Important information about Company Formation
Reasons for wanting a brand new company or a previously owned company.
A shelf company is simply a company that was set up by someone else and is sold either as a non trading (dormant) or trading concern. These usually come with EU VAT registration and a bank account. A premium would normally be paid as it is likely to be older.
- The timescales are not necessarily quicker, as transfer depends on the speed of the seller as well as the new owner.
- Share capital does not need to be paid in a lot of transfers, although the liability lies with the new owner(s).
A new company allows you to have a clean start based on exactly what you require. As it is set up from scratch, then there are no concerns about the credibility of the company. The timescales vary according to country unlike the UK, most other countries use the Notary system, which can extend the length of time to fully register the new company.
Basic details for LLCs
All companies need a registered address in that country. Depending on the activity and country, a virtual or serviced office may be required. The basics for each country are pretty much the same, but each country will have its own specifics – e.g. recruitment in Switzerland is highly regulated, therefore needing relevant licenses and they need a resident director, which we can arrange.
VAT in Europe (VIES) is becoming extremely important. Companies that fall behind with their filings / returns can have their VAT registration blocked or even revoked. We will always be able to offer accountancy services in all the countries that we cover.
This is particular to the individual country. Western Europe tends to have higher share capital requirements. The paid up amount (in brackets) depends on the number of shareholders
It is important to give full details about the scope of the company. Due to certain activities, banks and VAT registration can be declined without full, honest disclosure.
If share capital is required, then a corporate bank account is required to deposit this in to, as it makes up the final part of the company registration process. Most banks now require seeing the company owner face to face to open the account. The company itself may be incorporated by way of a Power of Attorney (handing over power to someone else).
We have a very good reputation with the top banks, either directly with ourselves, or through our associates. We are also able to offer additional UK bank accounts for foreign owned companies, in certain situations. This can be particularly useful for lowering bank charges and if the management of the company is UK based.
- Italy – EUR 10,000 (EUR 2,500 if 2 or more shareholders)
- Switzerland – CHF 20,000
- Belgium – EUR 18,600 (EUR 6,200 if 2 or more shareholders
- UK – £100 (non paid up)
- France – EUR 2 (bank can require more)
- Germany – EUR 25,000 (EUR 12,500)
- Austria – EUR 35,000 (EUR 17,500)
- Cyprus – none paid up