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I already had a business account with Lloyds so next I needed to apply for a Merchant Account [...] After jumping through some hoops they came to me with an off
by kgtm 15y ago
I already had a business account with Lloyds so next I needed to apply for a Merchant Account [...] After jumping through some hoops they came to me with an offer that I could use their service if I give a deposit. [...] they asked me to put a deposit of £50,000 ($81,000.)
I nearly choked right there; 50.000 pounds? What the hell? This is not right by any definition. No wonder the US steams ahead in the startup game.
What would really drive this post home though, would be the second half the author fast-forwards through. Understanding the technicalities and nitty-gritty details of setting up a startup as a European would be very interesting. Especially tax handling. Perhaps a Part II!
- mootothemax 15y agoThe UK is easy, honestly. If you want to form a LTD company, pay someone twenty pounds and it'll be ready within a few hours. Have a 20 minute meeting for you business account (I admit this might have changed - it was about five years ago and with Barclays), get everything set up within the following couple of weeks. In the meantime, trade as a sole trader. Register with the taxman, phone up their very helpful advice line for what numbers to fill in where. Job done. Now Poland, on the other hand...
- weego 15y agoI didn't even have a meeting for my business account, everything was handled over the phone/online with 1 set of paperwork having to be sent out to me and back. The only thing they wanted to know was how much I expected to deposit a year and they insisted the first deposit be from a UK source (supposedly some anti-terror funds requirement).
- zachinglis 15y agoI will be following up as the business furthers on. I hope that some of my experiences will push people and help people build their own businesses.