Awful experience after 2650$ and 6 months
Flag Theory reference: Order #193568 (December 3, 2023) After 2650$ paid (+ 450€ of bank charges), 6 months of procedure and 3 weeks without news from their team, I decide to give my opinion on this unprofessional and rough team. To date, I have a company that is a totally empty shell, as I can't carry out any professional activity. With them, everything seems to be off to a good start, as they are very responsive in sending out a huge amount of information on thirty or so countries in which to register your company. The emails are several pages long and everything is done to avoid simplifying the information sent. What I found was a lack of knowledge to adapt the right legal structure to my business. Over the last 6 months, seeing that things weren't progressing, I made enquiries of other entrepreneurs who told me that the choice of location advised by Flag Theory was not only costly but also unsuitable for my business. When I spoke to these entrepreneurs, they all told me that they had spent much less in costs (I paid $2,650), for a solution that was implemented very quickly in another location that was much more suitable. After that, opening (sorry... trying to open) a bank account quickly became a nightmare. The person in charge of this at Flag Theory is far from professional and very rude to customers. Instead of advising me and helping me to find a solution, she sent me a basic Word document to fill in with no explanation and no guidance. Every time I filled it in and sent it to her, she sent the document back to me, writing incomprehensible and disorganised comments, explaining that it was no good but never giving me any guidelines. Her behaviour was harsh and aggressive. What's more, I had to insist a lot to get an appointment online. Despite this, she refused to show her face and I lost an hour without making any progress.) After several hours of work on my part to put together a document, we were finally able to agree to go ahead and choose a bank. They recommended Bankera, which turned out to be the worst bank. Not only did I have to pay Bankera an unanticipated sum of €450 just to get them to agree to look at my application. After that, I had to answer a lot of questions for several days again, because each time some of my answers didn't suit them. Today, it's been 3 weeks since everything was validated by them and I've still had no news about my application. At the same time, the Flag Theory team has completely disappeared since those 3 weeks and hasn't given me any news either. All in all, after 6 months of proceedings and spending $3,100, I'm still unable to work. The team referred me to their offshore solution, which is totally unsuited to my business, and to a bank, which was also quick to invoice me but hasn't given me any sign of life for 3 weeks. Despite having complained to the company's manager a few weeks ago, he explained to me that I was at fault and wrote long, detailed emails to explain to me what an incompetent customer I was. At the same time, the whole point of hiring an agency to help me set up my business was to let them handle it. Despite this, the man agreed to reimburse me $300 for the costs of helping me open the bank account, a sign that he recognised the incompetence of his department. So in the end, I've spent $2,800, I've got an empty company, no bank account and an agency that was supposed to help me has completely disappeared. I know that the only response Flag Theory will give me is a 50-line text below to prove their good faith. But obviously nothing will be done on their side to resolve the situation. I consider my $2800 lost and I'm going to find another agency, this time a professional one, to help me with the paperwork. EDIT : What you see below is the answer from the managing director who answered in a minute to my review but never deigned to contact me directly to try to solve the situation (what any normal company would do obviously). This simply confirms how little interest they show for their customers once they have been paid. EDIT2 : Having absolutely not received any feedback from Flag Theory company during the last 4 weeks, I am now filing a complaint to the Financial Industry Disputes Resolution Centre (FIDReC). I'll document this dispute here to make aware consumers of the practices of this company as well as other forums.