Question BVI registration: Choosing formation service & avoiding pitfalls?

[johndoe001]

Hello,

After discussing with some lawyers, I have decided that for my business (defi project) a BVI company makes sense.

However, there seem to be a large number of companies offering BVI company formation services and their prices can vary from $1k to over $5k for seemingly the same. Also renewal price can similarly vary widely.

Are those price differences justified? What are some red flags or risks when picking the company? Any other tips/tricks or important questions to ask?

P.S. I do not care about hiding my ownership of the company or anything like this, so that's not something relevant to me when picking who to work with.
P.P.S. Since my income will be crypto based, I won't need a BVI bank account to receive payments (although one might be useful at some point, it's not important now)

 

[JohnnyDoe]

If you are already receiving advice from a lawyer (including on BVI matters) then you can opt for a basic corporate service provider at the lower end of the cost range.
However, in this part of the world people have a tendency to forget things and procrastinate, which is less likely to happen if you engage a more expensive service provider or law firm.
Just make sure that the firm you choose is licensed in the BVI.
I can recommend Lennox Paton as a high end law firm.

 

[Sols]

Sometimes they are worth it, sometimes they are not. It depends on how much extra you need beyond incorporation. Do you need someone to do the accounting for you? Ongoing legal advice? Dedicated mailing address? Dedicated account manager?

What's almost never worth it is going for the cheapest alternative.

As a general rule, go with a service provider that is locally licensed as a corporate service provider (Registered Agents | British Virgin Islands Financial Services Commission) or a local law firm (Legal Advocates | British Virgin Islands Financial Services Commission). Preferably someone with good reputation and many years of experience.

When you go with a service provider like that, you're paying several thousands for formation and similar in annual renewal. But you can sleep well at night, knowing someone who cares and knows what they're doing is looking after your company.

 

[wellington]

Hello,

After discussing with some lawyers, I have decided that for my business (defi project) a BVI company makes sense.

However, there seem to be a large number of companies offering BVI company formation services and their prices can vary from $1k to over $5k for seemingly the same. Also renewal price can similarly vary widely.

Are those price differences justified? What are some red flags or risks when picking the company? Any other tips/tricks or important questions to ask?

P.S. I do not care about hiding my ownership of the company or anything like this, so that's not something relevant to me when picking who to work with.
P.P.S. Since my income will be crypto based, I won't need a BVI bank account to receive payments (although one might be useful at some point, it's not important now)

Have a BVI company created 2 yrs never operated, if you want to buy and transfer - can do via my agent.

 

[justagirl]

Have a BVI company created 2 yrs never operated, if you want to buy and transfer - can do via my agent.

May i know your agent please?