I already had a business account with Lloyds so next I needed to apply for a Merchant Account [...] After jumping through some hoops they came to me with an offer that I could use their service if I give a deposit. [...] they asked me to put a deposit of £50,000 ($81,000.)
I nearly choked right there; 50.000 pounds? What the hell? This is not right by any definition. No wonder the US steams ahead in the startup game.
What would really drive this post home though, would be the second half the author fast-forwards through. Understanding the technicalities and nitty-gritty details of setting up a startup as a European would be very interesting. Especially tax handling. Perhaps a Part II!