New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Comments
Well, i think i've at least seen a couple companies offering money back in case of failure but yeah, a 100% success guarantee is probably generally not possible as they don't operate the banks and even if they would there is still a bunch of local legislation to follow.
In end it more or less comes down to researching who will actually provide what's offered and who will just take the money and tell you to get lost, which is admittedly quite scary given how many of those formation services exist and how shady they generally are once you are looking at anything a little more exotic. I figure a lot of people probably ended up paying what's called "Lehrgeld" (meaning a fee due for learning a certain trait) around here...
Try different bank. Also why do you need local bank account? If you are not doing business for big corps or government procurement, you really do not need local bank.
Yeah, i guess it would also possible to pull out parts of the "GmbH" capital but even at 50% that would still tie up quite a bit of money given the initial 20k€ requirement. If i ever get to the point where such a construct becomes attractive i'd probably really look a bit more into those US LLCs (Wyoming is far from the only state trying to attract foreign business). Sure it's a bit of a gamble if things work out in the end but if one isn't under pressure of some hard deadline a couple 100$ isn't that much of a risk in my opinion.
Free bonus: No risk of getting pizza sent by disgruntled internet rambos since as far as i understand it (at least for Wyoming) there is no public record of who runs those companies.
I have already tried few different options and actively working on this task.
I haven't said that, but Estonian banks were first in my list because I don't trust Wise/Payoneer/etc due to unclear the prospect of a refund in the event of account termination due to their sole decision.
I would prefer to spend more time to apply for an account with a reliable entity.
Honestly I hate dealing with ineffective governing bodies so that would be a concern as well (since I wouldn’t have any lawyers to handle stuff for me.)
That’s the main reason I’m okayish with the tax rate here, everything just works, company registration is handeled manually, by a human, who also checks the company name against existing ones to make sure it’s not too similar, and it all usually takes a few days at most. Bank sign up is also 100 % digital. It all just works really good.
Spending time lowering tax rates seems to me like something that MIGHT be worth it down the line, but I can see the initial 20k being an issue. That’s absurd.
Although on the other hand I like to support the country that I live in, that provides so many services that I use regulary, only supported by tax payer money.
In Germany there is also a variant of a GmbH, an UG, which is almost the same, except that the minimum capital is 1€.
I totally get where you are coming from. Those 20k aside it's mostly the hate of paperwork that makes something like this attractive to me (as far as i understand it for something like Wyoming my involvement would mostly consist of wiring my "membership fee" each year) + the included pizza protection is also pretty nice.
In general i'd also agree with your stance on taxes, sadly Germany is by far not as functional or liberal as Sweden, so my incentive to fund public efforts is quite limited. I very much hope this will change some day in future but as is every Euro the local government doesn't get it's hands on is like 90 cents less money wasted and i have zero shame in regards to doing what i'm legally allowed to do
Interesting. I was under the impression that an UG implied more liability in comparison to a GmbH but at least from a quick Google search it seems it's really mostly only the required capital. I very much still hate paperwork though
The main downside of an UG is that you have to turn your company into a GmbH after some time iirc.
I'm pretty sure that banks do not allow a e-Resident to setup an account (easily) because it is and was so popular. They used to, but stopped at one point. Maybe it was too much efford or some of the customers weren't the clients they wanted? Who knows...
There is proxy services, straw ceo’s from jail, bums. The one and only requirement is money.
Not a case 100%. I was told that EU banks are known for their rigorous verification and checks (comparing to what I have seen so far in Ukraine), and it is way easier for them to ask you to have a personal visit. I have found some options that does not require you to have a personal visit, but they ask additional questions and more information on your business... I hope I will resolve this within 1 month.
@shruub, An addition to my previous message.
Previously I have filled a questionnaire in one of the Estonian banks and failed at the last step - it was selection of the bank branch to visit to open an account. As I am unable to travel abroad, I simply discarded them and moved on.
However, two days later they have called me (from Estonian number to an Ukrainian one) asking me why had I not submitted the application. I explained them that I am unable to travel abroad. They compassionated me and offered to visit them once I am able to travel!)))
I don't understand how their sales department (or whoever who have called me) works, but I think it is pretty obvious why Ukrainian citizen haven't sent an application at the stage that requires to select bank branch within Estonia. Kinda funny situation.
Yup, that is pretty much true for the "established/non neo-"banks. However, I still think the estonian situation is special.
I don't understand how their sales department (or whoever who have called me) works, but I think it is pretty obvious why Ukrainian citizen haven't sent an application at the stage that requires to select bank branch within Estonia. Kinda funny situation.
That indeed is interesting :^). I wonder if this is a one-time case or if they have somewhat changed/evolved once again. Regardless, all the best to you and your country's people, hopefully you'll able to travel again fairly fast!
Thank you for kind words
It is interesting to observe the dance of the nazis
St. Vitus would definitely envy.