Steps for setting up a Stamrecht-Ltd
The procedure is roughly as below:
- You submit the required (personal) data.
- The Ltd. will be incorporated (within 24 hours).
- In case the company will be registered in The Netherlands: a blocked (only incoming payments can be processed) bank account will be opened at ABN AMRO Bank (another bank is possible but the requirements for opening an account can be different which may cause considerable delay).
- In the mean time Second Start will take care of - on the basis of the data provided by you - the legal and fiscal documents and the approval of the tax authorities.
- Second Start will send you a draft "stamrecht" agreement. You need to check this carefully for correctness of your personal details. You sign two copies of the agreement one for yourself and one for your company.
- Your employer can now transfer your severance payment. You should send a copy of the signed "stamrecht" agreement to the tax authorities (contact details will be provided by Second Start) for their files.
- Second Start will provide you with the documents necessary to register with the Dutch Chamber of Commerce (or abroad if that is your case).
- You will receive an invoice from Second Start which you can pay out of the account of your company. This invoice can be deducted for corporate tax purposes if your company generates revenues. If your company sends invoices with VAT you can deduct the VAT of Second Start's invoice as well.
Details for setting up a stamrecht Ltd
- The name of the company. The name always ends in "Limited". You can check here if the name is available.
- The details of one or more directors. Normally this will only be you but you can appoint someone else or additional directors.
The director is liable towards the Companies House, the British commercial register, for amongst others submitting the annual accounts in time, keeping the company registers up to date and submitting changes in the company details. Late filing of a.o. the annual account will be followed automatically by a penalty of at least GBP 150. This is stricter than in The Netherlands though a BV roughly has the same obligations. Of course you can outsource the above to an accountant or administrator.
For the director(s) we need the following details:
- Nationality
- Birth date and place
- Address
- Profession (after redundancy if known)
- Maiden name of the mother
- Eye colour
In addition we need the following:
- termination agreement (or litigation documents)
- Copy of your passport
- Address details
- Requirements of your employer for paying out the severance payment to a stamrecht company
