tech-company, mobile-apps, sole-proprietorshipFor those of you who don’t know what kobo is, it’s an e-reader with a bookstore: https://store.kobobooks.com/
If I had a similar idea that was simple enough for me to manage on my own, but with as much customers as kobo, do I have to register it as a company? So there would be people buying and selling stuff, except that I don’t hire anyone to work with me, or have servers to maintain etc.
The problem is that im only 17, and in my country (egypt )i cant even open a bank account till im 21.
Simple answer: YES
Whenever you’re making money, you should declare the revenues and accordingly to your local law, pay taxes on it. For that You need to register a company.
In various regions in the world there are also “a sort of companies” Where the commercial entity is a single person and has relaxed rules and technically isn’t a company but still has to be registered as one. In Eastern Europe that’s called A physical person entrepreneur (rough translation)
Plus I don’t know of any payment gateways that allow for non registered companies to accept payments.
Answer to updated question:
As Ess Kay mentioned in a comment, when registering a company you open a bank account for the company not yourself.
I’m assuming you may bring another edit stating opening a company may not be possible at your age either, and for that you may have many solutions. Get your parents or someone you have mutual trust with to open the company and have a contract stating they must give over the company when you turn 21 and act in your favour in the company or something like that.
Another option would be to register for e-residency in Estonia (can be done online) you can register a company without any restrictions in 20 minutes (also online)
Not being familiar with Egyptian law, I can not say for certain. But in the U.S., the situation you describe would not necessitate the formation of a legal or corporate entity.
In the U.S. the primary purpose corporations (and other legal entities) serve is to shield their owners from liability.
People also form companies for the purpose of sharing ownership with others and funding the corporation through the sale of fractions of that ownership — called shares of stock.
I imagine corporations serve the same general purpose in Egypt. But I could be wrong.
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