Question 1

How does Richmond Blackwood optimise finances?

Accepted Answer

Richmond Blackwood helps people save money by constantly optimising their income and expenses in a tax efficient manner. Through income and tax optimisations, **our clients save an average of €10,500 a year**.

For each client, we, with the support of a licensed Trust and Corporate Service Provider (TCSP) partner, will support you with the creation of your new limited company. We'll then provide all managed services required for you to not worry about administration. The activity of the private limited companies can evolve into large businesses. Each structure is different, as we help each cilent build a personalised plan optimised for your own situation.

Question 2

What requirements must I meet to utilise Richmond Blackwood’s managed services?

Accepted Answer

To utilise Richmond Blackwood's services, you must be an independent **high earner** in one of the countries we service (**Germany, Ireland, or the UK**). For example, the minimum treshold in Germany is €80,000+ brutto income for singles, €100,000+ for couples. Please input your information within the assessment from on the [home page](https://richmondblackwood.com) to determine your eligibility.

If you are currently an employee, keep in mind that you can only benefit from Richmond Blackwood services when becoming a consultant. You will then become the director of your own limited company that will hire you. Your company will invoice your client(s) through a B2B contract. Richmond Blackwood will handle all administrative duties, as we will take the secretarial role.

Question 3

What are the primary clients of Richmond Blackwood?

Accepted Answer

The primary clients of Richmond Blackwood are independents in Germany and Ireland, who are looking to simplify their wealth management, save money through income and tax optimisations, and build and preserve generational wealth.

Question 4

How much do managed services with Richmond Blackwood cost?

Accepted Answer

We will calculate your flat administration fee based on your personal needs. Generally, the higher the income the more activity will be in the company, implying a larger fee. As a rule of thumb, we only onboard clients if they earn more net savings, after all Richmond Blackwood fees. Moreover, you will never be charged until your first month of savings.

When all services we offer within our all-inclusive solution are summed up, the cost may be considered well below the market average. You benefit from our lean structures, efficient processes and the consistent use of technical innovation.

Question 5

How often is the managed services fee billed?

Accepted Answer

Our administration fee is charged on a monthly basis and automatically deducted from your limited company bank account. You can find our invoice in the electronic mailbox in your Richmond Blackwood account.

Question 6

What are the steps I will go through to become a client?

Accepted Answer

To onboard as a client you will become the director of your own limited company that will hire you. Here is the process:
- After determining savings are possible through restructuring, the Richmond Blackwood team will prepare with you your earnings and savings targets.
- Richmond Blackwood, along with its licensed Trust and Corporate Service Provider (TCSP) partner, will support you with the creation for your new limited company that you will be the sole owner(s) and director(s) of. Richmond Blackwood will take the secretarial role.
- You will organise your contract(s) with your client(s) based on the new equivalent payment.
- Once incorporated, Richmond Blackwood will organise the tax and payroll registration.
- For the first time, your client(s) will pay your limited company (rather than yourself) for the services you offer.
- Your limited company employs you and pays your first salary.
- The remaining funds in the limited company are stored and/or invested based on your personal strategy.

Question 7

What documents do I need to become a customer?

Accepted Answer

You need your identity card or passport, proof of residence in one of the countries we service, and your visa/residence permit (if applicable) to conclude our contracts. Moreover, we will need to know details about your plans, to prepare the optimal structure for your situation.

Question 8

How long does it take to onboard with Richmond Blackwood?

Accepted Answer

Depending on the speed you can update your contract with your client(s) in order to get paid through your limited company, the onboarding process takes between one to three months.

Question 9

Which countries do you support?

Accepted Answer

We administer limited companies for tax residents in Germany and Ireland, and in select use cases United Kingdom. We are however working hard to open up Richmond Blackwood to other jurisdictions. Are you a tax resident from a different country? Please sign up through our onboarding form and we will notify you as soon as we will start operating in your country!

