A new synthetic one-step approach to perform the axial ligand exchange reaction in subphthalocyanines that employs trimethylsilyl-protected nucleophiles as starting materials is reported. Theoretical calculations indicate that the exchange reaction proceeds through a similar 4-centered 蟽-bond metathesis transition state as the substitution with phenols. This direct method allowed us to synthesize new axial derivatives of singular importance within the chemistry of subphthalocyanines, for which the reactivity and X-ray crystalline structure were studied.