The world has shrunk thanks to jet travel and digital tech and that means more entrepreneurs are setting their sights further afield in a global marketplace. It has never been easier to set up a company in a foreign country, yet there are pitfalls, which we outline in this short article.
The Importance of a Local Lawyer
Of course, every nation has its own set of unique laws regarding commerce and the last thing you need is failure to comply. Google can help you find a lawyer in Thailand, for example, who speaks English and is familiar with the laws regarding foreign-owned businesses.
Here are a few tips to help you navigate a new venture.
- Hiring local staff – Of course, you could post ads on social media and hire a meeting room in Phuket, but the best way is to use a local recruitment agency. This is both cost-effective and on-point to ensure staff are suitable. You receive an interview shortlist and can choose the best candidates.
- Long-term visas – Unless you are managing the business remotely, you will need a work permit, which can be difficult to obtain. Talk to a local lawyer and you’ll find out what is required to have a work permit and visa. Working illegally is never recommended and the penalties can be severe.
- Cultural awareness – If you are going to do business in a foreign country, you need to research local customs and traditions. If you have spent a few years in Thailand, for example, you would already have a basic understanding of how things work and it is important to have a deep understanding of the culture and people. If, for example, you wish to set up a cleaning company, click here.
- Connecting with local providers – This can be challenging at the best of times, especially if English is not widely spoken. If you make a connection with a local law firm, they have contacts for all the services you will need. This eliminates the risk of hiring unsuitable outfits; plus the lawyer can help if you need local nominees.
- On-demand translation – In the event English is not widely spoken, you can take advantage of online translation, which is invaluable in many situations. The provider has more than 500 language pairs and a certified translator can join you in a Zoom call, or if you want to have a meeting with local staff, you can order a face-to-face translator to arrive at the venue.
- Local marketing – This is best left to a leading digital marketing agency in the destination country; set a budget and the agency can flood social media with your message. Of course, there are many digital marketing agencies that claim to be the best, so how do you make the right choice? Like most industries, online marketing has awards and choosing an award-winning agency is the best approach.
If you are looking to formulate a company in Thailand, or anywhere else on the planet, seek out local legal advice to ensure compliance.