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What is the price of opening a real business in your country?

Discussion in 'Business & Tax Advice' started by Vanrithy, Jul 27, 2013.

  1. Vanrithy

    Vanrithy Power Member

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    I'm currently seeking to open a real business with license in my country.

    WTF! I must spend around $2K for the third party companies in order to process the require documents with the official. If I don't, there'd be less or no chance that the process in doing real business here be possible.

    I just would like to know how much to pay to open a real business in your country? What about the process, easy or not?
     
  2. tomapleaf

    tomapleaf Newbie

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    Depends on what kind of company. Are you looking to incorporate? If so, this costs about $350 in Canada (specifically, ontario) - you just have to fill out articles of incporporation (which detail what kind of business you are running, etc) - It's pretty easy. If you aren't incorporating, you'd run as a sole proprietorship, which doesn't require anything other than getting your Master Business License, which costs about $30.
     
  3. InnovativeSEO

    InnovativeSEO Senior Member

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    USA It varies from state to state, but in Kansas, Oklahoma, Missouri you can do an LLC for about $110.00
     
  4. slaya212

    slaya212 Newbie

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    yeah it can be cheap in some areas in the US, but if you're in a populated city, empty your wallet and hope they accept pocket lint
     
  5. bubbaranks

    bubbaranks Junior Member

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    I don't understand why you would pay to open a business? I have 3 real businesses and I have never paid anything to open them, just go to the bank and ask for a business account and instead of trading as "your personal name" you trade as "your business name"
     
  6. HeRBaR

    HeRBaR Supreme Member

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    Does bank allows you to open a business account without forcing you to show them proof that you own a business??? you pay taxes, you have a license, etc???
     
  7. bubbaranks

    bubbaranks Junior Member

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    No all they ask for is ID but if you have a personal bank account with them already most of the time they will do it over the phone and tell you your sort code and account number there and then and within a few days you get a cheque book, debit card, and pin sent by post. If you want a credit card machine "terminal" then that's a bit harder to get they ask for proof of payments and you have to send your bank statements to them and get a merchant number.
     
  8. netcelal

    netcelal Senior Member

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    You have to pay 40€ in Germany for a trading licence
     
  9. crazymonster

    crazymonster Junior Member

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    I'm from Bulgaria. For liscense around $150. With taxes or others max $300.
     
  10. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    Ever heard of limited liability? There are a number of benefits of registering a business, especially in the UK. Trading under a business name offers you none of this protection or tax efficiency.

    Opening a "business" account without having a company doesn't make you a business - you're just self employed. These aren't companies unless you have registered the LTD with companies house.

    @ OP - in the UK it costs around $150 to register a company if you do it yourself. Through an accountant it might be more like $1500.
     
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  11. Logician

    Logician BANNED BANNED

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    In my specific niche I had to pay for a license application fee(300 bucks), the license, DBA, liability insures, bond, background check.. I think that was all the required stuff. Then to succeed, tools, advertising etc etc. Maybe thats why a lot of businesses are moving out of California!
     
  12. hurn

    hurn Power Member

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    $300 to register Private limited liability company
     
  13. Duffers5000

    Duffers5000 Elite Member

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    In the UK you can reg a company for close to free. I use a company formations service that I have for 10 years and pay they £49 per company. They can do it for £9.99 but I like hard copies of all articles etc.

    Strictly speaking you can do it yourself for free through companies house but then there's a lot of things you can do free if you were not busy making money.

    So sounds like a bummer setting up a company where you are. I have set up companies in Asia before and the red tape and protocol was very time and money consuming.
     
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  14. Logician

    Logician BANNED BANNED

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    I'm setup as sole-propierter, but plan to switch to s-corp to have the tax benefits of a sole-propieter and the safety of a corporation. Its going to cost me another 300
     
  15. Rokebono

    Rokebono Senior Member

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    Question for UK folks:

    What are the costs to register a company in UK for a non UK citizen?
     
  16. Duffers5000

    Duffers5000 Elite Member

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    You need to appoint uk directors. Most formation companies offer a non executive directorship for a small fee.you would also have to use their registered office as the address for formation. I'm not sure on the exact details but have a read through this companies site
     
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  17. Lalalaenhund

    Lalalaenhund Power Member

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    Like a 100? here - but the real cost comes from the ridiculous taxes :(
     
  18. bubbaranks

    bubbaranks Junior Member

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    I was under the impression you had to have at least one tax years worth of records before getting a registration number
    also a sole trader is a real business and has many of advantages the OP asked how to open a business not a partnership corporation
     
    Last edited: Aug 11, 2013
  19. Duffers5000

    Duffers5000 Elite Member

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    No man, you can open a company tomorrow in 3 clicks on the Internet.

    Companies don't even need to trade. I have some companies that don't do any business so I do a return each year showing that they didn't trade. There's no tax implication and it's perfectly legal to have dormant or shelf companies.

    Meathead made the sanest point in this thread. You open a company to limit your liability and to offer you a barrier of personal protection.

    Like most people I am sure you have the best intentions to run a legitimate business and take care of your clients however things can go wrong.

    In your current situation you are personally liable and if somebody wanted to sue you personally you could lose your house and end up on the street. I would seriously consider getting a company organised ASAP

     
  20. ddederick

    ddederick Jr. VIP Jr. VIP Premium Member

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    Maybe few hundreds of dollars. Depends on company type. If you want to found Ltd you have to proof that you have at least $20k available in your bank account. And that SUCKS.