It has been a while now since we got together.
I´m sorry but my mind has been all caught up and totally focused on creating our very first Limited Liability Company. It´s no joke, I tell you. Here in Sweden where I live with my family, there is a lot of regulations and rules you need to follow and fulfill to be able to start a business like a Limited Liability Company, LLC. Or “aktiebolag”, AB, as it is in Swedish.
There is also some bureaucratic steps to go through
The first step is to create a business plan, an estimated result budget, an estimated balanced budget, and an estimated cash flow budget.
The next step is to find a bank that is willing to handle your finances. Easier said than done. When you find the bank you are to submit a request for opening a business bank account and submit all of the documents above for review. Processing time at the moment, up to four weeks. If they approve of your business plan and budgets they will then open up a temporary business bank account. This step has become harder to overcome as the regulations against money laundry has hardened.
Then you must request an e-mail address for your bank official contact that you must notify the “Bolagsverket” authority where you apply for registration and approval of your LLC / AB. This email address will be used by the “Bolagsverket” authority to request a certificate of financing from the bank regarding your new LLC / AB. That is the paid-up share capital. This process may take up to a couple of weeks as well.
After that, you must register the real principal to the company. Or straight-up translated from Swedish “verklig huvudman”, “true head man” 😂
The meaning is to register the person or persons who are the one or ones who really decide and rules the company. This step is just a registration process and doesn´t take much time.
Finally, we have come to the last step we need to pass to be able to run the company for profits. The approval request and registration of the company at “Skattemyndigheten”, the Tax authorities for “f-skatt” which means a request of approval for VAT registration.
So “wazzup” with us?
We are currently at week one of four in the bank approval process 😐 and we feel like the time just keeps going and nothing happens and we can´t do anything about it. We just have to be patient. But it is hard, I tell you. We are so eager to get our business up and going.
Nothing bad that doesn´t come with the good.
But there are positive things about the situation as well. As you know there is this situation with the Coronavirus around the world and mainly in China. This is a situation that has a severe impact on productivity in China. If it would have been so that we were up and running with our business early January we most likely would have had an ordered stock of merchandise in the pipeline and on hold in China. This would also mean that we would have our Amazon account up and running, waiting for our merchandise and costing us money on a monthly basis. Without any merchandise in stock to sell.
Forced to strengthen our organization from start.
As it is now, we have to evaluate other countries to buy our goods from. This is very fortunate for us as we now have to build our sourcing strategy stronger and more reliable with greater redundancy right from the start. And also, we have no goods in stock that are paid at 50% and which we cannot sell.
- So the company is on the way to get created.
- The money is in place waiting for getting to work.
- We don´t have any unnecessary costs piling up bills on us every month.
- We got more time to learn more about the business.
- We got time to research more souring assets.
- We do however got to get an Amazon Seller Account registered.
- It takes time to register an ASA.
- We need a business registration number to be able to register an ASA.
- We don´t have any good authority to negotiate with suppliers until we got the ASA in order.
- We don´t earn any money at the moment.
The nearest future.
In the nearest future, we are going to focus on sharpening our marketing skills and research what alternative sourcing locations there are at hand. I cannot promise that I will be super good at posting our progress but I will do my best. I do want you to know how this develops, but I am an ordinary person just like you.
And with that said and in mind. This means that you can do this as well if you like to create something really remarkable and fantastic for you and your family.
So till the next time.
Think about your dream and what you want in life. And remember, that all it takes is steps to be able to get there.