SEIS/EIS application on your own

Michael14

Free Member
Mar 30, 2020
51
1
Hello,

I would like to start a new company which will be an app and online business.

I have experience with setting up companies in the UK (two of them also can sponsor visas for foreigners) and I did most of the administrative work (so far) on my own. This would for example include obtaining a trademark, sponsorship licence etc.

That said, I am by no means professional in either of these fields, and the only reason I was able to do this properly is that guidance was very straight forward and it was a fair process (objective criteria had to be met and once it is then there is no subjective basis for refusal).

I did some research on SEIS/EIS schemes and it seems like they are the same type of application in this regard. Guidelines seem quite straightforward, and apart from Business Plan writing (which can be interpreted in different ways by different individuals), everything else seems easy to do.

That said, can you please let me know:

1. Did you go through this application process and do you think it can be done by inexperienced individual?
2. In case something goes wrong, can I correct it and re-apply?
3. If you think that it would be better to ask for external help, can you please let me know what would be the biggest reason for concern when doing it by yourself?

Thank you!
 
I did this back in ~2010 for KeepMeBooked and ~2015 for the business which became Fixington. I think I may have done it myself for 0800handyman, too. As far as I recall, it was straightforward enough. I can't remember much about it, but I had a quick look through my Google Drive and find that I prepared for the SEIS in 2015:

- a two page subscription agreement (x shares will be issued for £y; subscribers agree to pay in full on completion; drag / tag / pro-rata rights)
- an advance assurance letter to HMRC asking them to confirm that shares would qualify for SEIS
- A board minute agreeing to approve the subscription agt, issue the shares, etc.
- Filled out some SEIS1 forms

Obviously the requirements may have changed in the past ~decade, though ...
 
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