What happens if I dont pay the annual IBC renewal fees?
Non-payment of annual renewal fees will make the offshore company lose its status of good standing. The IBC will also incur heavy late penalties and legal consequences. Late payment of the Government duties in Seychelles will result in a 10% penalty fee if the payment is up to 90 days` late, and 50% late penalty fee, if the payment is over 90 days` late. After that time, the Registrar of Companies will proceed to strike-off the company from the Registry for non-payment of fees. An IBC, which is struck-off the Registrar shall remain liable to any due and unpaid fees. Such company also remains liable to all its debts and obligations. Any creditor may legally raise a claim against a struck-off company for debts and pursue the collection of those debts through litigation.
