There was a time when managing a foreign business had to be hands-on, but when the digital tech explosion happened, it changed everything. As we move into the lightning-fast 5G world, real-time video gives you connectivity, and with cloud data storage, you can run everything from any location.
Setting up a Business in a Foreign Country
This would involve contacting an international law firm, one with offices in your chosen venue; the legal experts can explain the different types of business you can register, with the pros and cons of each. A local law firm has the expertise to facilitate the business registration, plus they have the contacts to provide you with a wide range of business services, such as payroll, recruitment, secretarial and administrative employees.
Cloud Data Storage
If your business is hooked up to the cloud, local employees can access the data they need to do their work; password-protected, allowing local staff access is secure. The accounts department who live in Indonesia, for example, can do their work remotely and salaries are low when compared to developed countries, and the law firm has connections with many 3rd party providers of:
- General secretarial work
- Accounting & bookkeeping
- Telesales
- Retail
- Sales
- Marketing
This means you can manage the business remotely and costs will be lower than in your home country, which is an attractive business environment. Click here to find out how technology has reshaped financial services.
International Law Firms
Southeast Asia is a very popular region, with Thailand, Malaysia, Indonesia and Singapore, all vibrant markets to penetrate; contact an international law firm to facilitate the registration and they can handle every aspect of the project. They know precisely what is required, plus they can advise you to minimise tax; they can find local employees and connect you with local suppliers. Forging an alliance with an established law firm opens many doors, which empowers you to manage the organisation remotely.
Real Time Video
If you have a local branch manager and you are in Europe, real-time calls on a daily basis give you that essential contact; a short call in the morning to update the employee, then another one in the evening to discuss the following day and ongoing projects. Zoom offers great business packages and you can record meetings, set up workshops and hold daily sales meetings, with many powerful collaboration tools.
Remaining Compliant
This is a very important aspect of doing business in a foreign country and the lawyer is the person to ensure 100% compliance; all government requirements are met within the deadline, so you don’t have to worry about compliance. Annual tax returns must be filed on time, failure to do so can result in a fine, which is something to avoid at all costs. The Indonesian government welcomes foreign investment and there are excellent incentives when you set up a local business, which makes it attractive.
Talk to an international law firm and get the information you need to move ahead with your plan.
