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Starting a one-person Ltd options

By Ahmed

This topic contains 6 replies, has 2 voices, and was last updated by  Ahmed 4 months ago.

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  • #506110

    Ahmed
    Participant

    I have a personal project that’s doing pretty well (over 370k downloads), but with no monetizing solution so far. Before I go in for monetization, I’m trying to browse the different options out there that would allow me to create a brand name/business for this product and a few others.

    I eventually came across E-Residency in Estonia, applied for it, got my card then started the process with LeapIn. Everything was going smooth until I learned there’s no guarantee Paypal would approve my business, to then learn that I have no right to enter an email address with my business domain name my Estonian Business Registry record, LeapIn required I’d submit an @leapin.eu address which I had no access to, this sounded too odd and intrusive to me so I canceled the entire process and got a refund.

    I’m rather a technical person (software engineer), I have very shallow knowledge when it comes to taxes, accounting and the legal aspects of starting a business and so I’m seeking advice.

    To summarize my situation, I’m currently working as a software engineer in France, I have a resident card which expires in November 2020 (status is renewable), and I’m looking for the best alternatives to start my business while keeping my salarial activity in parallel.

    Ideally the business would be location independent, similarly to what the E-residency program in Estonia offers. The goal being to quit my day job and be a digital nomad should the business do well. The key factors for my choice would be driven by:

    • Ease/low fees of company creation (in the form of a one-person Ltd)
    • Lower taxes
    • Unique remote physical address for the company (The program in Estonia uses the same physical address for hundreds/thousands of applicants, which is the major reason I guess for Paypal denying them access to their service)
    • No intrusive policies from the physical address provider/contact person
    • Lower fees for accounting, tax filing, and company creation.

    Any hints/recommendations would be appreciated.

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  • #506121

    Matthew King
    Keymaster
    • Total Post: 86
    Points: 1,155

    If you are able to. I would use a place like Legal Zoom to find a good attorney that can walk me through setting up a business in your area. This way you know you’ll be covered for company creation and all means of intellectual property that your new company creates.

    If you don’t have a physical address for your company. Unfortunately, most are going to require you put your place of work as the address (even if that’s your home).

    For the accounting and tax filing. Do you have QuickBooks? Or something similar to it.

    Are you looking to do it yourself to keep it cheap? Or do you want to outsource it?

  • #506122

    Ahmed
    Participant
    • Total Post: 4
    Points: 37

    Hi Mathew,

    Thank you for the suggestions.

    I had a quick look at legal zoom, it looks very interesting, I’ll definitely give it a go, I just hope they actually cover France.

    With regards to the legal address, I don’t mind providing my home coordinates as long as it’s in the same country as my business. I’m trying to be particularly careful with this because I’d like to integrate Paypal for payment, and they have really strict policies admitting businesses into their service.

    Regarding accounting and tax filing, it all depends on how much it would cost me, I prefer outsourcing so I get to focus on developing my products, but my budget is limited (trying to keep it below 100 euros/month all costs included).

    Never heard of QuickBooks, as I said I never had an entrepreneurial experience before, so I’m trying to figure things out from the ground up. I’m just seeing potential in the 37ok downloads my product generated and trying to make it profitable.

    • #506123

      Matthew King
      Keymaster
      • Total Post: 86
      Points: 1,155

      I do not know if those options are available to use. However, to keep the cost down at this time. I would look into cloud-based accounting. This way you can generate Proft/Loss reports and etc. Check out Wave Accounting and see if that might fit you. It’s a bit more simple to use than QuickBooks.

      Again, you are just looking for items/software that is similar to these. If they aren’t available in your area. With 100 euros/month to spend. That does not leave a lot of wiggle room. What’s your profit on each download? Or where do you make your profit at?

  • #506124

    Ahmed
    Participant
    • Total Post: 4
    Points: 37

    Thanks for the followup Matthew. I had a look at Wave Accounting, it looks interesting although I can see some negative reviews from some clients, I’ll investigate it my self once the business started.

    As for revenue I still have no clear idea, which is why I’m being careful with expenses. As a first step I’ll keep my product with 370k downloads free, and just use it to drive traffic/awareness about my other products, some of which will be paid based on annual subscription, others will be free and will generate revenue from ads. I’ll also use my popular product to sell ads on the product itself, my users make a very specific type of audience so ads on it may well appeal to advertisers.

    If none of the above works, I’ll have to do what I’m trying to avoid: turn my free “popular” product paid.

  • #506125

    Matthew King
    Keymaster
    • Total Post: 86
    Points: 1,155

    Maybe you could have a free version and a paid version eventually. Or one that upgrades the account to use more resources, etc. Let us know how it goes 😀

  • #506126

    Ahmed
    Participant
    • Total Post: 4
    Points: 37

    Sure I will 🙂

    The main blocker for now is to start a business, and integrate Paypal for payment. They have a notorious reputation denying small businesses they judge not legit… so crossing fingers!

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