The next start-up in our interview series, NewCo looks at start-ups and the usually complicated process involved. We are pleased to share the exciting interview with the team from NewCo with you here:

What customer problem is your startup solving?

  • Inappropriate service – Busy entrepreneurs want the convenience of an easy, fast and low-cost company formation service, but current options are limited and very standardised. They are not tailored to the needs of entrepreneurs in the age of technology.
  • Slow processing – Low automation, manual processing and the high workload of current service providers and notaries are the main reasons why the company formation process takes up to 45 working days for the majority of entrepreneurs.
  • Expensive option – The extra hours required to provide the service due to manual tasks and lack of automation are reflected in the final bill the client receives at the end of the process, making the company formation service very expensive.
  • Lack of transparency – Currently, in addition to the long waiting time, entrepreneurs lack information about the progress of their company formation. At the beginning of the process, they get a rough estimate of how long the process will take, and that’s it.

What is the solution to this problem and how did you find / develop this solution?

The difficulties faced by the co-founders of NewCo when they started their business in 2018, and the fees the notary charged them for the service, were the main reasons that led them to design and develop the NewCo platform.
NewCo is an automated legal tech web application with the best UX practices on the market. It allows founders and start-ups to conveniently launch their business by filling out a questionnaire that typically takes 10 minutes and provides a smooth application process with more clicks and less typing. All a founder has to do in terms of paperwork is fill out a simple form, sign the incorporation documents, open a deposit account and the rest of the process is taken care of by NewCo. Our solution is as follows:

  • Tailor-made services according to users’ needs – We offer three separate packages – each of them carefully designed to meet the needs of a specific group.
  • Competitive prices – Our packages are the most affordable on the market in terms of the scope of services and the quality the client receives. They start at CHF 490 (including notary fee).
  • Fast processing – Thanks to our high level of automation, we enable entrepreneurs to set up a company in just 15 working days.
  • Transparency – Despite detailed information provided for the company formation process on our website and blog, the NewCo platform also offers a dashboard where entrepreneurs are informed in real time about their company formation process.

What stage of development are you at and what are the next steps for NewCo?

The platform was launched in May 2020. Since then, we have helped more than 900 entrepreneurs start their own businesses.
We have just released the service that allows entrepreneurs to change the information in the trade register online. We are in the process of adding more standard features to the platform and expanding the list of partners that will provide additional benefits to our clients. In this way, our clients will benefit from discounts on our partners’ services in addition to the time and cost efficiencies they gain through NewCo.

*As EHL’s hospitality business incubator, the Village de l’Innovation supports promising startups and business projects that focus on or are relevant to the food and hospitality industry. The startup profiled here is supported by EHL’s Village de l’Innovation.

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