May 12, 2012

Founding the new Jellypods company

Posted in Corporate, Funding, News, Production, Prototyping, Registered Designs, Uncategorized at 10:18 am by Kilo

Yesterday was an interesting day –  we founded the new Jellypods company here in Germany.

The German company formation process is a little bit complicated, involving the founders, three lawyers, a notary, a tax advisor and a bank manager, as well as some initial cash.

But as of yesterday the company is officially formed in Munich, with 25,000 EUR in initial capital and the objective of trading in silicone goods:-

It has taken several weeks to figure out what is the right form – and even country – to incorporate, and needed the help of specialized tax lawyers to ensure we did not screw up any future liabilities by founding in the wrong way or in the wrong place.

Once the basic decisions were taken, the whole founding process is managed by a German Notar – a notary – who makes sure all the key legal points are fully covered during the founding, and affixes a stamp to the documents to show that the founding has been done correctly.

All this process takes several weeks and has cost about 5,000-6,000 EUR in total, plus the 25,000 EUR capital injection into the company, and of course a reasonable amount of our time.

We now have to look at a few other legal steps, like transferring or licencing the trademarks and registered designs, which were registered personally, to the operating company. More tax and legal advice required soon!

But those are largely side issues, and we hopefully can now move on with the next steps, which involve taking prototype IV to a more refined, finished product. It is getting close – not close enough, but more real with each passing day/week/month.

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