Features of doing business
People, wanting to build your own business at Entropia Universe, must be fully aware, what they have to face.
Judging by the many comments on the Internet on the forums, various sites and groups on social networks, a common person, or, if it will be more correct, person, burdened by the past, still not inclined to have confidence in any business in the virtual world, especially if it does not bode 1000% profit from invested funds 3 days after its organization (joke) or opportunities to make a million dollars, investing nothing, except time. Such is his psychology.
But we still try to consider below the various pros and cons of organizing a business in the EU, for those, whose approach to virtual business is different from the above.
In our opinion, the most important thing, what should man step inside of himself (or a group of people), thinking about investing real money in the EU and setting up an existing business there, this is fear. Fear of the consequences, what «suddenly MindArk goes bankrupt» and all my money will be lost? This is the main fear of all new, and not only new entropia members. And of course, exclude it at 100% impossible. Only knowledge of that can help overcome this fear, that the Entropia Universe platform — product of a Swedish company, existing for about 14 years.
The company regularly publishes financial reports on its activities, which anyone can study in detail. If you do not believe the company, registered in the European Union, complying with EU laws and paying taxes there, then convince you to make an investment or organize an EU business we are powerless. We believe her, and we do not assume bankruptcy of this company in the coming years.
No less frightening is the lack of knowledge of financial activities and relationships within the EU. We believe, that none of the game specialists, who are most often interested in the EU, and who are sure, that they can easily cope with some kind of Entropia Universe, based on their knowledge of games, never encountered a tax system, similar EU tax system. This system, in our opinion, is as close as possible to the tax system in real life. She scares away many, and those, who is reckless, cleans to the skin. But in fact, there is nothing terrible or incomprehensible in it, if you understand all its intricacies and learn how to use yourself for good, not to the detriment.
In our opinion, no tax system can interfere with building a successful business. Entropia Universe is no exception.
Now let’s look at the main pros and cons of organizing a business in Entropia Universe
- You can start a business at the finished, well-established and successfully established site, provided by the company, registered in a country of the European Union.
- Doing Business in Domestic Currency Project Entropia Dollar, freely convertible to US dollars (or euro) at the rate of 10 PED = 1 USD, according to the terms of the public offer, offered by MindArk to participants.
- Transparency and almost complete immutability of rules and relationships, regulated by public offer, between MindArk and members from the very beginning of the Entropia Universe, today is a guarantee of the confidentiality of the personal data of the participant, safety of invested funds, as well as a guarantee of a successful withdrawal of funds by the participant, if necessary.
- The opportunity to invest in several areas and various assets at once, which allows the participant to receive income from activities or those assets, revenues for which grew due to market changes, compensating for possible losses from assets or activities, and caused the party losses.
- The ability to carry out part of the activity and trading operations as online, both offline, when investing in appropriate tools or when using internal services (shops and auction).
- The ability to play only on the Entropia Universe market, not taking part in core activities, which exempts such a participant from the main «loot tax».
- Officially authorized withdrawal of profits and fixed assets from Entropia Universe in US dollars or euros to the participant’s bank account at his request.
- The ability to protect your account with a security system with double identification, similar bank account protection.
- Inability to control MindArk, except by examining the financial statements. All controversial serious issues, if any, the participant will have to decide in a court of Sweden, which may entail additional costs, related to trips to the European Union.
- MindArk dynamic policy to change the internal conditions of functioning of various systems, as well as regular updating and addition of internal content, it leads to sharp or smooth changes in the added value of Entropia Universe items and assets. The purpose of such a publicly announced policy, is that, that MindArk seeks not to create greenhouse conditions for the long-term functioning of the same type of business, and it leads, eg, an increase in the value of some assets and a sharp depreciation of others, and, accordingly, to a fall in the level of income from one type of activity and an increase in the level of income from another. Large and significant updates with such platform changes are made by the company 4 times a year. Small — in between big updates.
- Very high risk of investing in items, high value added, due to the unpredictability of content changes and possible loss of funds due to a decrease in this added value.
- The inability of the Entropia Universe to export any data for financial accounting and analysis leads to a lot of manual labor when accounting.
- Long term withdrawal from account to bank account (up to 2.5 months from the moment of withdrawal order), explained by the desire of the MindArk security service to conduct a full audit of the participant’s character and find out the legality of the funds, intended for withdrawal and lack of fraud, or violations of ToU or EULA. Previously, this period was 2-3 weeks, but was increased by the company after fraudulent participants in payments.
- Very high competition among participants does not always allow one to get profit from activities calculated taking into account the time costs.
- Weak and selective support work in resolving member issues, related to the functioning of internal services. Maximum response speed — on financial issues and authorization issues/registration. For all other questions, getting an answer after contacting support is usually difficult and time consuming.
Anyway, with all these disadvantages, In our opinion, the Entropia Universe is a fairly balanced system, allowing the participant, with due knowledge and skills to build a successfully functioning business on its basis, with regular withdrawal of profits received within the EU.