Qs about Buying existing vintage or shelf company

**Wanderer** · 19 November 2012, 23:35

Originally posted by JavaBrussels View Post

Can somebody recommend a good place for buying vintage and perhaps shelf companies for a fair price?

Don't go buying a company that has already traded.

There really is too much for us to explain to you here. Get yourself an accountant - it costs about £100/month but with their advice you will save a lot more than this.

There is a thread with a list of Recommended Accountants or you can join the PCG who will get everything setup for you.

Don't go thinking that you will save money by doing it all your self because it will still cost you a load of money to get your end of year accounts done so you might as well get an accountant engaged sooner rather than later. On top of that, if you don't have an accountant then you will mess it up and get fined, pay more tax than you have to or do something unsuitable like buy a company which has already traded.

**captainham** · 20 November 2012, 08:30

Based on your two recently-opened threads, I wonder what your motives are for setting up a UK company and what you intend to do with it, especially as you say you might not actually trade with it....

**JamJarST** · 20 November 2012, 09:18

Originally posted by captainham View Post

Based on your two recently-opened threads, I wonder what your motives are for setting up a UK company and what you intend to do with it, especially as you say you might not actually trade with it....

The fact that he is talking about doing it so he can open a bank account easier, makes me think money laundering.

**JavaBrussels** · 20 November 2012, 09:44

Originally posted by JavaBrussels View Post

I think for me it is not important that it is "old". The main reason I think it can be useful, besides bank account and VAT, is that it easier to open branch offices and similar abroad if it is a company really trading in the UK.
(I might actually not trade with it)

Originally posted by captainham View Post

Based on your two recently-opened threads, I wonder what your motives are for setting up a UK company and what you intend to do with it, especially as you say you might not actually trade with it....

Is it that difficult?

A subsidiary of a UK company or a UK company as a partner is often the easiest/best way to set up a company in many countries. The UK side is often a dormant company established for this purpose.

Banks are often ware of this, so you can't get a bank account - which you often really need to start a company.
(companies needs bank accounts - nothing to do with money laundering)

**malvolio** · 20 November 2012, 09:57

Originally posted by JavaBrussels View Post

Is it that difficult?

A subsidiary of a UK company or a UK company as a partner is often the easiest/best way to set up a company in many countries. The UK side is often a dormant company established for this purpose.

Banks are often ware of this, so you can't get a bank account - which you often really need to start a company.
(companies needs bank accounts - nothing to do with money laundering)

So why are you asking a bunch of unqualified contractors? Wouldn't you be better off talking to a financial accoutant with experience of working with offshore companies? Or, going by your "work from a bedroom" approach, perhaps you should wait until you leave school...

Seriously, we can't help if we don't understand what you're trying to achieve.

**JamJarST** · 20 November 2012, 10:19

Originally posted by JavaBrussels View Post

Is it that difficult?

A subsidiary of a UK company or a UK company as a partner is often the easiest/best way to set up a company in many countries. The UK side is often a dormant company established for this purpose.

Banks are often ware of this, so you can't get a bank account - which you often really need to start a company.
(companies needs bank accounts - nothing to do with money laundering)

Why does a dormant company need a bank account? Why do you need a UK branch if it is dormant?

**Nixon Williams** · 20 November 2012, 10:27

So called 'vintage' companies are sold in order to appear that they are more established than they really are. I can only think that the purpose of doing this is to deceive the people that they intend to deal with.

Taking on a company that has actually traded is highly risky, you will probably have no idea what it has done in the past and as the new owner, it is you who will be responsible for the liabilities that it may have incurred. I would strongly recommend that you avoid this route.

I cannot see that registering for VAT or opening a bank account will be any easier or quicker.

So to conclude, assuming that you are acting honourably, there is no reason why you should want to start your business using a 'vintage' company.

Alan

**northernladuk** · 20 November 2012, 10:42

Time to stop guessing and get a professional on board pronto. You are so far off the mark with this and your other question you are going to need some solid help before you falling a heap IMO.

**JavaBrussels** · 20 November 2012, 10:51

Originally posted by Nixon Williams View Post

I cannot see that registering for VAT or opening a bank account will be any easier or quicker.

The idea is that the company would already have these
(Both are more difficult to get from abroad, though its possible transferring an account is not more difficult than opening one)

Originally posted by malvolio View Post

Seriously, we can't help if we don't understand what you're trying to achieve.

I think my question is clear (What is unclear)?

Though what i am looking for is perhaps different than most guys buying vintage companies.
(I have assumed they are sold with guarantees against dead bodies in closets, if this is not the case, I will investigate)

Qs about Buying existing vintage or shelf company