what I am being quoted reasonable?

Yes

 

[ImKing]

You can use the $2,000 on Christmas gifts for your loved ones instead of giving them away to an agent in Belize who’s trying to squeeze extra money out of you.

Absolutely NOTHING happens - literally NOTHING - if you just mark the agent’s email as spam, let the company dissolve, and ignore any communication from them. The company will be dissolved regardless, and they can’t do anything to you, nor can they prosecute you in any way.

 

[expat123]

Thanks for the replies.

My agent is UK based, but that probably have nothing to say?

I tried to ask them directly about letting it expire and also asked them kindly for some transparency in regards to this topic. As this was not an option they mentioned at all.

 

[Sols]

In theory, it's technically possible for the service provider to send debt collectors after you. In reality, people walk away from offshore companies all the time and they're just struck off for non-payment.

It's not a good look to just abandon companies, though. It can make for a messy situation if there are multiple shareholders or creditors making claims against the company's assets. You might also run into problems explaining your source of funds and source of wealth in the future, if a meaningful portion of it came from the abandoned company. By doing a proper dissolution, you'd at least have paperwork showing the end of the company and what happened with the assets.

 

[expat123]

Thank you for your response.

In my situation, I don’t see this being an issue. I am the beneficial owner, while the shareholder and nominee roles are simply services provided by the agent.

I also don’t expect any creditors to pursue me, as the company has never been operational. Additionally, I am based in and a resident of an Asian country.

The funds used to establish and renew the company are entirely legitimate and sourced from my private capital, which I can fully account for.

What I am trying to determine here is whether walking away from this situation is the right decision. My concern stems from the agent’s fee, which seems exorbitant—an astronomical amount, to put it lightly. It appears to be at the very high end of pricing.

Furthermore, I was dissatisfied with the provider's lack of transparency. They failed to present walking away as an option and instead pushed for immediate payment or a significantly more expensive alternative—costing three to four times more—which I find extremely frustrating, especially if there are more cost-effective options available.

The provider is fully aware of my situation, including my decision to no longer operate in Belize.

On top of this I am dissatisfied with the provider having failed to deliver on things promised in our initial talks, despite me delivering on every point of what was requested. This is mainly in regards to banking.

 

[Sols]

The funds used to establish and renew the company are entirely legitimate and sourced from my private capital, which I can fully account for.

It's not just that. It's about what happens after.

If you made 1 million USD of personal income from this company and then you just abandoned it, that might look suspicious.

What I am trying to determine here is whether walking away from this situation is the right decision. My concern stems from the agent’s fee, which seems exorbitant—an astronomical amount, to put it lightly. It appears to be at the very high end of pricing.

The fee you have been quoted is within the norms for dissolution of an offshore company. You're not being ripped off. At least not more ripped off than you would with any other service provider.

However, it sounds like the service provider has been dissatisfactory for several reasons. I can definitely understand not wanting to reward them by paying 2,000 for a dissolution unless absolutely necessary.