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We're helping to lower the cost of setting up startups and SMEs

18 July 2014 0

Hubconsult has existed since 2002. We have implemented numerous projects all around the world – sometimes as the contractor, sometimes as the subcontractor, and always working with other freelancers.

Around 2010 in Brussels, we realised that freelancers were getting a raw deal:

  • spending a significant portion of their fees on expensive monthly bookkeepers,
  • spending yet more money on company secretarial fees
  • frittering away lots more time on company admin and form filling
  • while tax deductions represented over half of their business income. A more efficient solution was needed.

If you are like many freelancers, owners and founders of SMEs, you want to run a business not a company. You are excited by the front end of the business – the part you are good at, while the back-end of the business is, er, rather dull to say the least.

Running a company means lots of administration = costly, time-consuming, and stressful. Your expertise in your chosen field is what drives the fee income of your business – but you could do without the overhead and hassle of running a company. 

Hubconsult runs a company so you don’t have to!

Hubconsult’s solution is to invite you the freelancer to use our company instead, leaving all of the company admin to us. We have designed this solution for our community of freelancers with safety, trust, and efficiency in mind.

Slide06

No more paying bookeepers, auditors and company secretaries. That in itself already saves you a lot of cost and time. However, Hubconsult is integrated with our amazing multi-currency Xero online accounting capability while we also offer you a very tax-efficient environment for your business transactions.

So this simplification of your business structure is a practical step you can take to become much leaner and more efficient than if you were managing a company yourself!

All users are LinkedIn users too and are individually vetted. We explain how it works in much more detail at: http://www.hubconsult.com/how-it-works.html

You can also see the savings you can achieve using your own real-case business figures: http://www.hubconsult.com/calculate-savings

Paying fortunes to bookkeepers?

12 December 2013 1

Bookkeepers like anyone else need to make a living. They have offices, files, accounting systems to maintain, receptionists, marketing fees etc. etc. So do auditors – and the time it takes them to handle all of the queries from Companies House, and prepare sets of audited accounts, submit them to the tax-man, deal with more queries, VAT returns - of course all of that time has to be paid for. Plus they need to make a margin for themselves.

You can imagine the time and cost of all these freelancers having their own people running around preparing lots of different paperwork in different formats and systems for countless Government agencies and authorities.

And you know – I wonder why they are not so keen on using a more online system for managing the accounts, when the technology is obviously there?

Simply put, taking all consultants, experts and small businesses together, Hubconsult believes admin costs can be saved, hassle can be almost eliminated, and the worry and time of dealing with so many compliance issues can become a thing of the past.

Paradoxically, there are lots of businesses that do not get established because of this “hassle factor”. And as a result many jobs that could be created are not..

That’s how Hubconsult streamlines that whole company admin part of the business.

Hubconsult runs a company so you don’t have to! Take a trip to www.hubconsult.com.

Paying a fortune for an offshore company scheme?

12 December 2013 0

It is true there are some tax regimes that don’t really seem to provide much in return in terms of service for the generous helping of the fruits of your hard work. (The whole political philosophy of taxation is the subject of another blog.) Why should you locate your business there then, many of you rightly ask? But in searching for a more effective solution, some are tempted to launch into signing up for some rather expensive structures in some odd sounding locations. There are a number of problems with these.

They do not sound very credible – because they are not. They simply provide the inefficiency of your regular team of bookkeeper/auditor/company secretarial service but at a premium cost because of the tax saving they hope to achieve for you.

They score relatively well in terms of taxation optimisation but their reputations are somewhat - shall we say – grubby. Then on top of that in selecting a minor unfamiliar bank, assets become less secure in times of crisis. Furthermore, those banks themselves often have higher commission structures and are not very dynamic, using out-dated technology giving you a poorer experience.

(Countries and banks not named here – I’m sure you can provide examples of your own!)

Business reputation is important, so it is important to be located in a place that is good for, well, business, and to have a bank that is what most people would recognise as a credible bank.

Two key strength of your being part of Hubconsult are Hong Kong and HSBC!

Strict regulation. Great for business. Your assets safe. Dynamic business location. Very much onshore – at the heart of the Asian market, and at a great value price to you!

Invoice from Hubconsult and get paid gross

03 April 2015 0
That's basically it.
 
There are lots of advantages from using Hubconsult but the most compelling for many consultants is the ability to be paid gross. I recently spoke to a communications consultant in Italy who was losing over 55% of her income due to tax deductions. So of course, when I told her about Hubconsult, she was super interested. Her problem is that the tax deduction is so great that it is not only demotivating, it might lead her to leave Italy. I have met other Italians with the same story.
 
