Tips for Setting up a Business in a Foreign Country
It has never been easier to set up a business in a foreign country, what with the Internet and 5G connection speeds, yet there are pitfalls along the way, especially when the country in question is non-English speaking, such as Vietnam or Thailand. Obviously, you want to be compliant with local laws and the first step would be to seek out the advice of a local law firm, who can advise you on the best type of business and also facilitate the business registration.
Here are a few tips to help you navigate through the complex processes that some with foreign business registration.
- Carry Out Extensive Market Research – Of course, you need to be 100% sure that your product or service is in demand and if find ana affordable business hotel in Saigon, you can spend a few weeks doing important market research.
- Seek Legal Advice – A Google search will help you locate a local law firm that specialises in setting up foreign businesses and they can show you the 3 or 4 options and explain the pros and cons of each. Decide whether you want a trading or non-trading entity and tell the lawyer everything about the business. Some businesses come with a working visa, which you will need and the law firm can also process your visa and others if needed.
- Outsource Office Work – If you can avoid having to directly employ locals, why not take advantage of the many small local businesses that offer a wide range of services including bookkeeping & accounting. The cost would be low in a developing country and you are not liable as an employer, which can be a real burden.
- Local Partners – In South East Asian countries particularly, it is beneficial to find a local partner and if you don’t know such a person, the law firm can find a nominee and set up the business. This may be beneficial, depending on the type of business and it is certainly something to discuss with the local lawyer.
- Know the Local Laws and Customs – This is very important when you create a business in a foreign land; the last thing you want is to fall foul of the law or offend an ethnic group. The local law firm will ensure that you are always compliant with local laws and customs.
Without the help of a local law firm, setting up a business in a foreign country can be an ordeal and there’s always the risk of non-compliance with the laws and customs of the country.