Age of "as a Service"
"Company as a Service" is a service type which lets freelancers or unincorporated individuals invoice their customers like a corporation. This way, businesses that use freelancers can deduct the payment from their taxes and/or show it as an expense. It's not the "What" and "How" that needs explaining, but the "Why" part about Company-as-a-Service (CaaS) needs to be explored.
In the modern tech ecosystem and white-collar lingo, SaaS is a word thrown around like a frisbee in a fraternity get-together ultimate frisbee match. SaaS is an abbreviation of "Software as a Service", a business model that changes the conventional method of license-based full-time software purchasing with "renting" the software for fixed time intervals. After SaaS became somewhat of a known model, a lot of derivations came and in the end, Wikipedia has to put it on a specific article:
aaS is an acronym for as a service (e.g., X as a service), and refers to something being made available to a customer as a service, always in the context of cloud computing.
Company-as-a-Service is one of the latest, but probably the most needed version of aaS, if you are a freelancer or a digital nomad.
The Shift, The Freelancer, The Disruption
Considering the conventional way of doing business has seen some disruptions throughout the 21st century, it is not shocking to see that the workforce also reacts to these changes and start breaking the molds around what is to be considered a "regular" occupation. While being seen as "drifters" before it became something of the desired title to be carried, Freelancers and remote-employees grow in numbers and came under the spotlight, since it became a much more agile, cheaper alternative of incorporated service providers or full-time, location-based employment. With that came the troubled times for both parties, as freelancers were not seen as an equal to their clients in terms of "commercial reputation" and haggling or making the payment in long dues were things a freelancer would quickly get used to, since even the most reputable of businesses would abuse this position, and in the other side of the medallion, getting screwed by freelancers or having to make them do something on time would become an initiation for many businesses that chose the path of the freelance workforce usage.
Start a Virtual
Both sides, with their rights and wrongs, would argue that this could be done in a more orderly fashion. A lot of middle-men and platforms on freelance job listings vertical had been founded, used and scrapped as several of them got somethings right and gained trust. The transaction itself can be made into hell if the client and the freelancer are separated by currencies, tax laws, and many, MANY borders. Plus, the majority of the world does not count freelance payments as tax-deductible, which is a thorn in the accountants and of course, in the quarterly finance reports' side.
In the meantime, not all of the service types fit these freelancing sites; that's where a freelancer with sustainable income would start considering going incorporated. In the old days before Rimuut, it may be considered as the only option, but many countries in the world have a very large order list to be completed, just to start a business; and maintaining one to keep, even while not doing any REAL business to earn money, costs money.
Why You Should Consider Creating a Virtual Company
Thus, we come to the WHY part of Company-as-a-Service model that Rimuut came up with:
- Starting a Virtual Company (which is the name of the service in the "CaaS" term) is free and fast, while it's not the same with going incorporated.
- Being a freelancer means being free of brick and mortar. Want to go do your business on a remote island. You do you, your virtual company comes with you across borders, since it does not have or need a physical address.
- No red-tape is required. 'Nuff said.
- You only pay when you get paid. You won't be burning money just to keep an "active status" for your business.
- Your Virtual Company is as legit as a conventional one. The invoice you create is not monopoly money; it holds power, just like the conventional one.
If these 5 reasons are not convincing enough for you, go ahead. But before you do, check the time and cost of starting a business in your country. A potential wait up to 4 months, plus the fixed costs of starting one may incentivize you to try registering to Rimuut, world's first "Company-as-a-Service" provider.