Starting a business in a different country will present a set of challenges, as well as opportunities. Knowing what to expect in terms of company formation and regulations requirements is important and investors can start their entrepreneurial journey in other jurisdictions by understanding the local obligations. In this article, we present a number of necessary steps for opening a company in different countries around the world. Please keep in mind that different jurisdictions have different requirements and the different types of businesses may be subject to additional compliance.

The main requisites for opening a company

The most important requirements for opening a company in a different country have to do with registering the business with the local company register. This includes the pre-registration steps for drafting the company's Articles of Association as well as the post-registration steps needed for further registrations with the tax authorities and the social security authorities for hiring employees.

Working with a team of defence solicitors may be required in some cases when new investors face issues such as business crime. Working with a team of local specialists is highly recommended in these cases.

Apart from having to comply with the main requirements related to business and commercial law, investors will also need to comply with the requirements for obtaining special permits and licenses for their new business. This is especially true for selected business fields, such as banking and insurance, healthcare, restaurants, and accommodation or educational establishments. For example, entrepreneurs who are interested in offering medical services, such as cosmetic procedures or hair transplant treatments will need to apply for the permits and licenses needed for this practice. In addition to this, they will need to hire qualified physicians and personnel.

Easy company formation in selected countries

Some countries have implemented very simple company formation procedures. Starting a company in Belize can be accomplished even when the company founders cannot be present in the country during the entire procedure.

In other countries, investors can open a company in the same day. The Isle of Man has a special service for company formation that allows investors to incorporate a new business within 48 hours, in two hours or even under a "while you wait" regime. Investors should know that special tariffs apply for fast-track company formation.

Once the business is registered, investors will need to follow through with additional requirements, such as tax registrations, obtaining the VAT number, and obtaining the aforementioned special permits and licenses. An additional step can be trademark registration. It is advisable to work with local trademark registration specialists, such as the experts, for this step.

Understanding the local business culture as well as the laws applicable to company formation and management are significant steps when opening a company in a different country. Investors can start by choosing their preferred jurisdiction, followed by researching the local compliance requirements.