How Hedgebook set up its UK entity and cleared a family trust banking hurdle
Hedgebook helps businesses manage foreign exchange and treasury. After six years of growth in New Zealand and Australia, it set its sights on London. Here is how we got it ready to trade.
A UK bank account for a business owned by family trusts
Hedgebook brings together foreign currency cashflows, hedging and market data to help businesses run their FX and treasury. After six successful years in New Zealand and Australia, founder Richard Eaddy and his partners looked to the UK. "We thought, if we can do this successfully in Australia and New Zealand, then we could come over here and try to replicate that."
The practical questions followed: where to base the business, how to structure the company and where to find an office. "It was clear we needed someone to guide us through all that set up," said Richard.
Banking was the hardest part. Hedgebook is owned by family trusts. That is common in New Zealand, but it complicates matters for UK banks. Richard called it "a really painful process for a company like ours."
Before
Six strong years in New Zealand and Australia, no UK entity and an ownership structure UK banks find hard.
After
Hedgebook UK incorporated, with banking, payments, payroll and VAT in place.
Planning before landing in London
Hedgebook already knew Paul from his work in New Zealand, so it brought us in early. "We know Paul does a lot of work in NZ and we organized a lot early on," said Richard. That meant the essentials were planned before the team arrived.
- 1Before arrival
Plan agreed
We advised on what needed to be in place before the team landed in London.
- 2Incorporation
Hedgebook UK formed
We handled UK company formation for the new UK entity.
- 3Banking
Bank account, payments and payroll
Despite the family trust ownership, we set up the UK business bank account, payments and payroll.
- 4Ongoing
Contracts, cards and VAT
We advised on employment contracts and other contractual issues, set up corporate credit cards and handled VAT registration.
A seamless setup and a team focused on growth
Richard describes the setup as seamless. Its speed and efficiency let the team focus on growing Hedgebook in the UK market.
"He's more than just our accountant," Richard said. "I don't always need every detail but the fact that I know that Paul and the team are able to cover off all those things is a huge weight off my mind."
"It's just a really good relationship. We know he's there when we need him. I can pick up the phone whenever I need to and get the help I need."
Setting up a UK entity?
Paul Beare helps overseas companies set up a UK entity and open a UK business bank account, with payroll and VAT in place before they arrive. Talk to our team about your plans.
