Foreign owned company - fastest way to get bankrupt?

bycikas

Hi,
Not sure if this is the right place to ask this question. But i wonder is it possible to trade successfully when you are foreign (trade as private limited co.)
Just seen so much bad opinions about foreigners etc. and then talked to one guy that works as sales man and he often hears from the potential clients that they don't want to see any foreigners.

So whats your opinion on this? If i would want to trade in security area,as far as i see the cost for starting up a sec.company is huge (only paper work will cost 10+ grands) would i have any success. (with my eyes most security companies are useless and have HUGE rates. - worked for few)
((if this is wrong place to post,move to the right one ))

Thanks for your time,
Take care.

Victor

You should be able to set up a limited company cheaper than that.

However, while the company can have one shareholder, it needs two directors, AFAIK one of which needs to be Irish. Is there an Irish person you trust enough that you would go into business with them?

bycikas

its cheap to set-up the company itself. But security business is heavily regulated. It costs 2250 for the license. then 3500 per year for NSAI certificate (IS999 standard) and the insurance is minimum of 6000 (could find cheaper yet contacted most companies) plus if i wont implement IS999 standard myself it will cost another 5 grands.(but ill do it myself)

the fees in ireland are over the roof. But the point is if the foreigner owns the company what are the chances he will get contracts? any at all. Or is it better to do same as other's do invest somewhere else?

As i see even newspapers telling people buy and use Irish only.

antoinolachtnai

Security? Seriously? I think you will have a tough time breaking into this business. Not necessarily because you are foreign, but because there are a lot of players already, and the margins are tight enough when you take everything into account (minimum wage + employer's PRSI + overheads). The competition and rate cutting looks a bit relentless. Security companies seem to be consolidating all over the place.

Like any competitive business, you need good sales people, who the customers like and have confidence in. If you don't have sales staff who customers will have confidence in, then I would leave it alone.

bycikas

Yeah,security. We (me and partners) well lets say me at this situation, have pretty good background (already own security group - ARMED one,but its not really important as security in Ireland cant use any special means or firearms ) But to be short.. Probably you are right. Bad idea maybe ill get my eyes on UK then at least they don't have such requirements as spend thousands on nothing before you even start.

antoinolachtnai

Well, you'll need to register with the security authority in the UK if you do that, I wouldn't be surprised if it works out the same sort of thing.

bycikas

Nop, you don't need to register with the SIA (Security industry authority) only thing you need is to have all your employees licensed so its a looooot cheaper then in Ireland.
Im a while in this business and know what is what and where. But im new to the western security. You're unarmed and stuff. All different , but i know the regulations.

Why are you so skeptic about it ? Because im alien? Or do you think that the security business is no good?

By the way thanks for the responses.

antoinolachtnai

because the security business is not too good, mostly. It's really consolidating into a small number of firms.

bycikas

Ok,thanks. Probably need to overlook this idea all over again, as your local probably know more then i do