How to choose the right country for opening a company
The world we live in today has made it quite easy for most of us to start our own company. The Internet has created a lot of new business opportunities and ideas which can be successfully put to use and to the benefit of others. With so many options, choosing the country to set up a business in is one of the most important challenges.
Selecting the country to open a company depends on the money one is willing to invest, the industry or the profession of the business person and, of course, the legislation in that particular country. Plus, one also needs to consider the many frauds which have developed along with the appearance of the Internet. One must always consider asking for legal advice from a criminal defence lawyer, if confronted with a possible fraud.
Let’s see what one should consider in terms of country of choice when deciding to start a business.
Taxation is essential when opening a business
Most business persons consider taxation as one of the most important aspects when choosing a country to start a business in. There are onshore and offshore destinations, if we are to categorize countries from a taxation point of view; however, there are also countries which provide for low taxes just as offshore states. For example, large companies can decide to set up subsidiaries in Labuan, one of the most important offshore jurisdictions in Malaysia, while benefiting from a very good taxation system.
Offshore jurisdictions are still preferred by many investors
Offshore countries remain among the preferences of many foreign entrepreneurs who consider they can reduce their taxes and ensure a higher degree of confidentiality if they decide for such a jurisdiction. Let’s take Seychelles, for instance: setting up an offshore company in Seychelles will definitely offer a good protection when it comes to the assets of the owner, if one chooses this business form. Investors can also decide to open onshore companies and complete activities just like in any other onshore jurisdiction.
Going for traditional country
There are also entrepreneurs who decide to go the old-fashioned way and settle their companies in traditional countries with well-established regulations. These are usually European countries, such as Germany, France, Spain and Italy which have evolved a lot in the last few years, especially in accommodating the needs of the new generation of investors which rely on new technologies. Those who decide to operate in Italy, for example, are advised to use the services of a local law firm in order to integrate their businesses under the legal requirements of the authorities here.
No matter the country one decides for setting up a business, what matters in the end is for that country to answer the needs of entrepreneur, while his or her products or services answer the needs of the clients in that country.