Annual Maintenance of Offshore Companies
How should I properly discontinue using the offshore company?
The proper procedure for discontinuation of an International Business Company is a voluntary winding-up. It is a straightforward procedure, which involves preparing and filing a statement of solvency, producing a statement of assets and liabilities, appointing a liquidator, publishing announcements the local media, preparing and filing several resolutions and documents with the Registrar. Most of this procedure can be performed by the Registered Agent, but some client involvement is required, in particular as regards assets and liabilities acquired during the course of business of the IBC. After a voluntary winding-up is properly completed, there is no more recourse for any creditors against the IBC, neither there is any deferred or potential liability for the directors, shareholders and owners of the IBC.