I know by experience that this error is returned more often when no all run-time files, necessary for the component to running properly, are presented or registered on the target machine. If this is other than development computer, check for all runtimes of the VFP8.
The only one other message I was ever seen from regsvr32 is "File or module not found", but this is raised when regsvr32 is unable to locate your component due to wrong path/name.