Closing a BVI company (questions)

[Wellington]

Established a BVI company coming out of Covid specifically to launch a new SAAS i was working on in my spare time - actually never used it - renewed a few times, and then decided this year when you had to pay a couple of grand for accounting / auditing just to close the thing (mean late last year) started the closure around Sep, and this has dragged on and on and on, had to fill in forms after forms, even renew the company (lol) to close it because the counter-closure agent failed to close it in time, or something, then last week got a doc for source of wealth for the company pointed out CC personal for creation, renewal, and closure - company never operated, pointed out stupidity of the request, then now a CV request.

Seems silly at this point, pointed out should have just allowed it to roll off the register.

Anyone else had this sort of stupidity with BVI of-late?

 

[Sols]

It's getting more and more tedious to close offshore companies. Service providers are bleeding clients‌ and doing everything to squeeze revenue out of existing clients, especially ones on the way‍ out.

I'm seeing this happen even with what I'd otherwise consider good and reputable service⁠ providers.

What you describe does sound a bit worse than the norm, though. I wonder⁤ if maybe they didn't do proper KYC on you right away and are doing it⁣ now to cover their behinds in case something nasty pops up later. That, or they're⁢ being difficult just to be difficult.

 

[Martin Everson]

They need to gather as much information as︃ possible from you. CSPr should have got this information up front in first place but︄ I guess they wouldn't sell many offshore companies if they did. They need the info︅ to share details of the BVI company and activities with your home country as below.︆

 

[Wellington]

I don't live in the UK (near on two decades).

So not sure why they‌ will send 0 data to, but there we go, as i am in a territorial‍ tax nation.

 

[forward]

maybe you want to sell it over instead ?

 

[Wellington]

Sell what over?

 

[Cetme308win]

I may be interested in getting that BVI company if u are not longer interested‌ on it

 

[Wellington]

Unfortunately paid about 3k so far (closing it,‍ - with renewing it to close it).

And they've gone to the final process part⁠ i believe (hopefully leave me alone now).

 

[OKboomer]

Out of curiosity, why don't you just dump this company? stop paying and it automatically‌ expires? Or can these banana islands also chase you for some fees for failing to‍ close a company you opened?

 

[Wellington]

That's what i should have⁠ done lol.

 

[Cetme308win]

Just being curious....did you managed to open a bank acccount for the company?

 

[JohnnyDoe]

OKboomer said:
Out of curiosity, why don't you just dump this company? stop paying and it automatically expires? Or can these banana islands also chase you for some fees for failing to close a company you opened?
Click to expand...

I stopped renewing a company in like 2010 and I still see it active in good standing, with a valid financial license rof/%

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[intlman]

That is wild‍ lol.

It's what⁠ I did with an old BVI last year.

 

[Wellington]

Finally liquidated