Setting up a company is no small task, and it will be even bigger task, if you want to set up a company abroad. It requires your utmost attention to areas such as location, local regulations and maintenance considerations.
We highly recommend you to recruit the services of an agent with a local presence. That way you can ensure that your business support advisers are most likely well versed in the nuances of local laws and regulations. Working with a local company with a bricks-and-mortar presence also reduces the risk inherent in working with ‘here today, gone tomorrow’ internet-based companies.
It’s essential to do your homework on potential company formation agents. A high level of research and due diligence is necessary to avoid costly mistakes further down the line.
Check out the ‘substance’ of the agent you’re engaging with. Do they have the local know how, licensing and banking knowledge and the infrastructure to deal with your needs? Experience is a must have.
It’s also advisable to be wary of online ‘client’ testimonials, as these can be easily fabricated. Therefore, looking at third party review providers, such as Trust Pilot, will provide 100 per authenticated reviews. By carrying out an extensive review process, you’ll also confirm that the company is based in their stated jurisdiction.
Finally, look out for credible partnerships and associations, such as the local government and independent bodies.
It’s important to check that the jurisdiction you want to set up in supports your banking requirements. If you don’t have the right licence type, for example, the local banks might not be able to onboard you.
Also You have to remember that renewals of bank filings often need to be updated annually – this entails the updating of the licence and updating of registries. If you’re working with a ‘here today gone tomorrow’ firm, what happens when you get to the incorporation dates a year down the line?
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