5 Key Aspects to Consider When Setting Up a Company in a Foreign Country

The world of commerce has undergone some rapid changes since the turn of the century, which is largely due to digital technology, which is constantly being developed, reshaping the global business landscape. Simply put, it has never been this easy to set up a company in a foreign country and in this article, we take a look at a few important aspects to take into account when setting up a business in a foreign country.

1. Ensuring compliance

There are dangers when moving into a strange business environment, especially falling foul of local laws and regulations. This is a very real threat to any foreign business, and by seeking out a local law firm, you can ensure compliance across the board. It would take a lot of time and resources to thoroughly educate yourself about a foreign business environment, which you can obtain from a local business lawyer.

2. Outsourcing essential business services

A local law firm, for example, can give you an introduction to accounting in Hong Kong, which saves you both time and money. Outsourcing to local providers eliminates the need to directly employ locals, which brings with it a lot of liability. Why employ people when you can use a 3rd party, which gives you what you need without the added liability of hiring employees?

3. Taxation concessions

Every government offers foreign investors tax concessions to attract capital into the country, and without a tax specialist in your corner, you could lose out big time. Many entrepreneurs are unaware of various tax concessions because they do not have intimate knowledge of the business environment, and to ensure this does not happen to you, connect with a local taxation specialist.

4. Dealing with bureaucracy

Every nation has a level of red tape that you must go through, and you are best placed to navigate this is to enlist the services of a local law firm that knows how to deal with government red tape. Things can take a long time if you are not aware of how a government works, and that is not conducive to making progress.

5. Effective business planning

Without an effective plan in place, it will be hard to develop a business, so you need to sit down with all participants and put together a plan that everyone understands and can follow. Every participant needs to fully understand their role and responsibilities in order for the common goals to be realised. Click here for tips on developing product launch strategies.

Don’t take any chances when it comes to setting up a business; enlist the help of local lawyers and make sure that your direction is geared towards long-term success. Whether you are moving into Hong Kong, Singapore or Malaysia, you need a local expert to guide you through the business registration process.