It might be that you experienced a magical holiday in a tropical paradise, or you have family ties and would like to set up a legitimate registered business in another country, whatever the reason, there is much to think about when you plan to start a business in a strange land. There might be language issues, which compounds the difficulty level, then there is the complex business protocol in the destination country, a daunting prospect for anyone.
Here are a few tips when starting a business venture abroad to ensure that nothing is overlooked.
- Create a Business Plan – Every business should be born from a plan; a document that provides an overview of the business, details about marketing, a list of assets and cash-flow forecasts for at least the first 5 years. When your business is located in a foreign country, this makes it all the more complicated and whether registering a private limited company in Malaysia or Thailand, you are advised to contact a local law company that processes foreign company formation. Once your business plan is complete, ask a business guru to take a look at it and they would likely find a few issues that can be addressed.
- Understanding the Business Registration Process – A South East Asian country such as Malaysia would have a complex set of laws regarding foreign business investment and you should approach a specialist local company that will assist you with the registration process. There are numerous ways that you can set up a business, some are trading and some non-trading and some offer long-term visas and work permits. Compliance is absolutely essential and the best way to assure this is to consult with a local company registration firm, who would advise you on every aspect of the business formation. Click here for tips on tech startups, which is a worthwhile read.
- Learn About the Culture and Customs – If you are to be successful setting up your business, it is important to research their history and be aware of the customs and cultural beliefs. The Internet hosts a wealth of information and a few hours of Googling will give you a sound background knowledge of the country where you will do business. There will be business etiquette that you need to learn, as you will be meeting local business people on a regular basis.
- Seek Expert Advice – The various ways to formulate a business in a country like Malaysia offers specific scenarios and when you seek the advice of a legal expert, you will understand the various options and can therefore, make all the right decisions. This type of company also offers secretarial work and other business services, which is very convenient and they process the application in a few days, leaving you ready to implement your business plan.
Make sure that the current administration is sound and that the economy is stable and if you do your market research and enlist some legal assistance, there’s every reason to believe your new business venture will be a success.