By invoicing her client as a Hubconsult associate she is able to receive her fees gross, which Hubconsult can pay back to her wherever she chooses. This is entirely legal because by invoicing as a corporate entity in Hong Kong, taxation does not need to be deducted from her fees at source. She can then report her fees to the tax authorities where she is resident or where she elects to pay them.
 
She might also choose to pay some of her expenses from the credit she has accumulated in her Hubconsult account before it is paid back to her.
 
In short, she gains flexibility and tax efficiency. Most importantly, she is rewarded much better for her work and can avoid the decision to leave. She can continue to provide the service to her Italian client. 
 
Understandably, she will want to try out this service prudently, for example starting with one small invoice to test it works. After seeing that the client is satisfied with her new invoicing arrangement, seeing that her invoice is settled as usual but to Hubconsult, and seeing that her invoice is paid promptly to her in the manner she chooses, her confidence grows. 
 
Hubconsult offers other features. There is an nice online accounting system behind it, you don't have to worry about the normal admin of running a company (the company secretarial admin, audits, filing of returns etc, because it's done for you), but really your main motivation is to get paid gross. 
 
Try before you buy, get in contact to find out more, read the FAQs. Or if it sounds good to you, you're welcome to simply sign up straight away. We suggest the 5 year Gold plan as your best value option. That's the service of a company based in Hong Kong for less than €1 per day. Once you have paid, then you have locked in this amazing value for 5 years. 

The best international umbrella company for freelancers!

13 August 2014 0

In the UK consultants use umbrella companies to manage their invoicing as well as their PAYE. For international experts and consultants, where the client may be in one country, the work in another and even the place of service a third country, there is more flexibility in the choice of company to manage invoicing. 

Hubconsult is ideal because

  • it allows freelancers to issue sales invoicesto the client
  • get paid promptly, within 7 days of Hubconsult being paid
  • get paid to wherever you like
  • NO deduction for Corporate Tax and VAT, as we are legally registered and based in Hong Kong. 
  • and... you have access to Xero accounting!

Sounds ideal? It is! Hubconsult is the best umbrella company for freelance consultants. And all for as little as €1 per day.

Sign up today! 

Issue your invoices with Hubconsult in Hong Kong, giving you peace of mind wherever in the world your projects are..

11 August 2014 0

As your tax adviser will tell you, your personal taxation depends on a variety of factors such as residence for example.

If you are looking to incorporate your business to keep your business income separate, however, the most cost-effective way to do that is with Hubconsult from less than €1 per day. Incorporated in Hong Kong, your business income is free of Corporate Tax and VAT, giving you peace of mind. 

In the process, you will gain other very useful features such as online accounting and great business connections.

To see how much you should save, check out: http://www.hubconsult.com/calculate-savings

Then feel free to get in touch or try our Free Trial. 

Hubconsult runs a company so you don't have to! 

With Hubconsult, your multi-currency Xero online accounting is already included!

23 July 2014 0

Hubconsult already runs its accounts using Xero. As a Hubconsult subscriber, your multi-currency Xero is included. One less thing for you to worry about. No more bookkeepers as we also handle all your company secretary admin too. And at a price you wouldn't believe...

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Just one of the many cost-saving features for your business. http://www.hubconsult.com/signup

 

5 things we can do to help your business

22 July 2014 0

What’s the problem that Hubconsult addresses, and the solution?

Hubconsult runs a company so you don’t have to!

Hubconsult has existed since 2002. We have implemented numerous projects all around the world – sometimes as the contractor, sometimes as the subcontractor, and always working with other freelancers.

Around 2010 in Brussels, we realised that freelancers were getting a raw deal:

  • spending a significant portion of their fees on expensive monthly bookkeepers,
  • spending yet more money on company secretarial fees
  • frittering away lots more time on company admin and form filling
  • while tax deductions represented over half of their business income. A more efficient solution was needed.

If you are like many freelancers, owners and founders of SMEs, you want to run a business not a company. You are excited by the front end of the business – the part you are good at, while the back-end of the business is, er, rather dull to say the least.

Running a company means lots of administration = costly, time-consuming, and stressful. Your expertise in your chosen field is what drives the fee income of your business – but you could do without the overhead and hassle of running a company. 

Hubconsult’s solution is to invite you the freelancer to use our company instead, leaving all of the company admin to us. We have designed this solution for our community of freelancers with safety, trust, and efficiency in mind.

  •    Our CPA qualified Auditors ensure we maintain Internationally Audit Standards (IAS),
  •    the online Know Your Customer (KYC) checks
  •    online HSBC banking security features and
  •    New and existing Xero users love Xero’s beautiful accounting software, accessible 24/7. Here’s a taster to see why…
  •    Of course, the system is underpinned by the personal accountability and responsibility of the founder: Nick Norvell authorises all bank ensuring you have a personal contact point in case of queries.

