BVI Economic Substance -? -> BVI Agents here?

[wellington]

Recieved an email for a BVI corp that was opened but not used (even asked them to cancel opening) over a year ago - with reason, they wanted to keep all records in the UK (i don't live in the UK and it was a BVI corp so it didn't make sense).

Anyway they sent me over the following today:

Alternatively, if you no longer require the company, please respond to this email and we will remove the charge.

Please ensure that payment is made at least one week before the renewal date. This is to ensure that your company is renewed on time, otherwise penalties could be issued.

If we have not received a response from you by three weeks after your renewal date, we will take this as your confirmation that you no longer require the company. We will then inform the relevant authorities, that you no longer require the company.

All BVI Companies are required to file their Economic Substance status on a yearly basis. Upon receipt of your renewal order, we will be able to assist you with meeting the requirements. If you would like any further information on this, please let us know

1) What sort of 'substance' would suffice if i were to 'renew this corp' and 'run it via HK (i don't live there).

2) any non UK Agents want to renew it for me if '1' is settled, that don't require to keep all my files in the UK?

xxxxxx adhere to the UK anti money laundering regulations, therefore we must keep up to date due diligence documents on file for all companies using our ongoing services. At your earliest convenience please could you provide an up to date utility bill and copy of a passport for all officers and beneficial owners within the company.

These documents can be emailed to xxxx

I'm not adverse to Anti AML, i'm adverse to having my records in a company after having all my emails/records leaked by Pandora lol -> a corp i never went ahead with but none the less the emails were there.

 

[Martin Everson]

1) What sort of 'substance' would suffice if i were to 'renew this corp' and 'run it via HK (i don't live there).

Best to ask them that. But you can get an idea of what they need if you were to claim it was running from BVI by reading section 8 of guide below. I can't imagine it would be too different for substance proof in a foreign location.

http://www.bvi.gov.vg/pub/Economic_Substance_Act_Unofficial_Consolidation.pdf

I'm not adverse to Anti AML, i'm adverse to having my records in a company after having all my emails/records leaked by Pandora lol -> a corp i never went ahead with but none the less the emails were there.

Happened to me too with another older data leak sadly.

 

[CyprusLawyer101]

Substance requirements in the BVI havr bern codified and each company is classified accordingly. The actual operation of the company determines the applicable classification and thereafter the necessary substance requirements. This law is actually a good thing since although a bit of a nuisance it tries to preserve the value and use of BVI companies in the offshore industry.

 

[wellington]

Me, myself, and irene (me).

I'd rather keep it, but don't want to deal with the UK Agent (they want to keep all my records in their office in the UK).

Such a potential security risk etc.

I'd use it for 'stock trading' or 'holding a asset - real',

What sort of substance requirement would i require to do that in HK and or BVI instead of the nation i am in currently ?

 

[wellington]

You do not need to keep accounting records in any particular country. The address of keeping of accounting records may be everywhere in the world. Literally any address.
There also should be a person appointed as a designated representative in keeping of accounting records that could be yourself as well.
If csp tells you to keep records only in their UK office they are not right.
If you will need reccomendation on another csp, pm me.

No, they wanted to keep physical copies of my

Passport
Bank Statements
Proof of Address

All verified by notaries, in their office in the UK.. (physical) which i'm sure they'd make digital, but that's a massive no no for security reasons.

 

[uplana]

You should change the agent definitely. If they want to be on the safe side in the UK (if they are authorised by HMRC) they will keep your KYC/CDD docs (passport, Utility Bill, etc.) in their UK office to prove HMRC their AML compliance once they would have inspection.

you need a local agent located in the BVI where they will keep your documents. Agree!

 

[clintk84]

You do not need to keep accounting records in any particular country. The address of keeping of accounting records may be everywhere in the world. Literally any address.
There also should be a person appointed as a designated representative in keeping of accounting records that could be yourself as well.
If csp tells you to keep records only in their UK office they are not right.
If you will need reccomendation on another csp, pm me.

I also had a similar issue with my BVI agent, would love to look at getting a new agent, please send me a list / contact info

 

[uplana]

Try these guys
https://www.offshorebvi.com/bvi-offshore-companies.php
very professional and located in the BVI

 

[medusa]

Dear ALL,
our Company is trading only, based in ecommerce; Companies that do not fall under the scope of the ES Act.
Any one can guide me how to upload/send ES report directly to BVI goverment website?
Tks