Receive payments / Ltd company formation

by keiyam
10 replies
Hi to all and happy new year!

I have been struggling for many years to create something unique that can make me some money. Fortunately, I found something and I am optimistic about it. Unfortunately, I offer services that I cannot get paid about.
The simplest option is to receive payments through paypal. The problem is that I do not want my name shown. I am searching for ways to show a company name or my website's name. Paypal won't let me until I make a business account. And that of course needs you to have a business.
I thought that I should register a business name and form a company online because in my country creating a company is just the stairway to hell !
I found several company formation websites that you can open a business for 20 or 30 pounds. These companies require you to open account books etc. that I am not aware at all and I am a little bit sceptical and afraid about it.
I just wanted to ask you:

What is the way that you receive payments?
Have anyone of you any experience with UK Ltd company formation (online) ?

thanks to all and regards
Kei
#company #formation #payments #receive
  • Profile picture of the author Quilst
    Google for term "offshore company" - it is a real business - if you do not want to show your name in Paypal just change your e-mail address in paypal
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    • Profile picture of the author keiyam
      Originally Posted by Quilst View Post

      Google for term "offshore company" - it is a real business - if you do not want to show your name in Paypal just change your e-mail address in paypal
      Unfortunately it sends you Name, Surname, Address etc. which are very personal...
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      • Profile picture of the author theemperor
        I'm confused! Why not share your name? It's a business after all. Why shouldn't they know?

        In any case - do you research before you set up a limited company.

        It is an entirely different legal and tax structure to that of a sole trader. It may be advantageous or dis-advantageous for tax depending on your situation. Also there are extra costs and responsibilities for the limited company that you don't have to worry about as a sole trader. And your name and accounts are on record in a limited company - to anyone willing to spend a nominal sum.

        Sharing your name on paypal should be the tiniest consideration when deciding if you want to set up an LTD.
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  • Profile picture of the author vok
    You're making things far to complicated for yourself. Just register as self employed 'sole trader' and then register a business account. It's as simple as that.
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    • Profile picture of the author keiyam
      Originally Posted by chriswick View Post

      You're making things far to complicated for yourself. Just register as self employed 'sole trader' and then register a business account. It's as simple as that.
      I cannot do this because I already work in a company and prohibits me to work anywhere else or be self-employed at the same time. I am a little bit afraid of taxes in a country that I do not know (Like UK).. and offshore businesses cost a lot for people like me starting with a minimum budget. Also for being self employed I should give receipts to clients buying from me and I cannot get a receipt book or something from here.

      Finally, I found how to make money, they are in front of me and I cannot get them!
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      • Profile picture of the author theemperor
        Originally Posted by keiyam View Post

        I cannot do this because I already work in a company and prohibits me to work anywhere else or be self-employed at the same time. I am a little bit afraid of taxes in a country that I do not know (Like UK).. and offshore businesses cost a lot for people like me starting with a minimum budget. Also for being self employed I should give receipts to clients buying from me and I cannot get a receipt book or something from here.

        Finally, I found how to make money, they are in front of me and I cannot get them!
        So are you are living in the UK but not a permanent resident?

        If so, you need to go see a tax and legal specialist in this area - it's the only way you can be sure what to do.
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    • Profile picture of the author theemperor
      Originally Posted by chriswick View Post

      You're making things far to complicated for yourself. Just register as self employed 'sole trader' and then register a business account. It's as simple as that.
      It's even easier than that - you don't have to register to be a sole trader

      Although you are obliged to declare this to the "tax man" within 3 months of trading.

      I recommend anyone in the UK get a good accountant and save a lot of hassle (and maybe save on tax too!).
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      • Profile picture of the author keiyam
        Originally Posted by theemperor View Post

        It's even easier than that - you don't have to register to be a sole trader

        Although you are obliged to declare this to the "tax man" within 3 months of trading.

        I recommend anyone in the UK get a good accountant and save a lot of hassle (and maybe save on tax too!).
        I am not in UK but in Greece
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  • Profile picture of the author Oskars
    Have you checked out other third party merchants, e.g., Clickbank, Plimus, Moneybookers, LiqPay? Maybe their payment interface is better (than Paypal's) for your services?
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    • Profile picture of the author keiyam
      Originally Posted by Oskars View Post

      Have you checked out other third party merchants, e.g., Clickbank, Plimus, Moneybookers, LiqPay? Maybe their payment interface is better (than Paypal's) for your services?
      I haven't heard of all of them (only Clickbank actually). I tried buysellads but it won't approve me (needs more than 100,000 hits/month).

      I wonder If the biggest percent of Internet Marketeers are illegal out there ? In Greece for every thing that you sell, you must give back a receipt. But If I sell through a third party company, I will pay the VAT by myself.

      Does any of you use any of those websites ?
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