But! A financial firm needs a Bafin license. What is needed, what is needed. What’s first? It is necessary to hire employees with the appropriate certificates and experience. We find, but… According to German law, they cannot be combined in any way, and their salary is 120 thousand euros a year, no less, and a contract for at least 3 years. Not who seeks will always find. We find these two Germans, they also promise customers 50 million euros within a year after obtaining a license. “Deal”, but we are Russians, we take our word for it, and therefore we do not include the clause on the mandatory attraction of 50 million into the contract, but write the obligation as an abstraction “attract customers”.
How about preparing documents for a license for 240 thousand euros per year (for two people)? No, this is the work of a lawyer, and we are financiers. Okay, we’re looking for a lawyer. We find an honest person: I do the paperwork and 30 thousand euros to me upon successful receipt of a license. Yes, in Russia, for 25 thousand dollars, the employees of the Federal Financial Markets Service will prepare all the documents themselves and you will receive a license in a month. But here Germany has its own rules. If you try to “give” someone, then immediately the “black list” and you can forget about the license.
So we play by the rules here. The documents were submitted and, bam, refusal. Well, to a lawyer: what to do? He is calm: Bafin is wrong, we need to sue, we will win 100%, but it will cost 100 thousand euros, pay me if you win. We lose – you lose nothing, except for legal costs (“penny” in comparison with what has already been spent). All “on garlic”.
They won the court, got a license, minus 100 thousand euros for a lawyer. Well, nothing, now things will go: now we will recruit 50 million euros of customers – we will fight back.
Moreover, other expenses are small: traders from Russia will conduct trade, only travel expenses in additional expenses, since it is impossible to manage client funds remotely from Russia.
Office work? Well, they found a graduate of a local university, originally from Kazakhstan, a Kazakh by nationality, knows Russian and German perfectly, which means that a translator is not needed. The salary, however, as a university graduate, should not be less than 4 thousand per month. But on the other hand, as a young university graduate, the state takes on half of the salary costs, that is, the company’s expenses are $2,000 per month. Not bad.
Office? Well, how much is needed for 4 employees? Inexpensive even in the very center of Frankfurt am Main.
Go! Alas, a year has passed and not a single client, traders drive several hundred thousand euros to the company, we cover losses from profits in Russia: we pay dividends to the owners of the Russian company, and they cover the losses of the German company with them.
— Where are the promised 50 million euros?
– Well, the Germans are reluctant to bring in a company organized by the Russians, we must be patient;
– They promised right away, but a year has already passed!
– We have to wait.
– How much longer to wait? Let’s go to hell, we’ll find others, from the “Latinos”, they “will tear their throats” for 120 thousand euros a year!
– Yes, please, just pay everything that is due before the end of the contract.
—?!!! They themselves promised “from three boxes” and deceived, and you still have to pay … No, go “to all four directions” without severance pay.
Okay, see you in court.
Court. What is written in the contract? Attracting clients. Here are the papers on spending on hundreds of cold calls, here are the expenses on advertising mailings, here on advertising in special print publications. Here are our signatures as directors: we did our work in good faith, we didn’t skip anything, we didn’t drink at the workplace and during working hours, but it’s their choice that the clients didn’t come. The court’s decision. Illegally dismissed people can not work, the company can pay everything they are supposed to under contracts, you want immediately, you want monthly.
Where is our lawyer? Guys, I won’t take this case – the court is 100% right, you screwed up with the contracts.
Well, we are looking for others, more proactive. They found it, but then one shareholder decided that he had “leaked” a lot of money in this company and the partners were to blame for this, and it began … But that’s another story.