What is Rent a Company service?
Through Rent a Company service, numerous users may share one or more existing companies to invoice their clients and get paid, thus avoiding all costs and paperwork of incorporating their own company. When the rented company receives their clients’ payment(s), users can withdraw funds to their account as a secondary income or dividend. The service itself is based on the “company sharing” business model pioneered by Winglio. We like to say that Rent a Company service is actually a lot like a brand new car you’ve got for free for which you don’t need to pay for repairs or new tires, only for fuel any time you decide to drive it.
What types of businesses does Winglio support?
Through Winglio rented company you can provide various services such as consulting, software development, design, writing & translation, online marketing and many other services as well as sell various digital products.
How to sign up for Winglio Rent a Company service?
Signup procedure on Winglio website is very simple. After you enter your name, email and select your password in signup form, you should receive an email with the confirmation link to access your Winglio Dashboard. To get verified you must update, in your Dashboard, your profile details and enter several pieces of information about your business that Winglio Office will be used for.
What documents do I have to provide in order to get verified?
We usually need only the copy of your passport or some other document containing a photo and utility bill to verify your address. It is also very important that your business model is explained well so that our legal department can understand your business requirements and make the final decision based on it.
How long does the verification process take?
The verification process is usually done in just a few hours but in some cases it can take up to 24 hours.
After my account is verified, what should I do next?
After obtaining the verification you can add your first client, create a contract with them for your project or work and, after the contract has been signed through the online form, you can issue invoices from Winglio Company to the client and receive payments from them. When the payment arrives, you will get a notification after which you can request a withdrawal to your bank account, PayPal or debit card.
May I change my profile details after I get verified?
Once your profile is verified, you cannot change your profile details anymore.
When can I start using the rented company?
You can start using the rented company as soon as your profile is verified.
May I close my Winglio account anytime?
Yes, you may close your Winglio account with just a few clicks without any commitment or additional cost.
May I start using Winglio service without a setup cost and a fixed monthly fee?
Yes, there is no initial nor monthly cost for using the Winglio Professional Plan. However, if you want to withdraw funds from Winglio as a dividend, you can buy one preference share in Winglio company to become a shareholder. The setup fee for the Shareholder plan is 179 EUR.
What fees do I have to pay for using Winglio service?
Winglio fees are based only on your business activities. This means that you have to pay the fee only when you use the rented company. We charge only 6.60% of the income received from your clients as the Partnership Fee. The Processing Fee in a fixed amount of 4.50 EUR applies to sent and received bank payments and withdrawals. If the payment is sent to or received from a country outside the SEPA (Single Euro Payments Area), the additional International transaction Fee or Intermediate Bank Fee may be charged.
Do you provide a tool to calculate Winglio fees for various transaction amounts?
Yes, you can use WINGLIO FEES CALCULATOR to see how much you will be able to withdraw from the amount paid by your client after all fees are charged, or how much your client should pay if you know the exact amount you would like to withdraw.
Do I have any accounting or corporate tax duties for the rented company?
Except the regular Winglio's fees based on your business activities, there is no additional accounting nor tax duties in regard to the rented company. We cover all regular costs and tax duties of the rented company, as well as take care of the accounting and paperwork so that you do not need to take care of such matters yourself.
What if I need a custom service which is not included in Winglio's regular offer?
One of the specialties of Winglio's service is the possibility to fulfill different business requirements of our customers. So, if you need any kind of service which is not mentioned as a part of our regular offer, please share your requirements with us and we will try to find the best possible solution for you.
Should I create a new contract every time I need to send an invoice to my client?
You can create Project type of contract or Time & Material type of contract for your client. Both types support multiple invoices. It means the following; if your project takes 5 months and you agreed with your client for it to be paid in monthly instalments, there will be only one contract related to that particular project, but you will be able to issue 5 invoices (or more) related to the contract. The same applies to Time & Material type of contract; you can create a single contract and issue an unlimited number of invoices to your client on a weekly, bi-weekly or monthly basis, depending on the terms agreed.
How long does it take to create a contract in Winglio Dashboard?
Creating a contract is a simple and fast process. When doing it for the first time, it can take 2-3 minutes, however, since the existing contract can be used as a template for new ones, the following contracts can be created with just a few clicks.
What contract options am I allowed to choose?
There are two general types of contracts, Project type and Time & Material type. The Project type should be selected if your work is related to one particular project. In all other circumstances where the work is on ongoing basis, Time & Material type of contract should be selected. In both types, after selecting a client, you should enter all editable details such as contract date, description of agreed works, price and payment conditions. Last info required before sending the contract to verification and signature is the name and email address of the signatory.
Here you can see an example of Winglio Project Type of Contract with editable options (marked in yellow) you are allowed to choose.
Here you can see an example of Winglio Time & Materials Type of Contract with editable options (marked in yellow) you are allowed to choose.
Am I able to preview the created contract before I send it to signature?
Yes, after you fill out the contract form you can click the "Save & Preview before sending" option to verify all the details before sending it to signature. When you are sure that everything is alright, go back to the list of your contracts, click the Edit option and send your contract to signature.
After I create a contract, who should sign it and how?
After the contract is created and approved by our department, it will be sent to your client’s email for signature. Contracts can be signed by your client with just a few mouse clicks and all parties will immediately get a signed copy by email.
Here you can see what the signature form looks like:
Signature preview: Winglio Project Type of Contract
Signature preview: Winglio Time & Materials Type of Contract
What is the legal form of business relationship between me, my client and Winglio Company?
