Online Business. In nowadays' business world of globalization, internet, plays a vital role, breaking down geographical boundaries, enhancing, thereby, the limitation of cross-border barriers.
It is universally acknowledged that internet has an increasing and enormous potential in the development of online business marketplace and electronic commerce. More and more businesses are integrated into the online arena, day by day.
Undeniably, when it comes to online business it is of crucial importance to ensure that your online business is aligned and duly, in compliance, with the relevant regulatory and legislative frameworks. A number of laws have been enacted, that pertain specifically and/or related to the online businesses, including but not limited to intellectual property rights (trademarks, copyrights etc.), privacy policies, terms of service, data protection and consumer rights.
First of all, you have to ensure the registration of your incorporation.
Chambersfield Economides Kranos offers full corporate services in order to cover every possible corporate need, and, can provide you inter-alia, with any legal assistance and/or services required and/or undertake on and/or for your behalf all the necessary procedures, for the purposes of ensuring the registration and formation of your company.
The application for registration of a Cypriot company is filed to and examined by the Companies Registrar and Official Receiver, on a case by case basis.
Also, noted shall be that depending on the services and/or products you wish to provide, you may require to apply for specific license.
Furthermore, when choosing internet as a means for establishing and/or starting your business activities, you must also be properly aware of the issues surrounding intellectual property rights.
Online businesses that embrace modern innovation and invest in research and development, in a cyberspace with a continuous information flow shall, undoubtedly, be Intellectual Property informed and aware.
Intellectual property, comprises, inter alia, industry and industrial property that includes inventions, patents, trademarks, industrial designs and intellectual property rights, creators' copyright rights, including scientific, musical, literary and artistic works as well as television shows, software, databases, architectural plans, advertising and multimedia, as well as business strategies which include business secrets, confidentiality agreements and know-how.
An important number of consumers avoids electronic commerce, fearing the insufficient data, security and confidentiality.
A strong emphasize shall be placed on consumer protection standards and legislative requirements. When you operate your business online, you have to ensure that your website is properly compliant with the relevant legislative and/or regulatory requirements, considering privacy policies.
Among others there is an outmost need of implementing privacy policies. Privacy policies are used to let customers know how their personally identifiable information is going to be used by the online business.
In addition, personal data protection is deemed to be of outmost importance and one of the main concerns for consumers and businesses.
If you use and/or process the personal data of EU citizens or residents, then the GDPR (General Data Protection Regulation) may apply to you even if you're not in the EU, imposing high privacy and security standards. Consequently, you have to make sure that you have the appropriate terms and conditions and disclaimers in place.
Moreover, ensuring and implementing cyber security policies is of vital importance for your business, safeguarding sensitive data, personally identifiable information and protecting it from cyber threats.
For online businesses to thrive there is a need of compliance with the relevant legislative and/or regulatory framework, encouraging businesses' economic growth and success.
Complying with the relevant regulatory and legislative framework will enhance, inter alia, your relationship with your prospective and existing customers and help you building your reputation as an ethical and trustworthy business.
Be fully prepared in properly complying with all the legal requirements and/or formalities, will minimize possible risks to your business and/or prevent any unwanted legal complications.
Originally published May 20, 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.