Something is missing from that sentence, as Amazon didn't turn a profit for IIRC about the first 20 years of their existence, and Uber has been around at least 5 years.

What is missing is the "or what?" In Austria, your "business" is downgraded to "hobby" and cannot be upgraded again. You can form another business of the same type, but there are limitations there as well (e.g. if you go bankrupt, the GM of the failed firm is barred from leading a firm in the same industry for some years after - IIRC think 3).