Winglio Company acts as a commission agent between you as a service provider and your client. This means that Winglio Company acts on its own behalf, but to the benefit of service provider (you).
Should users pay any personal taxes on money received from Winglio Company in their country?
Payments received from Winglio as secondary income or dividend users should report and pay the applicable taxes in their country of residence.
What information will be displayed on the invoices issued to my clients?
Since you can choose whether you want to issue invoices from our Irish or Malaysian company, all details of the selected Winglio Company will be displayed on the invoices, as well as details belonging to your client. Also, to create an invoice you have to enter a description of the service provided together with its price. After you create the invoice, it undergoes the verification process and only after it has been approved by our department can it be sent to your client.
Here you can see the sample invoice issued from the Winglio Irish Company: Winglio invoice sample
What currencies may be displayed on the invoices issued to my clients?
The main currency in the Winglio Office is EUR, but except for the EUR, you can choose USD as the alternative currency to be displayed on the invoice issued to your client. Payment received in USD is automatically converted to EUR at the regular conversion rate offered by the banks and displayed in your Winglio Account in EUR currency.
After the invoice is created and approved, how it will be delivered to my client?
After the invoice is approved, you will get a notification and then you can download it as a PDF document from your Winglio Dashboard and send it to your client by email.
Where do I see the funds received from my clients?
After your invoice is approved and sent to your client, you get the notification as soon as the payment for it has been received. Transaction history and information about the available funds are displayed in your Winglio Office Dashboard, so you can always know what amount is available for withdrawal or payments to your suppliers.
How can I send a payment to my supplier?
Sending a payment is very easy; you just need to fill in the payment order form and upload the invoice from your supplier. After you create the payment order, it goes through the approval process and once approved, the payment will be sent to your supplier from the rented company.
Can I send a payment to a private individual or only to a business entity?
You are allowed to send bank wire payments only to business entities that are able to provide a valid invoice for your payment. If you have individual associates, you may ask them to sign up for the Winglio Office and then you can send them internal Office-to-Office payments.
How long does it take for a payment order to be processed?
Each payment order goes through the approval process by our department, which usually takes a couple of hours (1 working day is the maximum amount of time). After that, if the payment order is approved, it is processed the same day. However, sometimes it can take up to 3-4 working days for the payment to reach the recipient's bank account.
What is the nature of withdrawal from Winglio, i.e. how should I report the money received from Winglio to my local tax authority?
If you are an individual, all withdrawals from Winglio balance are considered and paid to you as your secondary income. However, if you are a shareholder of Winglio company then they can be considered and paid out as your dividend.
What is the minimum amount required for withdrawal to the bank account?
The minimum amount you can withdraw from Winglio Office to your bank account is 100 EUR.
May I withdraw funds to the bank account which is not under my name?
Bank account owner details for withdrawal purpose have to be the same as your profile details.
Is it required that my bank account has to be in my country of residence?
You can withdraw your funds to any personal bank account under your name in any country; it does not have to be your country of residence. If you create a withdrawal request to your bank account which is in country outside the SEPA, the additional International transaction fee (15.50 EUR) might be charged.
How long does it take for withdrawal request to be processed?
The request is usually processed the next working day, but sometimes it could take few days for funds to be visible on your bank account.
What is the Winglio Shareholder program?
After your cumulative amount of income through Winglio Company reaches 500 EUR, you will be invited to join the Winglio Shareholder program. By purchasing one preference share in Winglio Company, you get the status of Winglio shareholder. It provides you with the possibility to keep the whole income received through Winglio Company as a profit of the company and have it paid out as your personal dividend.
Why would I convert my income to dividend?
If you had your own company, you could decide how you want to get the money from your company: as your salary or as a dividend from your company's profit. Winglio offers you the same possibility; you can get paid as a contractor of the rented company (equivalent to a salary) or as a shareholder (dividend). In many countries, the dividend tax is much lower than the salary income tax, thus you can make significant tax savings as a Winglio shareholder.
How often can I withdraw money from Winglio as a dividend?
Winglio Company calculates its profit and pays out interim dividend to shareholders every month, usually between the 5th and the 7th day of the month for the previous month. It means that dividend can be paid out max. 12 times within the one calendar year.
How much should I pay to become a shareholder of Winglio Company?
Total one-time cost is 179 EUR. It includes 1 preference share in Winglio Company (60 EUR) and related administrative costs, share record changes and issuing of share certificate (119 EUR).
May I get a bonus if I invite friends to Winglio?
Yes, you can earn up to 1 000 EUR for every user who applies for Winglio Rent a Company service through your Referral link. You will get a 1% lifetime commission on their income through the Winglio rented company (10 EUR for every 1 000 EUR income, max. up to 100 000 EUR).
Is there any benefit for someone who applies for Winglio account by using my referral link?
Yes, your referral link provides a special discount on the Winglio Shareholder setup fee, which is not available for direct signups. If your referral decides to become a shareholder of Winglio Company, instead of 179 EUR per setup fee, the discounted price will be 149 EUR, therefore their savings would amount to 30 EUR.
How do I get my Referral link?
You can find your personal referral link in your Referral section in Winglio Office Dashboard (in top right corner) after you get verified. You can share it with your friends or post it to your blog or website and introduce Winglio to your visitors. Here you can download Winglio HTML5 banners or Winglio JPEG banners and place them on your website(s).
How do I get my Referral bonus?
Your Referral bonus is immediately visible on your Winglio balance and you can withdraw it anytime to your bank account, PayPal or debit card.
What is the minimum amount of the Referral bonus I can withdraw?
100 EUR is the minimum amount required for the withdrawal request.