BVI company what a mess to register!

[maxmoney]

Today I wanted to apply for a BVI company with an agent and it was like I wanted to open a bank account.

They had the most insane requirements to the documents required for instant they need a professional reference letter from a bank! WTF is going on there?

I changed my mind and working with an agent in Dominica to get a company registered it seems to be more friendly to new business.

 

[negon]

This is actually not the first time we hear about it! You can find endless threads about BVI company formation! It is a no go and should be avoided at all costs!

Once you have your company there it will last for 1 year and then get killed if you don't provide additional documents which are even more complicated to get than what they asked for while you was in the registration process.

The BVI has developed tougher regulation to businesses and investors that want to incorporate their business there. They only want large operations and rather avoid the small ones.

I can only say stay away from any company registration in the BVI.

Your idea with Dominica is fine, great alternatives would be Gibraltar, Costa Rica, Cook Islands and even Ireland is better!

 

[maxmoney]

What are the other threads?

 

[DeepDrilling]

@maxmoney I send you a PM want to know more about the requirements please.

 

[CoinMaster]

So what you say is simply forget about it? Is Cyprus company a better alternative you think?

 

[maxmoney]

I don't want to incorporate in the BVI anymore. I will try to complete the process if possible at all and recommend anyone look into Cyprus, Malta, Cook Islands, UK, Ireland and what other jurisdiction you may find but do not register a company in the BVI there is 0 privacy!

 

[negon]

Well the problem as I see it is the question they ask and the information I have to provide to register a simple company. It is obvious that these information are used for reporting of anyone who incorporate their business there.

Why does it require a reference letter from a professional, bank and a 3rd party that will certify this to be true documents?! Only real investors that have benefits and millions of £ may search for an place to keep their assets in the BVI all others like me can't and won't use it.

Even if I had millions of dollars I would never register a company or even open a physical office in an offshore jurisdiction that is asking for information like the one I have seen!

 

[utibi]

Why they have so much document requirement in the BVI for simple Company registration?

 

[JohnK]

I spoke with an offshore agent in the BVI he told me it was not a problem to go for an BVI company formation! After a while he told me I will have to provide all my documents and I stepped back!

 

[JohnLocke]

Things have changed alot and seems to get complicated in the BVI. I'm sure in a few years we will see the same in other offshore jurisdictions. That will mean, the longer you wait the higher the risk that it gets almost impossible for normal people to get an offshore corp.

 

[JohnK]

Thanks for the input!

 

[utibi]

That Means we can't get a BVI Company any longer if we don't know a lawyer, banker and accountant to help us to register the company there?

 

[negon]

That Means we can't get a BVI Company any longer if we don't know a lawyer, banker and accountant to help us to register the company there?

All is possible as long as you have a professional by your side. But it is very complicated and expensive!

 

[Montecristo]

It will still be there but I think BVI will be killing themselves if they continue to do so. Let's be realistic about the problem here. Why we liked BVI in the first place? Good track record but it has absolutely no DTA with other countries. In that case, Cook Islands will easily replace BVI as the next best place. Why is that so? Does anyone here know that to present a case of fraudulent conveyance is not easy in Cook Islands? Almost in all the jurisdictions in the world will have a 2 years time line for fraudulent conveyance but in Cook Islands, it is only 1 year.

 

[JohnK]

Wow, so Cook Islands is a good alternative to BVI and what other jurisdiction we have discussed here the most? Do you know of a reliable agent for company in Cooks?

 

[Montecristo]

Wow, so Cook Islands is a good alternative to BVI and what other jurisdiction we have discussed here the most? Do you know of a reliable agent for company in Cooks?

It is more expensive than BVI but it is relatively a safer place. I know someone who can do it.

 

[Houdini]

Do you mind to let me know either here or PM sir? I would like to consider my options.

 

[JohnK]

It is more expensive than BVI but it is relatively a safer place. I know someone who can do it.

thank you, please PM fees etc. want to know.

 

[orangeye]

I totally agree with all of you here. My BVI company took 3 months to get duly incorporated. It took almost 1 months to get the documents required in place and satisfy the registry in the British Virgin Islands! They suck big times! Anyway BVI was part of a bigger plan in our setup so there was no way around!

 

[haslan]

I totally agree with all of you here. My BVI company took 3 months to get duly incorporated. It took almost 1 months to get the documents required in place and satisfy the registry in the British Virgin Islands! They suck big times! Anyway BVI was part of a bigger plan in our setup so there was no way around!

Thanks for the information. Really it seems to be a no go now!