Be Brave To Setup Business In A Foreign Country

 Be Brave To Setup Business In A Foreign Country

There is nothing stopping you from exploring a foreign place/country and setting up a business in a new location where it may be totally foreign to you. Some countries or regions are better for start-ups than others. You may want to get things done quickly and incorporate a new business. You may consider to set up in Hong Kong, Singapore, Canada, Australia, or New Zealand. Assume Hong Kong is your choice. You can apply for an entrepreneur visa while taking your business to HK.

One business type may work very well in United States or UK. But when you copy the same business exactly to a different market, it may fail miserably. It is important to understand the culture in Hong Kong and figure out the most suitable business type that you are going to launch there.

Before incorporating your company in Hong Kong, you should always consider the local information in business laws, business practices, banking system, and taxation. These information can vary greatly from country to country, and region to region. Also, you should first consider which company structure is the most suitable type including limited company by shares, limited company by guarantee, sole proprietorship, or partnership.

Hire a local team who consists of mainly local marketing persons. These new hires who have the understanding of the local market of HK are going to guide you meet your end goals in sales revenue. One way to enhance this is for the business owner (or entrepreneur) to have genuine interest in the place he’s going to be spending time (i.e. Hong Kong) and the cultures that actually form the place. Work with your local team of managers and actually meet your customers. This way, you will have a strong base to participate and experience in local culture every day.

When you move your business to HK, the major competitors may have also changed. Your business is probably no longer competing with those old competitors back in the USA or UK. Strategies and processes of your business may have to be redesigned to fit the new market. But what remains unchanged is always your company’s mission statement.

Be fully prepared for upcoming crisis that may occur and hit many businesses including yours. Get into a habit to continuously optimize your business including the processes. Optimization is not stationary and should be an ongoing target. Building your business in overseas in the foreign place requires you to be brave in your choice.

 

 

Dana Heald

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