Entering the EU market: why GDPR compliance is needed
4 legal points, which a business owner needs to remember starting the online business in the EU
If you plan to scale the EU market, it is very important to have a compliance with the requirements of the law. It is not just "recommended", but also necessary.
If your online resource does not meet the requirements of EU laws, you are not allowed to operate in Europe.
Europe has the strictest personal data protection law, the GDPR. This Regulation imposes strict requirements on any online resource. Companies that do not meet the requirements of the GDPR, risk being fined (up to 20 million euros or 4% of the company's turnover).
Not only regulatory authorities will control the GDPR compliance, but also:
- Users - your potential clients;
- Investors who do not plan to pay penalties for noncompliance;
- Partners who want to see your reliability;
- Service providers (no payment provider will connect an incompetent site to its system).
Compliance means conforming to a rule, such as a specification, policy, standard or law
So, the main thing:
Any inconsistency of GDPR makes your business dubious for the user and illegal for regulatory authorities In Europe. Compliance makes it attractive and legal.
The article was prepared especially for bepartner Maria Skakun - Senior Lawyer and CBDO at Avitar Law Office.