Transitioning period advice due to absurd country laws?

Waldo Emerson

New Member
Hello,

I'm a resident of European, non-EU non-CRS, country that recently passed an absurd set of laws that made sole
proprietorship an extremely high risk entity, and thus made his existence meaningless. My business partner and I run a
digital consulting business, that just became sustainable and we are definitely not ready to transition to LLC equivalent entity in our country,
which is the only other entity that is an option. Not in this phase, since our revenues are not high at this moment.
This law caught us off guard since it has been passed in a period of one month, and we should transition from this entity to another in the next 1-2 months, to avoid risk.
Only a few EMIs support our country that issue debit cards, if that is even an option to be considered. So far we received our payments over paypal.

I am aware that the question probably lacks details that could enable one to give a decent advice, but we would like to hear if you have any advice for us in this transitioning period?
What do you think is the best option until we improve our revenues?
We have a few bigger deals on the way so we will be able to get a professional international consultant in the near future, but for now our local advisors are caught off guard as well.
We are very young entrepreneurs so all this amplifies the experience even further.

Thanks in advance.
 

mange38

Trusted Member
Business Angel
Find a family member with an LLC and work through them using a separate account until you can open your own company.

You may also open a company abroad but make sure it's compatibile with local laws ;)
 

Waldo Emerson

New Member
What exactly is your question. I get the situation, but what do you want advice on?
I guess the question would be, how would you handle this situation? Would you skip on incorporating for now, and maybe stick to available EMI, having the non-CRS in mind. Or maybe going forward with forming a abroad entity that would serve as a temporary solution etc. Any suggestion at this point is of value
 
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