Following the plan outlined in our last post, we headed to Bulgaria with two main priorities:
- Set up a legal entity for DULO and organise all the specifics related to it, such as a bank account and accounting services
- Visit our partners and see the first product samples
The visit to our manufacturers was scheduled for Thursday and we would use the rest of the week to register the company. We managed to squeeze in a few productive meetings on the weekend with friends from the marketing and creative industry to exchange experience and discuss ideas about content creation and marketing. In particular, we talked about video as an effective way to storytell and the importance of generating leads through email subscriptions.
We were lucky that Marin had someone in mind to help us with the setup of the company — an attorney and a family friend, who helped us prepare the documentation. After quite a bit of signing and handwriting (felt a bit awkward to use a pen again), a brief stop at the notary, the only thing left was to open a bank account.
Another important aspect to figure out was accounting. After some talks with accountants, it seemed that we don’t need to do anything before we start operation, which would be in a few months, once we start to turn some revenue.
We briefly touched on the topic of securing the trademark, but as it turned out — we could arrange that at a later stage. We learned though, that the process could cost quite a bit and take some time. However, our current priority is to make a good product and later worry about the non-essentials.
By Wednesday we received confirmation that the company was registered as “DULO Wear ltd.” We were told by our lawyer that the timeframe by which the registration was processed was extremely quick and not typical. Our old friend Luck was with us, yet again.
We were both excited for Thursday and the visit to our partners, where we would have a face to face meeting and finally see something tangible after months of ideas, discussions and anticipation.