Looking for consultancy in terms of business incorporation

[Wissam]

Hi All,

I live in the UK. However, I don't have a residency permit ( Lebanese national) yet and it might take up to 3 months. Me and my British partner have started an online business where we sell SAAS on a subscription base but our business still under development and we're not expecting to start receiving any money until March 2020.

We have an agreement and signed term sheet that I will be owning 51% equity of the incorporated business we will establish, and therefore your inputs and advise on the follow below would be highly appreciated:

• What's the best place to open a company along with business bank account to access toUK and EU market ( Our target focus) where we can accept payments online?
• Since we're starting from scratch, what would be the best reliable country with few tax ( Corporate and income ) or even null for our SAAS online business?

I am a bit lost and I am really seeking a professional advise from the experts with my sincere appreciation for any helpful comments.

Thank you in advance

Wissam

 

[John Andrews]

I live in the UK

my British partner

we're not expecting to start receiving any money until March 2020.

UK Ltd.

 

[Wissam]

UK Ltd.

But this won't be the best option in terms of the taxation. Right?

 

[Clip]

But this won't be the best option in terms of the taxation. Right?

Right but under that circumstances, pay 19% now or pay 19% + Fines later

 

[Martin Everson]

Yeah to be honest unless you have substantial income I would not worry about tax at this stage.

Btw will you be electing to be taxed in UK as a resident non-dom? It is something to consider and talk through with a tax advisor.

 

[Wissam]

Yeah to be honest unless you have substantial income I would not worry about tax at this stage.

Btw will you be electing to be taxed in UK as a resident non-dom? It is something to consider and talk through with a tax advisor.

Thanks Martin. I won't be taxed at this point but I will later when I get my residency permit. Any advise on what time of company I should consider? LLP or LTD? Thanks again

 

[Martin Everson]

Any advise on what time of company I should consider? LLP or LTD? Thanks again

Plain Limited company will do. Then open an account for it with all the below:

Starling Bank
Monzo Bank
Monese
Cashplus
Transferwise
Revolut

Then your good to go. Anticipate 50% of those banks/EMI's will close your account after a while for no specific reason or go out of business.

 

[Wissam]

Plain Limited company will do. Then open an account for it with all the below:

Starling Bank
Monzo Bank
Monese
Cashplus
Transferwise
Revolut

Then your good to go. Anticipate 50% of those banks/EMI's will close your account after a while for no specific reason or go out of business.

Hahahah, what an encouragement and great push mate

 

[WoWNull]

If you are in UK and you will open LTD or LLP in UK just go for a street bank in UK.

depends on your SaaS you can go for Stripe, most SaaS are accepted unless its violating their terms so just check with them, otherwise, there is a very good choice like molle, worldpay etc.. most of them accept people in UK or in EU in general