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Berlin VC invests in Italian startup. Is this the start of something?

eu.techcrunch.com

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Re: Berlin VC invests in Italian startup. Is this the start of something?

#31

Post by zerostar07 »

mikebutcher wrote: post #22
danmaz74 wrote: post #18

Earlier quoted context omitted.

Besides the deserved congratulations, there's a question I'd like to ask you. I noticed that the Cibando website is Copyright "Cibando Ltd.", but in the TOS the service is from "Mobatar S.r.l." Does this mean that you have both a UK ltd company and an Italian S.r.L.? If that's so, why? Have you already explored what it means from a fiscal point of view having both? I ask because right now I'm very undecided if I shou…

It's very common now for European startups to have a UK LTD as well for later exit purposes.

Wouldn't Ireland, Luxembourg or Cyprus be preferable?

Re: Berlin VC invests in Italian startup. Is this the start of something?

#32

Post by guk »

danmaz74 wrote: post #18
guk wrote: post #7

Thanks all! I really hope the Italian scene grows a lot!!

Besides the deserved congratulations, there's a question I'd like to ask you. I noticed that the Cibando website is Copyright "Cibando Ltd.", but in the TOS the service is from "Mobatar S.r.l." Does this mean that you have both a UK ltd company and an Italian S.r.L.? If that's so, why? Have you already explored what it means from a fiscal point of view having both? I ask because right now I'm very undecided if I shou…

Nice catch! We're planning to change it very soon. We were operating with Mobatar S.r.l. and are now in the process to close it down since we already transfereed all the assets to Cibando Ltd.

What we did now is have the HQ in UK and open a branch in Italy. It was the best solution if we wanted to easily raise new funds or exit.

Re: Berlin VC invests in Italian startup. Is this the start of something?

#34

Post by danmaz74 »

Facens wrote: post #27
danmaz74 wrote: post #24

Earlier quoted context omitted.

Where did you get your data about incorporating abroad? From my information, the incorporation itself, if done in the UK, couldn't be less hassle-free and cheap: You get it in one day, and for less than 100€. The whole fiscal management should be doable for ca. 70€/month with a service like www.crunch.co.uk What worries me is the Italian side of the thing: I'd like to pay what I have to pay in taxes (to the State, no…

Also consider that we are a tech/legal startup, and the ability to cover in house some of the legal trickiness was a huge pro on the Srl side. Here some other thoughts I forgot to link on the previous post: http://thinkamination.com/dove-incorporare/ [ITA] Here's a topic on Quora too: http://www.quora.com/What-are-the-benefits-of-being-incorpor... Also consider that incorporating outside means you have to demonstrate…

Well, of course having the legal counselling in house makes a difference, and the US is actually a more complicated alternative the the UK for us in the EU. So in your case I'm pretty sure that your choice was the best.

For me, your last point doesn't look very worrying, because from what I read if the company operations are in Italy then you are required to pay taxes here, but according to EU law you can rightfully incorporate in any EU country; so, if I do pay the taxes in Italy, there is nothing unlawful. Moreover, in my case, the website is (and will be) in English only and my market is 99% abroad.

More worrying is having to understand HOW I should pay my company's taxes here, and how to explain to the UK that I should't pay them there too... the worst scenario I can think of would be having to pay the corporate taxes twice until everything is clear, but if that becomes a problem it means that I already got traction, and at that point I could do everything I need to fix the situation.

What I really don't want is to spend a lot of money just to validate my product!

Re: Berlin VC invests in Italian startup. Is this the start of something?

#35

Post by danmaz74 »

guk wrote: post #32
danmaz74 wrote: post #18

Earlier quoted context omitted.

Besides the deserved congratulations, there's a question I'd like to ask you. I noticed that the Cibando website is Copyright "Cibando Ltd.", but in the TOS the service is from "Mobatar S.r.l." Does this mean that you have both a UK ltd company and an Italian S.r.L.? If that's so, why? Have you already explored what it means from a fiscal point of view having both? I ask because right now I'm very undecided if I shou…

Nice catch! We're planning to change it very soon. We were operating with Mobatar S.r.l. and are now in the process to close it down since we already transfereed all the assets to Cibando Ltd. What we did now is have the HQ in UK and open a branch in Italy. It was the best solution if we wanted to easily raise new funds or exit.

I only noticed because right now that's a very sensitive matter for me ;)

So, you're opening a branch here - that makes a lot of sense, as you are actually making business in Italy (but it's very sad that's necessary for those reasons). May I ask you how much does it cost? Is it as expensive as opening an independent SrL?

Re: Berlin VC invests in Italian startup. Is this the start of something?

#36

Post by guk »

danmaz74 wrote: post #35
guk wrote: post #32

Earlier quoted context omitted.

Nice catch! We're planning to change it very soon. We were operating with Mobatar S.r.l. and are now in the process to close it down since we already transfereed all the assets to Cibando Ltd. What we did now is have the HQ in UK and open a branch in Italy. It was the best solution if we wanted to easily raise new funds or exit.

I only noticed because right now that's a very sensitive matter for me ;) So, you're opening a branch here - that makes a lot of sense, as you are actually making business in Italy (but it's very sad that's necessary for those reasons). May I ask you how much does it cost? Is it as expensive as opening an independent SrL?

It's much cheaper than the SRL. You still have to pay the Notary though.

Re: Berlin VC invests in Italian startup. Is this the start of something?

#37

Post by guk »

fbailey wrote: post #9
brador wrote: post #5

Earlier quoted context omitted.

How would you monetize that site?

You could try mood based ads. Very difficult to sell to an advertiser, but it could have some interesting applications. I wonder if depressed or happy people buy more.

Interesting approach! I generally think happy people would buy more...

Re: Berlin VC invests in Italian startup. Is this the start of something?

#39

Post by klaut »

guk wrote: post #37
fbailey wrote: post #9

Earlier quoted context omitted.

You could try mood based ads. Very difficult to sell to an advertiser, but it could have some interesting applications. I wonder if depressed or happy people buy more.

Interesting approach! I generally think happy people would buy more...

I think the opposite, that sad people would buy more. Would be an interesting experiment :)

Re: Berlin VC invests in Italian startup. Is this the start of something?

#40

Post by pdelgallego »

wantrepreneur wrote: post #38
pdelgallego wrote: post #26

Earlier quoted context omitted.

+ Skype, Zendesk, Opera, Rovio, among others.

Yeah,because Estonia is Scandinavian country LOL

Janus Friis and Niklas Zennström are both Scandinavians.
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