Our handy Savings Calculator helps you get started, at http://www.hubconsult.com/calculate-savings. Simply enter your current revenues and costs, and you can compare your net profit before and after using Hubconsult.

No more paying bookeepers, auditors and company secretaries. That in itself already saves you a lot of cost and time. Hubconsult is integrated with our amazing multi-currency Xero online accounting capability while we also offer you a very tax-efficient environment for your business transactions.

So this simplification of your business structure is a practical step you can take to become much leaner and more efficient than if you were managing a company yourself!

All users are LinkedIn users too and are individually vetted. We explain how it works in much more detail at: http://www.hubconsult.com/how-it-works.html

You can also see the savings you can achieve using your own real-case business figures: http://www.hubconsult.com/calculate-savings

Your new business bank account with HSBC is good to go in just 3 days

22 July 2014 0

Ever come across a situation where a new business has done off all of the groundwork, market development, product development, has established a company only for the business to grind to a halt because it cannot get a business bank account. So the owner waste months trapsing from one bank to the other - waiting to get the bank account approved. In the end, the business loses its potential customers, or the founder may settle for a less credible, riskier bank with poor terms of service.

Quite simply, these are things which you don't want to worry about, and we don't think you have to - your energy is best spent on the skills you bring to the front-end of the business. So we solved it. As a Hubconsult user, you have a bank account already set up - a commercial multi-currency account with HSBC.

Safe. Credible. Cost-efficient. Online. HSBC Service.

Hubconsult runs a company so you don't have to! 

 

Worried about counterparty risk? Use Hubconsult as your escrow intermediary.

07 August 2014 0

With Hubconsult, you get paid when the client pays. That seems normal - after all, you choose who to work with and your terms of business. So there is no need for an escrow account. But if those are the terms which you agree with your client, then Hubconsult can provide that escrow service. Choose us, or third-party professional inspection, giving you greater peace of mind to help you cover your counterparty risk. 

Hubconsult runs a company so you dont' have to!

Sensible planning of your business location to manage political and macroeconomic risks - it's a win, win!

01 July 2014 0

Serbia is a country that we know and love.. Hubconsult recently implemented a key part of a 2 year project there working with the Ministry of Finance and many other Ministries too on a project funded by the EU Delegation. Indeed much of Hubconsult's online business was also developed there. 

But you will find many Serbs have little faith in their Government, or in the business environment there, despite being full of business ideas which they would love to implement. That seems like an awful waste of talent. We hope Mr Vucic, the new Serbian Prime Minister is wrong:

Serbia could go bankrupt, says PM

But he highlights a risk which it would be imprudent to ignore. Mr Vucic takes a prudent view of the world, like Hubconsult.

Business is constrained by political and macroeconomic risks - when investors see risk they rightly adjust the rewards they expect for taking business risks. Or they will adjust their level of economic activity - they will simply take less risk. Without risk-takers there is less economic activity, and fewer jobs. As we know, Serbia and the rest of the Balkans has also been through a hard time with the floods as well. These jobs are desperately needed. 

Hubconsult's contracting and invoicing solution helps to alleviate this problem. We run a company so you don't have to, and mitigate the risks you might face in running your company and bank in a riskier environment. 

If you work abroad or an international consultant working, your company could be based anywhere. So plan before you establish your company and think about what the options are. Doesn't that sound like logic worth listening to? And it will probably do the "risky" country a favour in creating more jobs there than you would have created otherwise. So it's a win, win!

Hubconsult's solution also saves you time and money. Click on the Calculate Savings button to find out how you can save.  

One benefit of Hubconsult - stay away from unsecure banks

01 July 2014 0

One major consideration for freelancers and small businesses is the safety of their banks. Bank rescues, bailouts, undercapitalisation is a dangerous feature of banks in many countries, even where they have compensation schemes, such as in the EU.

Hubconsult is all about bank security

Sadly, these do not mitigate the risk adequately to the individual depositor.

That's why Hubconsult banks with HSBC in Hong Kong. Bank regulation is very strict. HSBC is a well-know credible bank. 

Ours is a multi-currency account which allows freelancers and SMEs to invoice for their fees internationally in 11 currencies. 

Through HSBC we are also able to provide other more sophisticated trading services for importing and exporting. 

And what you will not find in Hubconsult are loans, long term liabilities and credits. We simply maintain the liquidity to ensure your invoices to Hubconsult for your fee income get paid within 7 days.  

Use Hubconsult and Xero is already included - an accounting system you can really trust!

12 August 2014 0

That's right - using Hubconsult you can invoice just like you would with an umbrella company. Except we use Xero. It accepts 11 major currencies and has all manner of useful features and can actually make the business of doing your accounts and bookkeeping, issuing your invoices a bit more fun.   

