Annual Maintenance of Offshore Companies
How should I properly discontinue the usage of the offshore company?
The proper procedure for discontinuation of an International Business Company is a voluntary winding-up. It is a fairly straightforward process, which involves preparing and filing a declaration of solvency, producing a statement of assets and liabilities, appointing an administrator, publishing announcements the local media, preparing and filing several resolutions and documents with the Registry. Most of this procedure can be performed by the Registered Agent, but some client involvement is also required. 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.