Archive December 2018

3 Crucial Things to Think About When Taking a Business Abroad 

Dec 19, 2018

3 Crucial Things to Think About When Taking a Business Abroad

Every investor out there dreams of one thing; growing the enterprise into a multinational. But this is a long journey that requires clear understanding and planning of every step. Business administration experts insist that growing business cannot happen by chance.

Even when the environment is favourable, entrepreneurs have to carefully strategize to optimize profits and keep growing to the next step. The following are the four most important things to think about when planning to take your business offshore.

Business Trip

Providing Legal And Operational Local Director​

The first step to growing your business abroad is offshore company incorporation. The targeted country will have a set of rules that enterprises can use to register businesses and start operations.

In many jurisdictions such as Hong Kong and Singapore, investors can register businesses on their own by preparing the required document. However, this can be lengthy and expensive because you will be required to fly to the target jurisdiction to apply.

The alternative that many investors consider reliable is using company registration services through agencies. Agencies are professional entities allowed to help register businesses on behalf of investors. They help with documents preparation and file them on your behalf to make the process easy and fast.

Offshore bank account opening

Once the offshore company has been registered, it will need a bank account to start operating. It is important to use secretary services when opening a bank account to make it successful with the first attempt.

Many banks have become extra stringent and opening a bank account is no longer an easy task. However, the experts will help you to get the required documents and raise the chances of getting the bank account by more than 99%.

The operational costs

There is no denying it, taking a business offshore will have to involve some cost. From the process of incorporating the business to acquiring an office, you will have to foot the bill.

The best way to go about this is ensuring that you can cover all the costs for about one year before the business can start meeting the expenses.

Mistakes to Avoid When Selecting Experts to Assist You Grow a Business Globally

Dec 19, 2018

Mistakes to Avoid When Selecting Experts to Assist You Grow a Business Globally

Business experts are professionals who help your business approach operations differently for success. They add the vigour that the enterprise needs to catapult to success. If you take a look at the top multinationals such as Apple Inc and Alibaba, the bulk of their strategies are crafted by experts.

To use expert services when seeking to expand business abroad, the starting point is hiring the right professionals. The following are the key mistakes to avoid when hiring experts to assist your offshore business to grow to the next level.

Using family members to simply cut on cost

Many are the times when you will get businesses hiring family members to act as experts. While the members can still deliver good results if they are professionals in respective areas, the idea can be very wrong if the objective is cutting cost.

In many cases, family member will rarely see the business differently. Therefore, it will be difficult to introduce a new perspective that can help the business follow the hard but the right route to success. Instead of using family members, go for professionals with proven skills in secretary services such as offshore business incorporation and tax matters.

Not introducing the experts early enough in the business cycle

When you introduce an expert into a business, it is important to optimize their services for higher monetary value. This will be very difficult to achieve if you fail to contract the business expert early enough into the business cycle.

The focus should be getting the right business professionals to assist the enterprise even before starting the operations. Consider identifying an expert early enough to assist the business with the following important tasks:

  • Offshore business incorporation
  • Business bank account opening.
  • Crafting a business entry strategy for the new jurisdiction.
  • Demonstrating tax substance for your business.

To get more from the expert, it is advisable to identify the one who can help in multiple areas. For example, consider identifying a professional who can help with company incorporation abroad, drawing reliable marketing strategies, and creating the right operational structure.