Do you dream of having an international business and being your own boss?
Now is the perfect time to make that dream a reality!
Starting a business abroad can be a great opportunity to explore new cultures and markets. Whether you are looking to start a business in Portugal, Malta, the United Kingdom or the United Arab Emirates; there are many benefits and challenges to consider.
In this blog post, we will discuss the key steps to creating an international business and provide tips to ensure your success.
The benefits of each country
United Arab Emirates:
Incorporating a business in the United Arab Emirates offers many benefits, from its corporate tax rate being as low as 0% to its strategic location as a gateway between East and West. In addition, the UAE has a modern business infrastructure and state-of-the-art technology. Making it one of the most attractive places in the world to do business. Also, the country offers foreign investors a 100% foreign ownership option through a corporate vehicle. This allows them to benefit from the legal protection and tax advantages of incorporating their business; in the UAE.
Forming a business in Portugal has many advantages. Such as its friendly and supportive business environment and the presence of numerous international companies that make it an attractive destination for entrepreneurs. In addition, its Corporate Income Tax rate is one of the lowest in Europe at just 21%, while its double taxation agreements provide investors with additional security. Furthermore, setting up a company in Portugal means you could benefit from the 5% tax rate. Find out now if you could make use of this benefit!
Starting a business in Malta can be advantageous due to its attractive tax system which includes some of the lowest corporate tax rates in Europe, at just 5%. In addition, its strong economy, highly developed financial system and its access to European Union markets makes it an attractive destination for businesses looking to expand into Europe. Additionally, Malta’s incorporation process is quick and straightforward, allowing entrepreneurs to focus on running their business.
The United Kingdom is a great place to start a business due to its strong economy and stable political system. It offers businesses the opportunity to tap into the UK’s vast consumer base and access to an extensive talent pool. Additionally, the UK offers attractive corporate tax rates, with a maximum of 19%, making it an attractive destination for businesses looking to minimize their tax liabilities. Although the corporation tax rate in the UK is rising to 25% from April 2023, you can make use of the Portugal-UK double tax treaty to help here. Additionally, setting up a company in the UK is easy and straightforward.
The process of setting up a business
Setting up a business is an exciting process, but it can be a daunting one. The process of setting up a business varies slightly depending on the country you are in. In the UK, Malta, Portugal and the United Arab Emirates, there are different regulations, laws and procedures that must be followed in order to incorporate your business. That’s why it’s important to work with an experienced accountancy and legal team who understand these different processes.
At RHJ Accountants, we provide experienced support and guidance to our clients throughout the process of setting up their business. You would begin by booking an initial consultation with our team, so we can get to know your business goals and objectives. Following this meeting, we’ll provide you with a personalised proposal which outlines how we can help you move forward with incorporating your business.
Once you have reviewed the information and have an understanding of what’s involved in incorporating your business; we’ll have a final meeting to join onboard as a client. This is the start of the incorporation process. Where we can guide you through the various stages involved in setting up a business. We’ll help to manage all paperwork and ensure all relevant laws and regulations are met; in the country you’ve chosen to incorporate in.
By working with us, you can have peace of mind that your business will be set up correctly and compliantly in the shortest amount of time possible. We will be here to answer any questions you may have throughout the incorporation process.
The challenges of setting up a business
Setting up a business abroad can be a challenging and time-consuming process. It requires a lot of research and preparation to ensure that everything runs smoothly. Every country has different regulations and laws, which can make the process difficult to navigate. Additionally, language barriers can be a problem when setting up a business in a foreign country. As many documents will need to be translated.
Another challenge associated with setting up a business abroad is securing funding. Banks may require more stringent criteria than what is usually required in the home country. Establishing contacts and networks in the local area is also important but can take a long time to develop.
Fortunately, RHJ Accountants are here to help manage any challenges that may appear. Our experienced team can provide valuable insights into the local legal and regulatory framework, advise on local tax considerations and assist with sourcing appropriate funding solutions. We can also provide translation services for official documents, help establish contacts and networks within the local area, and guide you through the entire process of setting up your business. With our help, any challenges you may face can be addressed and turned into positive outcomes.
What to expect when setting up a business
When setting up a business abroad, there are a few key considerations to keep in mind. First, you’ll need to understand the local laws and regulations that govern the type of business you’re starting. As well as any taxes or fees associated with running a business in the country. Additionally, you’ll need to research the local market. To make sure that you understand how you can best compete in the area.
Another thing to consider is the cost associated with setting up a business. This includes registering your business, finding a location, purchasing necessary equipment, hiring staff and more. You’ll also need to figure out how you’re going to get the word out about your business and generate customers.
Finally, when setting up a business abroad, it’s important to plan for potential pitfalls and surprises. Make sure to establish a support network of professionals who can provide assistance in times of need. This can include accountants, lawyers, consultants, and more.
How RHJ Accountants can help
As an international accountancy firm, RHJ Accountants can be your network of professional advisors. Including legal, accountancy, and consulting services. In addition, RHJ Accountants can assist with developing your strategic business plans and guiding your start-up efforts as well.
One option that you may wish to consider, which may cover things such as business growth, investments, wealth management and many other items, is our strategic business planning. And with us being international, these services will be available for you in Portugal, Malta, the UK or the UAE.
By getting help from an expert like RHJ Accountants, you can ensure that you’re prepared for any potential issues that may arise during or after the start-up process.