If you could change one law in your country to make life easier for entrepreneurs, what would it be?
Business Marketing with Nika
16 replies
Let's complain about our government. (OK, jokes aside.)
Speaking about my country (🇸🇰 Slovakia):
• I would abolish the obligation to register a company before someone starts doing business and figure out whether it’s worth it.
(In the USA, they have a better system because people can start invoicing before officially registering their company.)
This would solve many issues here. For example, even if we were at a loss during the first few years, we wouldn’t have to pay taxes (yes, currently we have to pay taxes even when we are in red). 🫠
How is it in your country and what would you change?
Replies
Elena Oprea@elena_opreag
Launching soon!
I would bring the SEIS/EIS law from the UK to my country, Moldova.
I founded my company in the UK, where the government facilitates the fundraising process by offering investors tax benefits if they invest in early-stage companies. For example, under the SEIS tax scheme, investors can deduct 50% of their investment from their tax bill. If someone needs to pay 100K in taxes but invests 150K in my SEIS-approved company, they can deduct 75K from their tax bill.
It’s a great incentive for angel investors and makes the UK an excellent startup ecosystem.
Share
minimalist phone: creating folders
It sounds like a good model for supporting. We have only something like "not paying the social and health insurance in the first year" but then instalments are at minimum 100 euros + 230 euros at minimum/monthly @elena_opreag
100+ euros for health insurance
230+ euros for social care
speaking per person. It is probably only one benefit for us to not pay it for the first year of running the business.
Launching soon!
@busmark_w_nika I suppose for startup founders may not be enough, what do they say about this?
minimalist phone: creating folders
@elena_opreag Well, our country is not very pro-startup-oriented. So you can imagine how poor the entrepreneurial environment is.
Launching soon!
@busmark_w_nika I see! I hope it gets better with the AI revolution!
minimalist phone: creating folders
In Germany, unfortunately, there are many laws that make life for entrepreneurs complicated and problematic. You can’t even list them all. From registering a business (with the requirement for a fairly large initial capital), to taxes and reporting, and even the relationships with employees (where the government also actively intervenes).
I'd love to see a streamlined process for registering and licensing new businesses. In the US, the requirements vary a lot by state and industry, which adds complexity. A federal 'startup visa' program to attract international entrepreneurs would be great too. Anything to reduce red tape and foster innovation!
Unfortunately, changing just one law wouldn't be enough to make life easier for entrepreneurs.
There are so many different requirements and obligations that, sometimes, are duplicating the taxes that we need to pay (one obvious example is related to cars, fuel and mobility).
Most countries in EU are not sovereign anymore in terms of laws and regulations and they are just "sheeps" following the directives that comes from the "wolves" in charge (that were not elected by the people!) to receive large amount of funds (debt!) to distribute among friends that own the big companies, that are paying their local elections and will give politicians the high paying "jobs" after they left the governments.
Imho, what we need to change is centralization and move towards a real decentralized world.
Web3 may be a utopian dream, but at least it offers hope for a more transparent and equitable world.
minimalist phone: creating folders
@terabitcoins Centralisation – a few days ago was listening one video cast and this was mentioned too. While US is considering to create strategic reserve for BTC, in Europe, we can only rely on ECB (countries of Eurozone). Lucky the Czech Republic that still has their own currency and quite non-dependant central bank.
In India, simplifying the tax process for new businesses would make a huge difference. The current system is complex, with lots of paperwork, which can overwhelm SMBs. If taxes could be deferred until a business becomes profitable, it would allow entrepreneurs to focus more on growth rather than getting stuck in bureaucracy.
minimalist phone: creating folders
@sonu_goswami2 22 – 25% same for us in Slovakia. I think that also GST is the same for us. Agree that the taxation should be after "conquering" some border line.
minimalist phone: creating folders
@sonu_goswami2 what are taxes in India like? % and so
@busmark_w_nika In India, corporate tax is around 22%-25% for businesses, while GST varies between 5%-28% based on goods or services.
It's like solving a puzzle...rewarding once you get it right, but confusing at first. 😊
Launching soon!
I would like the tax office to calculate how much tax I need to pay. Now it works like this
- my accountant calculates taxes
- I pay taxes
- then the tax office checks whether the taxes were calculated correctly and whether they were paid, and if there was some error in the calculations, then it fines.
It would be ideal if the tax office itself said the amount of taxes.😂