Authorities slow down students / Allgemeine Zeitung

October 12, 2019
NEWS

The Allgemeine Zeitung reports today about our difficulties with bureaucracy.

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In order to be able to open our online shop, we need a formal company formation for this. Moreover, without an official company, we cannot open a company account, write invoices or get VAT refunded by the tax office for investments.

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Pascal Schmidtt, reporter from the Allgemeine Zeitung, visited us on Friday and we explained our situation to him. The authorities are holding us up, but as described in his article, a solution is now in the offing.

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Yesterday we went to the notary who drew up a shareholders' agreement for us that meets all the legal conditions. We signed this contract at the notary yesterday and are now sending it to the family court for approval. At the same time, we are now opening our company account, which we need for the foundation. As soon as the articles of association have been approved and the account opened, we can then apply for entry in the commercial register and in 3 to 4 weeks we will be an official entrepreneurial company, or UG for short.

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Why UG?

Most companies are founded as a GmbH (limited liability company), but for that you first need €25,000 in share capital. The UG, on the other hand, is a kind of mini-GmbH, where you can set up from as little as 1€ share capital. The advantage is that our liability is limited to the company's assets and we are not personally liable. The only disadvantage we have now as a UG is that we always have to set aside 25% of the annual surplus as a reserve until we have saved up the €25,000 to then convert the UG into a GmbH. For us, this means that we cannot immediately reinvest all our profits in new machines, etc. We are happy when we finally have a GmbH. We are looking forward to finally being a QiTech UG and being able to take off.

Milan von dem Bussche

Milan keeps track of our projects (at least he pretends to). At QiTech Industries, Milan engineers and develops our machines and manages the finances (at least he does his best).

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