The world has gone digital and this brings with it many benefits, not least instant connectivity thanks to the World Wide Web; if you are thinking about setting up a business abroad, it has never been easier. More people than ever are classed as digital nomads, who manage their business online, plus there are many employees that work from home and if you are going to live in Thailand or Hong Kong, it is easy to register a business and enjoy the benefits of a foreign investor.
Seek Local Legal Services
Registering a business is a complex experience, even more so when it is a foreign land and the only way forward is to contact a specialist law firm that has experience in setting up businesses for foreigners. Of course, there are always a number of options when it comes to business registration and the lawyer would explain the pros and cons of each, advising you on the best course of action. There are taxation and liability implications to consider when setting up a company, which is why you need the advice of a local lawyer.
Outsourcing Essential Services
Once your business is up and running, you can find local providers of payroll services and bookkeeping and local rates are usually low. Your local lawyer would have connections for all essential services, so you won’t have any issues keeping your business in operation.
Services you might need include:
- Bookkeeping & accounting
- Secretarial services
- Digital marketing
- Legal services
Local businesses provide a wide range of business services and your lawyer can put you in touch and even meditate on your behalf.
Types of Business Registration
Take Hong Kong as an example, you can register your business in the following ways;
- Representative Office – The RO is perfect for foreign companies that wish to carry out market research; a non-trading entity that has 1 authorised representative and is not compliant with local laws.
- Private Limited Company – This is ideal for the business owner who wants limited liability, with no minimum share capital and at least 1 shareholder and a director. There are no restrictions and the entity is subject to local laws.
- Foreign Branch Office – If you have an established international company, you can open a branch in Hong Kong with one branch representative, while the office is subject to local laws.
Of course, having legal advice ensures that you make all the right decisions, plus you will always be fully compliant with local laws. Click here for a list of top digital marketing jobs in 2022.
Once you hook up with a local law firm that handles foreign business registration, you have the best advice and access to a wide range of essential business services. There are other ways that they can assist you; long term visas and work permits are often needed, plus the law firm has all the connections you might need to make your new business successful.