More and more entrepreneurs are seeing the many benefits of working and living abroad, which can bring with it attractive taxation concessions and while you might not have considered relocating to a tropical paradise, it has never been easier to do just that.
Here are a few tips to help you navigate your way to setting up a business in a foreign country.
- Be Fully Compliant – Each country has its own set of rules and regulations about company formation by foreigners and it is always a concern that you might break laws without realising it. There are corporate lawyers in Asia that can advise you regarding the best way to form a business and they can be found with an online search. It is important that you obtain the right type of visa that permits you to work and this is something a local law firm can assist you with.
- Local Legal Advice – No one would expect you to understand the complex legal issues when registering a business in a foreign country, which is why you need to enlist the help of a local law practice that facilitates foreign business formation. You must decide whether you want the business to be a trading or non-trading entity and choose a type of company registration that enables you to work legally. Click here for information on suitable destinations for setting up a tech company.
- Outsource Business Services – Rather than directly employing local staff, which involves a lot of liability, you can outsource your bookkeeping and accounting to a third-party provider that is based in the country. Tax returns and quarterly reports must be submitted to the Ministry of Commerce and local companies have you covered with all business services.
- Local Digital Marketing – No one understands the domestic market like a local digital marketing agency and if you make an enquiry, they can first find out a few things about your business and then put together an aggressive digital marketing plan that is aimed at your target groups. It is important to take local customs and culture when planning a marketing campaign and if there are foreign languages involved, you need accurate translation for all your marketing content, which can be provided by a local agency.
- Find a Local Partner – This can open a lot of doors, especially of your partner has a different set of skills than you. Of course, you need to develop a relationship before committing to a partnership, this can help you in many ways, including language (if English is not spoken). In many countries, having a local partner allows you to trade; talk to a legal firm about this and they can explain the system. If you are planning to travel in the near future, check the WHO website regarding the latest Covid news.
Once you have made up your mind and you wish to move ahead with the foreign business registration, seek out a local law firm that specialises in helping foreigners set up a company and they can advise you on every aspect of the process.