There are multiple benefits of having an online business as a natural person or as a legal entity. The online environment is the ideal way to start a company, considering that the number of online users is gradually increasing. At the level of June 2019, the online environment was populated by more than 4.5 billion internet users, the highest shares being registered in Asia (more than 50% of all the internet users) and Europe (accounting for 16%).
Investors interested in starting an online business can address their services and products to a much larger consumer market and they can also increase their number of orders (if the online business operates as a shop), since the company’s clients can place orders at any given time, from any part of the world, this being one of the most important aspects.
The top benefits of an online business
A great advantage of starting an online business is also given by the fact that the company’s representatives can start their business operations from any region of the world. They can also operate from the country where they are residents, but the advantage of an online business is that its founders can develop it from any given place. Beside these, the company can also enjoy a better customer service and a better communication with its clients.
If an online business operates as an online shop, the company can also provide the option for the company’s clients to reserve the products they are interested in. Having better services and knowing the real characteristics of the company’s clients, their preferences and so on can also have a good impact on the company.
From a financial perspective, having an online business can lead to lower costs compared to operating a brick-and-mortar shop. The investors will still have to go through all the stages of starting a business as prescribed by the legislation of the country where they operate and such costs will always vary depending on the selected jurisdiction. They also have to consider the tax system applicable to their business activity or the capital requirements. In this sense, investors must know that starting a business in the Cayman Islands is very beneficial from a tax point of view, as a wide range of taxes are not imposed by the local authorities (capital gains tax, income tax, corporate tax and others).
Online businesses are not only referring to those selling goods over the internet. They also take into consideration services providers – natural persons or legal entities. Thus, a company providing services can present on its website the types of services it offers, the specialists working in the respective company or the prices requested by the company for various services.
This type of website can be used by those who provide consultancy services, public relation services, medical services offered by dentists or other types of medical practitioners, advertising services and numerous others. A website can be employed by businesses or natural persons providing legal services in various branches of law, who can represent local clients or international clients in commercial law matters, criminal matters or civil matters (marriage, inheritance, divorce, immigration, legislation on personal injuries, drawing a will, obtaining residency in a foreign country, etc).
Nowadays, natural persons also use the website as a tool to promote their services and products in the online environment, especially in the case of those working as self-employed. There are other types of benefits in having an online business, as the company’s owner can easily reach his or her clients. For this, various online tools are used, which help in increasing the visibility of one’s website.