If your business has been steaming ahead for the past couple of years, breaking sales records month after month, you are probably looking further afield with a view to setting up offices in neighboring countries. The world has shrunk, thanks to digital tech and jet air travel, and setting up a branch in a foreign country is no longer the ordeal it once was.
Every business wants an expansion in the foreign markets. The earth’s communications are becoming short and fast. These fast communications are bringing the globalization concepts. And we can say no business is bounded in single locations. But for the foreign business expansions, you have to initiate some easy tactics.
Let’s have a look.
6 Services To Consider For Foreign Business Expansions
Knowing the foreign markets types and developing the process papers are not enough for foreign business expansions. Apart from these two, you have to consider multiple extra factors to help in your business expansions.
Here are the six essential factors you have to consider before heading for the foreign markets.
1. Integral Legal Partner
The only way you can set up a business in foreign markets or countries is to hook up with a local law firm that specializes in helping foreign businesses set up their operation.
This would empower you in many ways,
- Process the business registration
- Advice on the best type of business to register
- Visa & work permit assistance
- Sourcing local partners & services
- Manage accounting & taxation
Whether you are in need of accounting services in China or long-term visas in Thailand, your local law partner can help.
2. The Importance Of Compliance
When doing business in foreign markets and strange lands, it is critical that you always comply with local laws and regulations, and that is something you can be sure of when you use the services of a local law firm.
There can be very severe penalties for breaking the law, and that’s the last thing you want as a new investor; stay on the right side of the law by hiring a local lawyer. To be a profitable investor, it is important to follow the rules.
3. Trading or Non-Trading
When setting up a business in a foreign country, you always have the option of trading or non-trading. A trading entity would be subject to local laws, and a limited liability company would likely be the best option, which puts you in the same arena as local businesses.
Here is some interesting information on China’s plan for economic development. Non-trading is ideal when you need to do the foreign markets researches, and you are not restricted.
4. Foreign Ownership
If you prefer 100% ownership, this is not an issue; however, there are advantages to partnering up with a local citizen or business, and after a discussion with the lawyer, you would be able to make the right choice regarding the type of business you register.
In some sectors, it is required to have a local partner and, of course, every country has its own set of rules about this.
5. Accounting, Bookkeeping & Taxation
Rather than directly employing office staff, the law firm can recommend professional services that are handled remotely, which ensures that your books are always up-to-date.
Rates are low, and you can depend on the service, plus you only pay for the foreign markets and services you use.
6. Working Visas
As you would expect, every country has immigration and labor laws; you can’t simply arrive and decide to make some money. Most countries favor foreign investment, and if you are setting up a branch office in their country, you would be able to obtain a work permit and long-stay visa.
Working on a regular foreign markets tourist visa is definitely not recommended, and immigration can be intimidating, especially if they think you are taking advantage of their homeland.
If you forge an alliance with a local law firm, your experience should be smooth and uneventful, leading to a new business venture to explore a foreign market. Follow these six tips and enter into the foreign markets. Following all of these tips will also help you create the business process. Are you having any different points in your mind? Do not forget to share your essential business expansion facts and tips in the comment sections.