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Sounds very complicated compared to the UK. You can set up a company (limited liability), here, over the internet, for about £15. If you're in Europe that's usu
by mickeyp 14y ago
Sounds very complicated compared to the UK. You can set up a company (limited liability), here, over the internet, for about £15. If you're in Europe that's usually the preferred approach for a lot of small businesses; indeed, it is the most tax efficient way of operating for businesses that're in the UK as it shelters your person from creditors and liabilities compared with a simple sole trader arrangement. A lot of accountants will do a monthly package deal to manage your company's books and the accounts for you if it is simple, which it invariably is for most IT shops.
- diego 14y agoIt's not that different in the US. OP explained the case in which you're setting up a company for VC investment. It is only slightly more complicated than an LLC. In fact the time consumed by the whole process of setting up a company is negligible compared with the time spent fundraising.
- syedkarim 14y agoActually, OP is not interested in setting up a US company for fundraising purposes--the purpose of the US-entity is to easily process credit card payments.
- l0gicpath 14y agoCould you elaborate more on how is it possible to register a company in UK online? I was under the impression that I'd have to be present there in UK to do so.
- citricsquid 14y agohttps://www.theformationscompany.com/ https://www.theformationscompany.com/ £5. Enter some forms and that's it. They offer a registered office package; they'll be in the UK for you. I registered a company through them (although I used a more expensive package, including stuff like registered office) and saw no indications I had to be UK based (although I am)
- kolinko 14y agoRegistering a company in UK is indeed a breeze, but try to open up a bank account for it if you're not a resident. I'm from Poland, and every single bank in UK asks me not only about my company office's address, but also the founder/director address. Living outside of UK (although still in EU), I found no way around this yet.
- forcer 14y agoYes. I agree. Business banking in the UK is screwed. Most banks offer much worse services to small businesses than they offer to consumers.
- mickeyp 14y agoI get a excellent service from Cater Allen, whom I business bank with (but no other affiliation than that.) Instant, direct access to a human in the UK with no phone queues or phone menus. Nice and simple. The only downside is the slightly rubbish internet banking, but I can live with that. I get free postage paid envelopes so I can mail stuff to them as well. It's good.
- Prizzle 14y agoYou realise that obtaining a Business banking account isn't a requirement - You may use your personal bank account and this applies for LTD, Partnerships or sole traders..
- pawelwentpawel 14y agoI'm about to go self-employed soon so I went to my bank (lloyds) a week ago to ask about opening a business account. Apparently there is not much of an issue. The difference is that I had my personal account at their bank for the past 3 years. Which part of UK are you located in?
- mickeyp 14y agoOf course you have to supply an address for the director. Give them your Polish address. It's there for anti-money laundering and such.
- X-Istence 14y agoI paid $50 to set up my new business (C-Corp) in Colorado, and got my EIN from the IRS. If you want to get incorporated in Delaware and you don't have a statutory agent there it is going to cost more money to get someone to forward the mail for you, also you need to be aware of any rules or regulations for that state for opening the business.
- Maro 14y agoWe were doing this as part of a fundraising process, so I'm not sure how it would go without that. I presume it'd be cheaper although I'd still want a lawyer involved. But, if there's no fundraising, then based on my experiences I wouldn't create a US Co. anyway.