Considerations When Establishing Your Own Business

A lot of investors have decided to set up their own business due to the plenty of advantages provided within a certain location. For instance, the city where you are eyeing to establish your business may have a lot of free enterprise system along with international infrastructures as well as facilities. Or perhaps you think such place is the perfect business location because of cheap energy supply, competitively priced import duties and freight charges, as well as accessible sea and airports. Investors also would want to establish their businesses in a location where it has additional perks such as the lack of personal income, corporate and capital taxation along with full repatriation of capital and profits.

One of the very first things you must consider is if foreign investors are allowed to be majority shareholders of a business. There are countries which only allow a maximum of 49% share within a business with the majority going to a local. With this, you need to locate a local partner, be it an individual or business, which would help you in getting the needed paper work required for starting your business.

In order for to protect your interests, and to give you local legal advice, it is also advisable that you must employ the services of a lawyer. This is actually very important and beneficial knowing that you have a partner that has majority control over the business, even if without contributing capital.

Another thing to take into consideration when setting up a business abroad is to locate the ideal business model by determining if you must set it up as a general partnership, as joint venture, or as a limited liability company. Your choice of legal structure for your business might be influenced by the fact that the Department of Economic Development has several capital requirements for every business model.

After which, you need to rent a space for your office. You must remember that the DED will not allow “virtual offices” and will require businesses to have an actual physical office.

Indeed, your business’ successful entry into another country depends on locating a trusted and reliable partner. A very efficient partner can certainly assist you breeze past barriers while giving you solutions to company formation as well as introducing you to significant and trusted contacts.

To learn more about how to successfully set up your own business in another country, check out this site.