Why create company?
TLDR; Because this is the only way i can get officially paid for a remote position. š
So i’ve been a developer for few years now, 5-ish by now. I started as an intern and worked my ways through the ranks, going through different tech stacks, iOS, Ruby on Rails and part time learned the new cross platform tool by google Flutter.
After 3 years i got an offer, for a flutter position, and i took it without much second thought. It was a good offer and it promised many things. I was solo flutter dev in the company, there has been some attempts to hire more but they failed, flutter was not this mainstream at the time…
Fast forward one year…
We created one app, in the US energy sector, but the management stagnates to market it and starts another project, with the plan to cross-sell eventually.
Fast forward another year…
The second product is ready, the marketing campaigns start, but sadly they have near zero effect. Not sure if it was the marketing team’s fault or the lack of founds or both but now we have 2 products, 3 years worth of development, ready and working but 0 users.
People in the company come and go, and there are only 4 stable devs in the team trying to keep it together. The only thing keeping me in is the camaraderie we’ve built over the last 2 years…
I start looking for a new position. After few interviews i know that i want a change of scenery and i start looking abroad, for a remote position. And sure enough With the gathered experience in flutter, i found one, a really good one.
But, in order to collaborate internationally i need to open a Company.
How to create company?
TLDR; You pick out your company activities from a list, then you go to the public services organisation (ASP in Moldova), register it with a unique name, pay and wait. In a few weeks you go to get the Stamp and Shiny colourful “Extras” page that is the confirmation of your ownership of the company, after you are obligated to go to the bank and open an company account in the next 2 days.
In order to create a company, you’ll need a few things, the full list can be found here. I will split it into 3 main steps.
- The list of activities
- A bank account
- A unique company name
The list of activities
The government separated the type of activities that any company can officially do, and made categories that encapsulate as best as they could this activities.
I couldn’t find a link in 5 min search, so… i’m gonna move on with this article :).
The main point is to select whatever best fits your company goals and pick their 5(ish) digit number ids, to give to ASP employee during registration.
A bank account
You can choose any bank really. Go and find what you best like, i don’t think there is a bank that would not offer services for companies.
My first choice was MAIB, i had an account there for as long as i can remember and the app looked like people were trying to make some actual changes to, that turned out to be a mistake but about this i’ll talk some other time…
I recommend opening a multi currency account regardless, as a future proof. You might change your job in another currency and in the future and that will save some hustle.
A unique company name
There are only two hard things in Computer Science: cache invalidation and naming things. – Phil Karlton
This is definitely a professional deformation issue )), this is not an computer science task but i remember the struggling as if it was yesterday.
At the time i did not have any plans of making anything out of this company, it was just a means of working remotely, but the inner perfectionist said that if there is a chance, and i will decide to promote it and maybe make some products in the future, it is worth the time.
Brainstorming names, discussing different ones with my wife, and it just never clicked.
So of course i asked chat GPT, to provide me with a list of 10 company names by a specific description. And this is what he did!, and i kinda liked some, but didn’t others… and in order to generate another 10 i would prompt to GPT:
- another
- another.
- another!
- sign... another please.
And i looked at it and come up with Another Company. It suddenly shined and i started googling, and i only font one another.co that is a french marketing company, with a slick logo and a cool animation on the front page.
So in order to differentiate i added the main purpose of the company IT (Information Technology), so this is how Another IT Company was born.
š«” Time to cash in that capital, right?
Well not so fast… You see, the money you have in your company’s bank account is NOT yours, it’s the company’s budget, now legally the company is a separate entity with its rights and obligations, and you are only the manager of this entity.
So technically as a founder you do not have access you company money, each company has one employee mandatory position, the administrator. And only the administrator has the legal power to go to the bank and do operations. What does the founder do? well, it hires the administrator. And since Abraham each employee needs a salary, so there is a mandatory administrator with a salary.
Luckily there is no specification that the administrator and founder must be different people ).
So you can hire yourself as an
administrator, and now you are officially your own boss.
Also a company is obligated to submit monthly reports and pay taxes. This process is not simple. You ca do it as an administrator technically, but the Accountant job exists for a reason… So i found one accountant that works as a service provider (there are many), and delegated this to her.
After figuring out the logistics of how one should manage a company it was settled. I went to ASP with all needed papers, they actually checked if the name was unique and registered it. The day after, i created a bank account. And VoilĆ i had all the necessary pre-requisites for international transfers to happen.
All that is left is to create a invoice template with the bank account data of both parties and send it to the client abroad, and once they do the transfer the money will be in your bank account. ššš
Heheey, you’ve reached the end of this article. This is the first one in it’s series. I plan to write more about:
- The reasons behind starting a blog
- More technical details in managing the company and the processes
- About my tech stack
- About setting up Appstore&GooglePlay dev accounts for a company
- And about setting up this blog pipeline. (TLDR; i write them in my notes app Obsidian, and with one button it triggers the deploy mechanism)
- And about products that are in currently development and will be released under the
Another IT Companyumbrella. Like Creating a new Moldova-Exclusive product. that hopefully will be released at the start of 2025 š¤.
PS: if you want to get in contact you can use support@anotherit.company š to get in touch.