Is a UK Ltd the right setup?

Good morning everyone.
I’ve not found a proper category in the forum so that’s why I’m writing here.
Hope it’s the right one otherwise admin please feel free to move it under the correct place.
So, looking for your advices/suggestions/pov. Here’s the story.
Together with other two friends, we have created a new solution for the HR world.
The solution is divided in two parts: one targeting end users and a second targeting HR, recruiters and talent managers.
There are some innovative components on both sides. At this stage the solution is almost ready for the end users side (I would side we are at 95%) and work in progress for the business side (40%).
It’s time now to make it serious and decide to go to market as our first target is to achieve 10.000 registered users using our solution. The proposal is based on three types of user profiles: freemium, premium, platinum. Even if we would reach 10.000 freemium users, we will be happy.
As I wrote, it’s time to make it serious and we want to formalize our adventure by creating a company.
Forgot to mention that I will hold 40% of the company share (I’m EU citizen based in CH), one of the other two will hold 40% (also EU citizen based in CH) and the third guy will hold 20% (EU citizen based in Italy).
None of us can be visible as we all work as employees so we must use a representative.
Also, important thing, we want to keep incorporation and company cost very low as we will not generate income or revenue at least for 12 to 24 months.
For this scope, we are thinking about incorporating a UK Ltd and appointing a nominee director without any executive power. Attached to this, we are thinking about having an e wallet solution to pay suppliers and receive user fees (if any). I’m quite familiar with UK Ltd as it’s not the first time for me. I also know that banks are becoming more stringent when it comes to opening a bank account to Ltd without having the Ultimate Beneficial Owner (UBO) visible.
So far, this is the cheapest and the most flexible solution I’m aware of.
Looking around the web I’ve also heard about benefits of having an Estonian company incorporated but I’ve no clue about it. Is there anyone familiar with this?
Or overall, do you have suggestions or different ideas on how to have an effective setup?

Thanks for your feedback
Mr. P.

2 Likes

Loving the “freemium” category. For low incorporation and efficient company laws and low taxes you could also consider Singapore - one of the advantages you guys could have there is to tap into their government supported environment eventually for FinTech (if you HR tool has anything to do with finance).

UK might be somewhat closer for you guys. Singapore is usually actively looking to attract foreign entrepreneurs and would provide you with a stronghold in Asia from where you could go for many of the growth markets of tomorrow (India, China, Indonesia, Australia/NZ).

Just my two cents.

Wishing you guys best success, good luck and that you’ll all have fun and learn a lot with your endeavour!!!

1 Like

Thanks for the valuable feedback Matt.
In much transparency we haven’t considered anything outside Europe.
Not sure why…possibly because we feel more comfortable and in case of issues we can grab a flight on the spot and be anywhere in Europe in 2 hours.
Singapore is definitely a good option but how realistic it will be for Business company to deal with Singaporean companies managed by 3 European guys???
I can see this option more for future development of APAC market.
Unfortunately our solution cannot be considered in the Fintech area.
Thanks again.
Mr. P.

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