For an online business to succeed, it must offer something the market needs. To identify these needs, you shall answer some of the following questions:

• What do you want to achieve? Why are you starting a business?

• What is happening in the industry and market? Is there a need for your products/services, and if so, who needs them?

• Will the market accept the product and/or service?

• What is it that will differentiate you from the rest of the businesses in the market?

Company name

Select the name of your legal entity and check if the same is available or already exists. The name of the legal entity does not have to be identical to the name of the brand you want to create, so the name of the legal entity can be completely different from the name of your e-business (e-store).

ARBK reserves the right to refuse registration of a legal entity in the register if its title is similar to an already registered or reserved title, and in all other cases provided by law.

Legal forms for opening a company

Consider all the legal forms available and decide which is best for you. The legal forms available when starting your company are Sole Proprietorship, General Partnership, Limited Partnership, and Limited Liability Company. Also, the primary income code of the activity must be selected here.

Founding contribution

The contribution can be monetary or non-monetary. You can deposit the cash immediately after the company’s establishment, in a temporary or additional bank account, but not later than one year after the establishment. Suppose you decide on a non-monetary founding contribution. In that case, an authorized appraiser shall evaluate the items you invest in the company (eg. Computer, telephone, printer etc,) and prepare an evaluation report related to the establishment of the business company.

When establishing a company in ARBK, the founder/s must declare the method of securing the founding investment, i.e. whether it will be monetary or non-monetary.

Statement/agreement for the establishment of your e-commerce

If you decide to establish and LLC, you shall prepare the “Statement of Establishment of the Company”, and in the case of the establishment of the LLC you shall prepare “Agreement of Establishment of the Company”.

Branch(-es)

You need to set up a branch office if you run your business outside the country where your company is registered. You can organize the branch (subsidiary) immediately with the company’s registration or at any time during the duration of the company.

When organizing a branch, it is necessary to complete the “Decision on the organization of the branch”, in which the following must be noted. Name, headquarters, Priority Activity, and authorized person.

Opening a transaction bank account

In the application for the establishment of a company, you shall indicate the bank where your company’s transaction account.

After receiving the establishment decision from ARBK, you shall visit the selected bank to sing the documentation for opening e transaction account.

When you open a bank account or after developing your software solution, you must submit a request to your bank for the implementation of a virtual POS terminal in your e-business.

The bank checks and evaluates the potential e-trader to immediately prevent fake and not serious customers from opening an online business. If everything is in order, the bank and the e-commerce conclude an agreement in which the rights and obligations are mutual, more precisely arranged. International card organizations control the entire procedure of checking and concluding contracts to guarantee a high level of security when performing electronic transactions.