Xero is the world's best online accounting software, and as a Hubconsult Member you can issue your invoices using it, access your P&L reports for you and your projects. And of course, our Hubconsult Accounts are produced and audited using Xero. So Xero is well integrated into Hubconsult. Take a tour yourself. 

And at less than €1 per day, the cost of subscribing to Hubconsult is less than subscribing to Xero itself, which is included when you sign up. No extra hidden costs.  

Oh, and did we mention because you use Hubconsult, you don't need to do any of that dull and costly company admin like Company Secretarial duties, Annual Returns, filing of Company Secretaries, Directors etc. None of it - it just vanishes, because we have done it for you. 

Hubconsult runs a company so you don't have to!

Accountants: here is a simple, practical solution that your clients will love you for!

11 August 2014 0

Hubconsult runs a company so you don't have to! Or so your clients don't have to!

No more of that company secretarial, and Annual Return headache because we already have it covered. Your clients use Hubconsult for their invoicing.  Useful for freelancers and SMEs on the move or companies wanting to open up cost effectively in Asia. 

All you or your client needs to do is enter her Sales Invoices in our online accounting system - we use Xero, the best online accounting system. (Our Xero account is multi-currency too). When the Sales Invoice is paid, tell us where to pay your client and the invoice is paid in 7 days. Your client can access P&L, Cash Flow and other reports for her business at the click of a button.

Being registered in Hong Kong, its tax-efficient too.

And all that for less than €1 per day under the Gold Plan.

That also means that Accountants can spend more time on adding value and less on company admin and bookkeeping. 

 

Each referral from an Adviser such as yourself to Hubconsult can earn you €100 per sign-up or €200 if you have a paid subscription yourself.  So it's a win-win!

Feel free to speak to us about how we can help.

Peace of mind: your back-office taken care of!

12 December 2013 0

Just had a call from Sarah:

“A consortium partner asked me if I would like to bid with them on a project the other day. It looked exciting – the sort of client I want to start working with to get my business moving.

But then an urgent email came in from the accountant, who needed some information from me to update the final accounts to be filed to the tax authorities. Then a few days later he needed more information for the VAT return.

(Invoices had to be submitted with some calculation and proof that the exchange rate was accurate. This despite the fact that the bookkeeper gets paid €200-€300 per month, quite apart from the cost of running the company secretarial service itself.)

The point is I never did got round to apply for that project - I lost a week keeping the bookkeeper happy.”

It’s a classic example of the back-office overcoming the creative side of the business – it’s like sailing with the anchor down - not much fun and you don't go anywhere!

So by passing that company admin to Hubconsult you get your valuable time back, and gain peace of mind...Quite apart from the money you can save. 

Managing your financial future

12 December 2013 0

If you wish you can take advantage of advice on personal taxation and your saving and investment planning in order to help you reach your longer term objectives e.g. growth, security, yield for your retirement, children's or grandchildren's education, health insurance. 

  • Hubconsult structure will give you control of when you pay dividends to yourself, and therefore your tax liability
  • Your personal tax liability will depend on, your residence, nationality and type of income and a number of other circumstances. Our advisers can ensure you stay compliant and optimise your tax affairs. Just contact us and we will be happy to arrange a consultation on person or over the phone.  
  • We have a network of IFAs with special expertise in expatriate finances. We will be happy to arrange a consultation, free of charge and without any obligations on yourself.  We will refer you to fully registered and regulated IFAs. Again - please just ask us using the Contact Form and we will get back in touch with you.

Beyond your Business – your Personal Finances

12 December 2013 0

Hubconsult is primarily interested in helping you make the most sensible choice for your business: “We run a company so you don’t have to!” is our favourite motto. So we help you optimise your business set-up.

However, you may be wondering, “how does this fit into my personal circumstances? - I need the bigger picture that goes beyond my business profits.” Many of our Associates, friends and colleagues are very international with both familiar issues as well as particular ones. Having an integrated approach on both personal taxation and savings and investment issues helps you make wiser decisions for you and your family.

Here are just some issues to think about:

  • Do you have adequate health insurance cover in the event of accident or illness of you or your family whether travelling or not?
  • Location of your assets and where profits will “crystallise” on capital gains in the event of sale,
  • Your liability to Inheritance Tax depending on residence and domicile
  • Your pension – how much you would need depending on your assumption of when you expect to stop working
  • If you were to stop working tomorrow, can you meet your needs?
  • What if you have children or grandchildren: can you provide for their education and other security for them in the future?
  • Do you have a saving plan in place with growth and/or yield objectives?
  • Are you making the most of tax allowances and reliefs, which you are eligible for?
  • Do you have a will? Is it up to date and reflect your wishes?

So we work with a range of tax advisors as well as Independent Financial Advisors (IFAs) who have are specialist expatriate experience. This is simply an extra service to help your business serve the lifestyle you expect.