Engaging in entrepreneurial activity without proper registration is subject to administrative liability and fines.
Key threats and risks of running an unregistered business:
- -Legal entities and registered entrepreneurs typically refuse to cooperate with unregistered parties.
- -Access to credit facilities is unavailable.
- -Income received by individuals must be declared and taxed at 18% Personal Income Tax plus 1.5% Military Levy.
Why is it important to register your business?
Registered businesses operate within the legal framework, earn legitimate income, and pay taxes (including a single tax under various rates).
This allows you to officially employ staff and provide them with social protection.
It also opens the possibility of obtaining licences and permits.
Important:
Before launching, it is essential to carefully plan each step of the registration process as part of your business plan.
Although quick and inexpensive, registration is only the first step. After that, you will face regular payments, salary obligations (including mandatory salary to the director), tax deductions, accounting services, and banking costs – all before starting your core business activities.
Moreover, inspections may occur regardless of your business size.