Frequently Asked Questions
I want a business loan, but why should I choose you?
We officially collaborate with major European banks and foreign funds and inform you impartially on all available programs.
We aim to achieve the best service for our clients with the most favourable terms.
How much is your commission?
For amounts over 3 million Euros, our office pre –collects 10.000 € as a commitment fee. This commitment fee is paid prior to your being introduced to the bank or the relevant Fund and is refundable* up until you enter into a contract with the bank or the Fund.
After the signing of contracts that money is then non- refundable and is converted into consultancy services.
Our office receives 2% success fee on the loan disbursement.
* The commitment fee is non- refundable if:
The client has provided inaccurate / false information about the financial position of the company, its business plan, or any other type of false information. This will then result in the cancellation of the agreement at whatever stage the application may have reached – even before the signing of the contracts.
For amounts less than 3 million Euros – we refer to European banks – the commitment fee is 2,000 €. Our office receives 2% success fee on the loan disbursement.
The above amounts do not include the processing fee charged by each bank.
In the case of funding via our establishment of a LIMITED company in the UK, as a start-up with small capital, no commitment fee is charged.
How long does it take to set up an English/UK LIMITED company?
The formation of the LTD is realized within 4 business hours. Only by acquiring Apostille of the Hague Convention and dispatch by post causes delays.
Should you decide to form a branch in Greece, “Financial Counseling Services” LTD. will forward all the relevant documents to you within +/- 20 working days with which the entry is made of a UK LIMITED company by the competent body.
An English LIMITED company:
Formation without a notary deed , without history checks , without minimum required capital , swift incorporation (within 4 working hours ) ,for the branch in Greece – 20 working days , extremely limited obligation to publish , easy transfer of shares.
The formation of a UK LIMITED company is easy and economical due to there not being high charges from notaries and the absence of lengthy procedures.
What are the tax rates in force in England?
The main points for the fiscal and legal framework in the United Kingdom are:
Corporation tax is 20 %
There are 100 plus double taxation agreements signed between the UK and other countries, including Greece
What about the VAT? (Value Added Tax)
The VAT rate depends on the occupation declared. The basic rate is 20%,
Reduced rate is 5%.
There is also a zero rate in certain activities (e.g. the provision of services).
The registration number of the company is automatically generated on its formation.
In addition, we bring you into direct contact with an associated office of Chartered Accountants in England, in order to declare the commencement of the company to the IRS (at this point no payment to accountants is forthcoming).
The first payment to accountants will be a year after the establishment of the company with the closure of its books at the end of its fiscal year.
Three months after, and only if you trade annually more than £77,000, you receive a VAT Number (intrastate).
However, If the company has an annual turnover of less than £77,000, then you are not required to have a VAT Number.
Why don’t you recommend the setting up of offshore companies?
In recent years we have not recommended our clients to form offshore companies (with the exception of shipping companies) because their legal status makes trade difficult in Europe and especially in recent times the tax relief provided by the “Tax Havens” are being called into question as more and more information is being conveyed to the tax authorities of other states.
We have recently received the following information:
It has been widely report last week Cayman Islands agreed to share more information with the US tax authorities and BVI has begun talks with the US authorities on offshore tax evasion. ATO (Australian Tax Office), HMRC (HM Revenue & Customs) and IRS (Inland Revenue Services) has obtained vast amounts of material in relation to various offshore jurisdictions and it is recommended that individuals with offshore entities should review their tax arrangements and seek advice where necessary.
Also most European banks we collaborate with do not undertake the opening of bank accounts for offshore companies , with the exception of shipping companies:
Soon European based companies which have below 20 % tax rates will face similar problems.
As a final point, it is interesting to note that an English company imparts greater prestige on your business and your transactions when compared to that of a Cypriot or a Bulgarian counterpart.