[IvoDankolov]

But when you "collapse the wavefunction" and "create" the internal state of the particle, do you also create the internal state of the other one that is entangled to it? Do you create it instantaneously?

You see, the problem is not whether you can transfer information in human readable form (though if you could that would certainly be a huge problem with relativity!), but whether any effect that propagates faster than the speed of light exists.

You'll have a hard time explaining that in the frame of wavefunction collapse, I think.