BonusThe success of Crowd1 is based on the hard work and dedication of all our members just as in any other business or company, and like any business, your success in Crowd1 is dependent on your personal performance. Your membership in Crowd1 is not an investment or a financial product but an opportunity for you to take control of your financial situation. This of course means that you should treat Crowd1 as a business.
It isn’t easy to become successful in business, and that’s why it’s important to start with the best possible conditions. To help you to do this, we have put together a guide targeting particular countries where you in our worldwide crowd live, with useful tips for you.
GET STARTED 01
Starting a business
You need to have all the relevant information when you’re starting a new business. If you want to start a company, it’s necessary to decide which type of company would be most suitable for your situation. It’s also true that different countries have different types of companies. However, some of the more common ones are Private companies, Sole proprietorship and Limited companies. All these types of companies have different pros and cons, and you should do your research to make sure you choose the type best suited for your situation..
tHE BOOKS 02
ACCOUNTING
If you choose to start a company, it’s highly likely that you will have to account for your income and costs. This varies depending on your country of residence, in terms of what you need to account for, to what extent and so on. For smaller companies, it’s not unusual to keep your own books, and there are many online bookkeeping services which are easy to set up and start using. For more advanced operations, you might need to hire a professional accountant to help you with your accounting or to audit your books annually. Even if you choose not to start a company, there could still be things that you will have to make sure you have declared. This is dependent on your country of residence and often on the size of your business’s turnover..
COUNT IT 03
Value Added Tax (VAT)
VAT or Sales Tax is a tax added to the price of selling goods and services most countries have, to some degree. The rate of this tax varies from country to country. Depending on the turnover of your business, you may need to register and account for VAT to the proper authorities even if you don’t have a registered company.
REWARD04
Remuneration or Salaryg
Salary is the term generally used for the wage a person receives from a company for a job. At the same time, remuneration is a general term for compensation an individual receives for services or work provided. If you want to be able to pay yourself a salary, it is likely that you will have to register a company. But in many countries there is a system whereby it is possible to earn up to a certain amount before you need to register this as a taxable income. Obviously, this is highly dependent on your country of residence, and it is always important to keep track of the regulations relevant to your situation. It is not unknown for people to have a great idea for a business and start one up, only to be caught out when they think they’re up and running by back-taxation due to lack of information or planning.
Crowd1 wants you to succeed. We want to provide you with the information, the technology and the access to our growing crowd so that you blossom, grow, prosper. But for that to happen, you have to put in the hours, do the work, show the kind of dedication it takes to reach the sky. And you have to be sure you are always absolutely in compliance with the legal and tax codes where you live and do business. We are happy to provide you with country-specific links and some useful tips to show you how you might set up your business safely and legally and responsibly wherever you are.
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The sky’s the limit with Crowd1, but remember to fly safe.
