As we approach a new year, I am sure some of my readers are considering new goals for 2020, and one goal you might have for yourself is to be financially independent. If you are brave enough (which you are) and you are considering starting a business, or what we call a small business or startup (tech related), here are a few tips and definitions for you. Best of luck in your endeavors.

Commercial license

Question: Do I need a commercial license to operate?

Fajer: The answer to this question depends on many different factors, like which sector are you operating in, what services or products are you providing, whether or not you need to hire a team that is physically present, and so on. Generally speaking, for selling products in a physical space you would, need a commercial license; for example selling perfumes. Generally speaking also, for creative services such as photography or branding, you can operate without a license.

Things to keep in mind

Question: What do I need to keep in mind when I am first starting my company?

Fajer: Decide whether or not you need a license, as mentioned above. Have your essential business relationships internally and externally, and they should be clear and in writing. Organize your rights and obligations towards those clients and business partners. Have a clear corporate structure. Make sure the Intellectual Property of the company are registered, such as trademarks and copyrights. Have a clear mission and vision that aligns with your personal beliefs.

For questions or queries, please email us at [email protected].

By Attorney Fajer Ahmad