Question 10

Where is my business incorporated and paying taxes?

Accepted Answer

The limited companies are incorporated in Ireland and are allowed to operate in any country. For example, an Irish limited company can act as a german company as long as the company is registered for taxes in Germany.

The company’s tax house will be dependent on where decisions are made and for most is based on the directors' personal residencies.

Question 11

What are the legal requirements of my limited company?

Accepted Answer

The legal requirements of your limited company include registration with the Companies Registration Office, filing annual returns and financial statements, and complying with all tax and legal requirements in Ireland and your country of residence. When offering managed services, **Richmond Blackwood oversees all legal duties** described above by default for all its' clients.

Question 12

Who will handle the legally required actions for my business?

Accepted Answer

When subscribing to managed services, as a secretary, Richmond Blackwood will perform all legally required actions for your business.

Question 13

When subscribing to banking services, at which bank are my funds held?

Accepted Answer

Your funds are held by Wise Europe SA, a Payment Institution authorised by the National Bank of Belgium. Then, Wise safeguards the funds in accounts at several banking institutions such as BlackRock and J.P. Morgan SE. The full list of banking institutions [can be accessed here](https://https://wise.com/help/articles/50VrYRVwHcsYeKzvWbjf3n/how-our-eu-entity-wise-europe-sa-safeguards-customer-funds).

Question 14

Can I keep my account with my personal bank?

Accepted Answer

No. Account management at Richmond Blackwood is currently carried out exclusively via Wise. This is the only method that allows us to guarantee efficient processes and low costs.

Question 15

Will it be possible to close my business?

Accepted Answer

Yes, you can dissolve your limited company. Ahead of time, all administrative tasks must be performed, debts must be paid off, as well as any additional capital within the company paid back to you.

Question 16

Do I have access to my money at any time?

Accepted Answer

Yes - you control your business bank account including approval of all transactions. Except for the illiquid investments you commit to, there is no minimum holding period for your investment accounts. You can commission partial or full liquidations at any time.

Question 17

In which asset classes can I invest in through my business?

Accepted Answer

You can invest in both private and public markets investments. While Richmond Blackwood can organise passive investment automations for liquid asset classes based on your strategies, you can take an active investor role through your business, and expand your investment strategy from anything from real estate to angel investing & private equity.

Question 18

Can I get access to investments for sophisticated or accredited investors?

Accepted Answer

Yes, you can. Through your business, you can access venture capital, private equity and more, all with limited liability.

Question 19

How are my money and investments kept safe?

Accepted Answer

Your company’s bank account will safeguard all your funds (instead of loaning them) in accounts at several banking institutions such as BlackRock and J.P. Morgan SE. The full list of banking institutions [can be accessed here](https://wise.com/help/articles/50VrYRVwHcsYeKzvWbjf3n/how-our-eu-entity-wise-europe-sa-safeguards-customer-funds). Should any of the banks go bankrupt, the cash in your clearing account is protected by the statutory deposit guarantee for up to €100,000.

Your investments always remain in third party securities accounts which are regulated to offer investment products in Ireland.

Question 20

What happens if Richmond Blackwood faces a bankruptcy?

Accepted Answer

First of all, Richmond Blackwood runs profitably without any debts hence the scenario of a bankruptcy is very unlikely. However, in the event of a bankruptcy, the assets in your company would not be affected. As a secretary, Richmond Blackwood does not own or direct your company, hence the only required steps would be to appoint an external accountant as your secretary.

Question 21

How do you protect my personal information?

Accepted Answer

The collection and use of your personal data exclusively take place within the limits of statutory provisions and in consideration of the current European data protection laws (GDPR).

Once you will become the shareholder of your own limited company, the governments will require your private information such as name, address, proof of address, and nationality. While your name will appear in public records as the director of your company, the rest of the information is held securely and not shared with the public. Should you prefer to conceal your name, it is possible to name another director while you remain Ultimate Beneficial Owner (UBO).