Q: How do I go about setting up a business abroad? I wish to use a bank outside the UK to hold the account: should I get legal representaion here or there?
Jun 19 2008
Answered by: Mark Endersby Ask a question
From a legal perspective, the rights and obligations affecting business owners vary greatly from country-to-country, so it is essential to understand the environment you are heading into prior to departure. After all, every nation has its own unique foibles and although these may relate to the simplest of issues, the punishment for failing to comply may be more than a touch uncomfortable.
‘The first thing you have to do when you arrive in a country is to make sure you’re doing things right,’ cautions Baker Tilly’s Carolyn Leslie. ‘I worked in South Africa for four years and there were some significant residency issues to overcome. You have to make sure you’re legally entitled to work in a country and while I was out there one senior executive arrived without his work permit in order. He ended up spending a week in a rather infamous South African prison.’
Aside from ensuring your work permits are in order it is also advisable to seek expert advice prior to departure. Most major banks and accountancy firms provide services that will get you up to speed with the key issues in your chosen country.
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