STARTUP

Two bright and accomplished employees want to break away from the standard working hours and launch their own business.

The opportunity

Mia and Nick feel restricted by their current 9 to 5 jobs in what they can offer. Therefore, they have decided to launch their own fitness and wellness business. They have noticed a gap in the market and want to provide online personal training lessons as well as dietary and nutritional support for their customers.

The challenge

They have decided to keep their day jobs for the moment to ensure they have the funds they need to bootstrap their business during the initial setup phase. However, with demanding jobs, they are limited in the free time they have to focus on creating their new company. A further problem is the lack of experience in managing all aspects related to the launch of a company, especially management and operational aspects.

With a clear business idea in mind, they need to sort out the bureaucratic aspects of setting up their limited company, opening an account for payments and link all this with an e-Commerce and accounting platform. Supplying their details to Companies Office takes a considerable amount of time.

Their next step is to open a business account for their limited company, but they have discovered that the process of opening a business bank account is tedious. There is loads of paperwork and lots of back and forth. Not to mention the lengthy process required by the traditional banks; even the new challenger banks need all these documents.

The solution

Quid is the solution to Mia and Nick’s struggles. With the platform, they can complete the company registration process in minutes and then have their limited company set up in approximately 3-6 hours (subject to the package they select and Companies Office workload and approvals). 

In the same platform, they can open a global wallet for money in and out without duplicating the documentation already submitted but just adding the missing documents required by law. The online wallet means they can most importantly receive and make payments from their clients from day one in their preferred currency. Mia and Nick have set up their company in hours and can now leave their day jobs and pursue their business full-time.

Ideal for early stage entrepreneurs, small businesses and self-employed people.

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