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]

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.

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

Thread 'Twelve no/low tax countries share data on companies with no substance with UBO's country'

Jan 7, 2022

Since March 2021 twelve countries now automatically share information on companies with no economic substance and where beneficial owners are non-resident. I think non-resident folk with companies in the below countries may be in for a letter from their tax man.

Anguilla
Bahamas
Bahrain
Barbados
Bermuda
British Virgin Islands
Cayman Islands
Guernsey
Isle of Man
Jersey
Turks and Caicos Islands
United Arab Emirates

------- quote start

Tax transparency moves forward as no or only nominal tax jurisdictions first exchange information on the substance of entities​

...​

• Martin Everson

• 
• 

 

[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]

maybe you want to sell it over instead ?

Sell what over?