What is Rent a Company service?
Through Rent a Company service, numerous users may share one or more existing companies in order to invoice their clients and get paid, thus avoiding all the costs and paperwork of incorporating their own company. When the rented company receives clients’ payment(s), users can withdraw funds to their account as a secondary income or a 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?
Using 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 selling various digital products. Selling physical goods and dropshipping are not supported.
How to sign up for Winglio Rent a Company service?
The sign-up procedure on Winglio website is very simple and it can be completed in 3-4 minutes. After you enter your name and email in the sign-up form, you will receive an email with the confirmation link you need to click on in order to gain access to your Winglio Dashboard. Once you access the dashboard, you have to update your profile details in order to get verified.
What documents do I have to provide in order to get verified?
You should provide only a copy of your national ID card or a passport and a document showing your address (phone or electricity bill or a bank statement) in order to get verified.
How long does the verification process take?
The verification process is usually done in just a few hours but in some cases, it may 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?
You can update your profile anytime after you get verified. However, please note that any profile update requires additional verification which can take up to 24 hours.
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, you may close your Winglio account with just a few clicks without any commitment or additional cost.
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. If you withdraw money from Winglio as a dividend, the additional 3% Dividend Withdrawal Fee will be charged in order to cover the corporate tax costs of the rented company.
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?
Apart from the regular Winglio’s fees based on your business activities, there are no additional accounting nor tax duties imposed on the rented company. We cover all regular costs and tax duties of the rented company and we 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 a Project type of contract, a Time & Materials type of contract or Agency type of contract with your client. All types of contracts support multiple invoices. What this means is the following: if your project takes 5 months and you agreed with your client for it to be paid in monthly installments, there will be only one contract related to that particular project but you will be able to issue 5 (or more) contract-related invoices. The same applies to Time & Materials type of contract – you can create a single contract and issue an unlimited number of invoices to your client after a particular assignment is completed, or 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 three general types of contracts: Project type, Time & Materials type, and Agency type. The Project type should be selected if your work is related to one particular project for which the scope of the work, delivery terms, and pricing terms are familiar. In all other circumstances where the work is carried out on an ongoing basis, Time & Materials type of contract should be selected. If you act as an agent in order to connect a buyer and a seller and take your commission, then you should select the Agency type of contract. In all types, after selecting a client, you should enter all editable details such as contract date, description of agreed works, price, and payment conditions. The last info required before sending the contract out for verification and signature is the name and the email address of the signatory.
Here you can see an example of Winglio Project Contract with editable options (marked in yellow) you are allowed to choose.
Here you can see an example of Winglio Time & Materials Contract with editable options (marked in yellow) you are allowed to choose.
Here you can see an example of Winglio Agency 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 details you can click the “Save & Preview before sending” option to verify all the details before sending it out for a 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 out for a signature.
After I create a contract, who should sign it and how?
After the contract is reviewed 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 Contract
Signature preview: Winglio Time & Materials Contract
Signature preview: Winglio Agency 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 the service provider (you).
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, in order to create an invoice you have to enter a description of the service provided together with its price. After you create an 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
Will my name appear on the invoice sent to my client?
Your name will not appear on the invoice unless you write it as a note in the service description field.
What currencies may be displayed on the invoices issued to my clients?
The main Winglio currency is EUR, but you can also choose USD as the alternative currency to be displayed on invoices issued to your clients. 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 an invoice is created and approved, how will it be delivered to my client?
After an invoice is approved, you will get a notification. Then you can download it as a PDF document from your Winglio Dashboard and send it to your client from your email address or directly from the Winglio Dashboard.
Where do I see payments received from my clients?
After your invoice is approved and sent to your client, you get a notification as soon as the payment for it has been received. Transaction history and information about the available balance are displayed in your Winglio Dashboard, so you can always know what amount is available for withdrawal or payments to your suppliers or associates.
How can I send a payment to my supplier?
Sending a payment is very easy – you just need to fill out 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 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 create a free Winglio account 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 on the same day. SEPA payments are usually visible on the recipient’s account on the same or the next working day while the international payments can take up to 1-2 days longer.
Should I pay any personal taxes in my country on money received from Winglio?
You should report all the payments received from Winglio and pay the applicable personal taxes in your country of residence.
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 a regular user using the Professional plan, all withdrawals from Winglio balance are considered and paid to you as your secondary income. However, if you are a shareholder of the Winglio company then you can choose in each withdrawal request whether you want your balance to be paid out as a secondary income or dividend. In that way, you can optimize your personal tax duties in your country of residence.
Is there any difference in the amount of money I will receive on my bank account as a dividend compared to the withdrawal as a secondary income?
If you withdraw money as a dividend you will receive 3% less money on your bank account compared to the withdrawal as a secondary income since the additional 3% Dividend Withdrawal Fee will be charged. For example, if your client paid 10k EUR to Winglio, you would get 9,331 EUR as a secondary income or 9,050.94 EUR as a dividend.
What is the minimum withdrawal amount?
The minimum amount you can withdraw from Winglio is 10 EUR.
Is it mandatory that my bank account is in my country of residence?
Bank account owner details for withdrawal purposes have to be the same as the ones on 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 a country outside the SEPA, the additional International transaction fee (15.50 EUR) might be charged. In order to avoid additional withdrawal costs to countries outside the SEPA, we would recommend opening an online bank account with one of the following service providers: Leopay, N26, Paysera, Revolut, or Transferwise.
How long does it take for a withdrawal request to be processed?
A withdrawal request is usually processed on the same or the next working day. SEPA payments are usually visible on your account on the same or the next working day while the international payments can take up to 1-2 days.
What is the Winglio Shareholder program?
After your cumulative amount of income through Winglio reaches 500 EUR, you will be invited to join the Winglio Shareholder program. By purchasing one preference share in the Winglio Malaysian company, you get the status of a Winglio shareholder. It provides you with the possibility of retaining the whole income received through Winglio as a profit of the Winglio company and have it paid out as your personal dividend.
Why would I convert my income to a 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 ensuring 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 an interim dividend to shareholders every month, usually between the 5th and the 7th of the month for the previous month. It means that a dividend can be paid out max. 12 times within one calendar year.
How much should I pay to become a shareholder of Winglio Company?
The total one-time cost is 179 EUR. It includes 1 preference share in Winglio Company (60 EUR) and related administrative costs, changes in the shares registry, and the issuance of a share certificate (119 EUR).
Which personal documents should I provide in order to become a shareholder of the Winglio company?
You should provide a notarized copy of your passport as a personal document and a recent bank statement which contains your address in order to become a shareholder of the Winglio company.
May I provide my national ID card instead of the passport?
According to Malaysian Law, only a notarized copy of a passport is an acceptable personal document, therefore, if you don’t have a valid passport, you should get it in order to start the activation of the shareholder status.
How long does the shareholder activation process take?
After you start the activation of the shareholder status, it usually takes 4-5 weeks until you get a share certificate and officially become a shareholder of the Winglio company.