Small businesses are the backbone of the world’s economy, especially in developing countries. They make up 90 percent of businesses, employing around half of the population. As of 2020, there were approximately 212.98 million small to mid-sized enterprises worldwide.

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Starting a small business can be an attractive option for many, especially with the world experiencing limited employment opportunities due to the pandemic. But aside from an idea and some startup capital, you need to comply with local and national regulations as well.

If you’re planning to go the small business route, here are some requirements you need to take care of protecting yourself and your business on the legal front.…