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Setting up a Business in a Foreign Country: What you Need to Know
You might have a successful business that is doing well in your country of residence and are thinking of expanding by opening a branch office in another country, or you might have fallen in love with a girl in Cambodia and would like to set up a business.
There are numerous reasons why an entrepreneur might wish to register a business in a foreign land, and with that in mind, here are a few essential aspects to take into account.
Every country has its own laws and regulations regarding a foreigner setting up a business and it is obviously important that you are fully compliant with all local laws. The Internet is a wealth of information and whether you are looking for company accountants in Cambodia or business registration in Malaysia, there are specialist companies that can process your business registration. If you make good use of a local law company, they can offer you the right advice as to what type of business to register.
Typically, there would be 3-4 types of business that you could register;
Once the business is set up and running, the law firm that processes the business registration also offers a wide range of business services that include the following:
Bookkeeping & Accounting
General Secretarial Work
Call Handling & Message Taking
Taxation Advice
Rather than employing locals directly, you can outsource to a local provider and with cloud solutions, your bookkeeping and accountants can be automatically carried by local specialists. This is the cheapest way to ensure that your new business is fully compliant with local laws and regulations. If you are hiring staff, here are a few tips on how to get the most from your HR department.
Thanks to the Covid-19 pandemic, the law firm would be happy to share a 30-minute video call when you can make clear your intentions. Once the provider has a better understanding of what you are looking for, they can inform you of the various company registration options and will offer you professional advice on which is the best type of business to register.
If you enlist the services of a local law firm, they will offer you the best legal advice and when you have decided which type of business to register, they can facilitate the process, which normally takes 2-4 weeks.
There are numerous reasons why an entrepreneur might wish to register a business in a foreign land, and with that in mind, here are a few essential aspects to take into account.
Carry Out Some Online Research
Every country has its own laws and regulations regarding a foreigner setting up a business and it is obviously important that you are fully compliant with all local laws. The Internet is a wealth of information and whether you are looking for company accountants in Cambodia or business registration in Malaysia, there are specialist companies that can process your business registration. If you make good use of a local law company, they can offer you the right advice as to what type of business to register.
Examine Your Options
Typically, there would be 3-4 types of business that you could register;
- Branch Office – This is ideal for those who wish to research the local market and this non-trading entity is very easy to set up and can be 100% owned by a foreigner.
- Private Limited Company – This is a full trading entity that can be 100% owned by a foreigner and the business is compliant to local laws.
- Business Partnership – If you have a local investor, this would be the ideal type of business to set up. The local partner might have to hold a controlling share (51%) and if you search online for a company that specialises in setting up a foreign business in your chosen country, this is the best solution.
Other Services
Once the business is set up and running, the law firm that processes the business registration also offers a wide range of business services that include the following:
Bookkeeping & Accounting
General Secretarial Work
Call Handling & Message Taking
Taxation Advice
Rather than employing locals directly, you can outsource to a local provider and with cloud solutions, your bookkeeping and accountants can be automatically carried by local specialists. This is the cheapest way to ensure that your new business is fully compliant with local laws and regulations. If you are hiring staff, here are a few tips on how to get the most from your HR department.
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Free Online Consultation
Thanks to the Covid-19 pandemic, the law firm would be happy to share a 30-minute video call when you can make clear your intentions. Once the provider has a better understanding of what you are looking for, they can inform you of the various company registration options and will offer you professional advice on which is the best type of business to register.
If you enlist the services of a local law firm, they will offer you the best legal advice and when you have decided which type of business to register, they can facilitate the process, which normally takes 2-4 weeks.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 6th June 2021.
