Hi!

Does anyone here have in-person experience in setting up a BOI promoted company?

I don’t mean a shell-company, but an actual one.

I’ve been to two legal offices, met two different lawyers and both stated that what I’m willing to do both meets all requirements for BOI promotion and looks well-calculated in terms of business plan, but they proposed two completely different approaches to the process itself.

#1. Suggested filing for the BOI promotion under my name and then, when approved, filing for incorporation

#2. Insisted on starting with renting an actual office and setting up the company first, then applying for the BOI promotion

Option 1. is obviously tempting as it involves substantially less cost hence virtually no financial risk whatsoever(except for processing fees and lawyer’s remuneration) in case my applications gets rejected.

But

Option 2. Although more expensive (paying the rent and accounting fees for a practically idle company for at least several months), seems a bit more intuitive, as an already existing company obviously looks more convincing than a private individual who is only about to set up a company.

Does anyone have any experience in any of the above routes?