Why do rent a company services do not recieve attention?

[suppliersten]

Hello folks, before asking this I went and searched the forums and found that Winglio is only named once in this thread rent a company it dates to 2019

I wont get into asking about rentacompany.com because those guys definately look like a scam to me, but winglio.com has even the attention of a Forbes.com article and looks legit.

Many of us out here are interested in structures for simplicity, and for tax avoidance or very low tax. How come there arent more people talking about Winglio charging %6.60 fee for payouts after having a 3rd party take care of all the paper work? That to me seems attractive at least to get the attention of those whom seek simplicity, and should get the attention of those who seek very low corporate tax ? I know that I could only invoice clients to pay via bank transfers and not CC payment but still Iam sure many of us make money by bank transfers.

No, iam not affiliate to winglio in any way Iam seroiusly skeptic of what could be crossing in the minds of other entrepreneurs on this site with such service, or if there is a risk that iam not seeing?

I also wonder why a search on the internet reveal only these 2 companies doing these services despite they have been on the market since 2016? Anybody has used their services, or know of alternatives?

If they are legitimate, do they have sufficient room to be proftable and why use Irish / Malaysian companies only?

 

[randomname11]

I have personally used both Winglio and Rentacompany and I can verify that they are both legit.
If you ask me if I would trust any of them with large amounts of money, no, probably not.

I've been running payments from 5,000-18,000 EUR through their accounts and no problem.

Note:

Winglio:
You set up a contract with the given company and after that, you can issue an invoice.
Their dashboard shows what you need to know, but is NOT a bank account for you.
They have fine support and accept payouts outside EEA.
The company uses EMI accounts for payments and seems to be using only 1 company.

Rentacompany:
They don't show it so visible, but this is controlled by CreditBLU.
Here you get access to XERO accounting for the company you rent.

Everything has to be in great detail and have to be approved by their support.
They do not use contracts as Winglio, but they require extensive details on the invoice. But support will assist you.
Payouts can be done by issuing a personal invoice with the same details to the company. But here they require SEPA account.
That issue can be solved by creating a personal BLU account though and then transfer from the company to the BLU account. From there you can transfer via SWIFT.
The company does NOT use EMI accounts for payments but have a local bank.

Both companies seem very professional but forget about anything else than an account for payouts.
And again... Would I recommend having a large amount of money on the account for a longer time... Probably not. Money in, money out.

Last edited: Jun 27, 2020

 

[JohnLocke]

Thank you very much for this nice review, let's hope others will get the same level of service from these providers. It's an interesting business model.

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[anotherone]

I am not familiar with Winglio and rentacompany but I understand it can be useful to freelancers who are asked to own a company in order to work with big companies.
For example, The oil company shell BV has a rule they prohibit the company to work with sole traders. They do it because shell does not want an individual to sue them leading to being forced to hire a freelancer and pay its benefits.
Also, it is worth it for people who have many expenses.

 

[anotherone]

I think the problem with winglio is related to lowering the expenses.

According to winglio

How can I send a payment to my supplier?
Sending a payment is very easy - you just need to fill out the payment order form and upload the invoice from your supplier. After you create the payment order, it goes through the approval process and, once approved, the payment will be sent to your supplier from the rented company.


SO, it means there aren't any business card to buy stuff online for sure. However, many people buy stuff online for their company now using their business card. Amazon will not accept to get paid in 30 days if you know what I mean. Amazon wants the corporated IBAN or they want the details of the business card.

When you must buy a flight ticket, a train ticket, a hotel room? it does not work. What do you think?

 

[randomname11]

I would recommend Winglio as a middle station. Invoice, pay the % and transfer to an emi account.

 

[anotherone]

I understand that WInglio is tailored for IT freelancers. As I said before, big companies don't hire sole traders because they are scared of being sued and forced to requalifiy a sole trader as an employee. So, on a monthly basis the winglio company would invoice the hiring company of the IT freelancer. The IT freelancer would receive the money and find the best way to declare its tax. In France, for instance, he would use the microentrepreneur status so that he would pay 24% income tax (social benefit included)

 

[jumio1]

Rent a company , they have around 5 or 6 websites
Buycompany, german comapny, etc etc

Use this providers only if you are despert...

I have rented 5 companies fir a 1000 euro test,
They say to have blu account which is supposed to be FCA regulated , but it just registered, not requlated ... meaning, no gurantee for nothing .
Like @randomname11 said for small money , no problem...

But you have to remember - zero control.

 

[Min Park]

jumio1 said:
I have rented 5 companies fir a 1000 euro test,
Click to expand...

What is the % they take from 1,000 EUR ?

 

[jumio1]

They have "plans" , you pay 250 euro to 600 euro a month plus "taxes", never sent a cent
Paid anothet 1000 euro for forming a de company, at the end never got it back...

The idea is good, the solution is bad

 

[JohnLocke]

Do you have any banking for such solution or is it the company only you rent?

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[jumio1]

They offer you a blu account
Which its basicly a bugus website
and a general iban , its not the real bank account...
Blu payments is just a uk company , which was registered as msb (money service busniess)

Any one can do that

You have no control on nothing..
and their support ...


Its a good busniess modal, when its done right, and its smells fishy...
And like i have said in previous post, you have zero control,

 

[Btraveler]

jumio1 said:
They offer you a blu account
Which its basicly a bugus website
and a general iban , its not the real bank account...
Blu payments is just a uk company , which was registered as msb (money service busniess)

Any one can do that

You have no control on nothing..
and their support ...


Its a good busniess modal, when its done right, and its smells fishy...
And like i have said in previous post, you have zero control,
Click to expand...

Interesting...When you open a BLU Account, you've a Personal UNIQUE Iban in your name? Or it's a general iban from themselves to get paid only throught their systems?

Their UK Company is registered as "Money services Business". It's an EMI License? I figure not...And if it's not an EMI license, what is that s**t? We could open that company type and issue ibans?

 

[lavel]

Rent a company is a SCAM according to the mega thread in the public forums.
https://www.offshorecorptalk.com/threads/rent-a-company.27535/
have a good read at it.

 

[Btraveler]

lavel said:
Rent a company is a SCAM according to the mega thread in the public forums.
https://www.offshorecorptalk.com/threads/rent-a-company.27535/
have a good read at it.
Click to expand...

Thank you @lavel Good advise! I'll be checking that post