The business arena has changed since the turn of the century, the world had gone global with high-speed Internet and many entrepreneurs are looking to expand their business interests to foreign lands, looking for new markets. Setting up a business in a foreign country would once have been quite a challenge, not so today, however, as Internet connectivity empowers the global entrepreneur.
Seek out expert legal advice
Let’s say that you are looking to set up a small business in Indonesia, for example, we recommend that you contact a leading international law firm that has offices in Jakarta. They have the know-how, resources and experience to facilitate your business registration, plus they can offer you the best advice on which type of business to register. Once registered, you would be in need of an accounting company in Indonesia and your international legal partner can provide these services.
Types of business entity
The vast majority of countries in the world offer 3 business types;
- Representative office – A non-trading entity for doing market research.
- Private limited company – This can usually be 100% foreign owned (there might be certain conditions)
- Foreign branch office – A foreign company wishing to expand their business interests can open a branch office and hire local staff.
Prior to choosing, your international lawyer would give you the pros and cons of each, helping you to make the right choice. You should have firm plan for the future and if your legal expert knows what you are planning, he/she can point out important aspects that need consideration.
Compliance with local laws
When you register a business in a foreign country, you have to remain compliant with local laws and your legal partner can assure that you always remain compliant with the many laws, rules and regulations.
Outsourcing essential business services
You can effectively manage your foreign business from your home country, thanks to outsourcing; the following services can be sourced locally.
- Bookkeeping & accounting
- Quarterly and annual reports
- Taxation
- Meeting minutes
- Sales & marketing teams
- Business premises security
- Office cleaning
If your new business is in a non-English speaking country, this adds to the level of difficulty, which is yet another reason you need a reliable law firm to ensure you are always compliant.
Filing annual reports and tax returns
Every company or corporation must adhere to the filing of both tax returns and annual reports; with a remote team of experienced local accountants, compliance is assured and you can focus on other aspects of your business, knowing that you are within the law in every respect. You can also receive advice on tax strategies and with their help, your business has firm direction and you can make data-driven decisions to forge a path to success.
Setting up a business in Indonesia, for example, would require the assistance of a top law firm with Jakarta offices and with their help, your new business will be ready to in 4-6 weeks.
