London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

0:00
0:00

Why I am closing my BVI company, and recommend everyone else not to register a BVI company

This is an article we’ve got from a reader. We checked the facts and found it all true. We recommend the company owner to replace their racketeer agent with an honest one, instead of totally giving up their BVI company. And we urge SFC to pay attention to such a bad behavior of their agents, that damage the BVI reputation and adding even more damage to the whole industry.
Registered agent not allowed owner of BVI company to see important content inside the letter addressed to the company, unless they pay huge amount of money as a ransom.

Here is what happened:

I was advised by email that an envelope addressed to my BVI company arrived at the registered office in the BVI.

I responded right away as this letter was from a tax authority in the jurisdiction where the BVI company holds an asset.

I wanted to deal with such a matter promptly, but that was not to be. I learnt to my amazement that the only way I could get to know the important content inside this envelope was to pay USD128 (= 10% of the company annual renewal fee!) , for only one letter!- for the envelope to be forwarded by the BVI registered agent.

No other method can be considered - no scanning and sending it to me by email, not even handing over the envelope to my BVI friend duly authorized by me!

Forwarding the envelope would take a long time to reach me in Asia due to covid-19 general transport disruptions, and it will be too late to respond timely with any usual tax matters.

In any event, no flights are allowed into my country of residence until the end of June. So what am I to do? I was told that if I don’t pay by a certain date, the letter will be... destroyed! A pure criminal ransom by an authorized BVI agent.

My conclusion is that obviously BVI companies agents don’t care about customers; they care only about the money they can squeeze from customers.

I compare a BVI company to Cayman, Panama and Delaware company's agents and the contrast in terms of costs, customer service and online convenience cannot be greater.

BvI company became useless anyway, as no bank in the world is ready to take the risk and open a bank account for a BVI company, a jurisdiction that is well known as a money laundering center (aka “Panama” Papers, that was in fact BVI papers).

And now even worse: Why have a costly BVI company when one cannot even get a letters sent to the fully paid agent that refuse to provide the most important function as an agent: not to hide from customers essential information and hold it as a criminal extortion, backed by The BVI Financial Services Commission and BVI Finance...

I am moving my asset to my Cayman company, as it’s the same price and can open bank account without any problem, and I simply ignore the renewal fees for the BVI company. Let it naturally die along side with the whole sinking BVI economy....
Newsletter

Related Articles

0:00
0:00
Close
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
×