Good afternoon, so i live in cyprus, and currently do not have a company registered on me. If i open a stripe business or revolut business account, and will start making sales, do i need to register the company before even opening my store, or it is legal to start making sales and only if it reaches greater revenue to make a company? and if so, how great should it be for a need to open a company? thank you
Thanks for reaching out in our Community Forums and for sharing your concern, I’d be happy to point you in the right direction.
Due to the specific international and domestic guidelines, I suggest reaching out directly to a legal and tax professional to review your business to ensure that you are operating legally. Generally, registering your business isn’t necessarily required by law, however, it’s a good step to take to protect your business. This depends on where and what you're selling as well. For instance, you may also need a business license to legally operate in specific industries, such as alcohol or agriculture. Feel free to review our e-commerce legal guide that covers the key aspects of registering your business.
I also suggest reviewing the web portal of the Republic of Cyprus that goes into more detail about registering and starting your business.
Let me know how that goes!
Hi again, @andrei-arut!
Thank you for following up.
Great question! In terms of verifying where your funds are coming from, this will be something that you will want to reach out to your bank about to learn more about the requirements in your region. I also suggest reaching out to a tax and business professional to learn more about the tax implications for your business. I shared the web portal of the Republic of Cyprus earlier that may point you in the right direction with some key guidelines.
While on this topic, feel free to review Shopify's Tax document that goes over how you can set up your store to collect taxes on your behalf. You will need to select your region for more in depth information.
Kindly reply back to this thread with any questions or updates and we can continue our conversation further!
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