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How a Foreigner Can Start a Business in Another Country: Recommendations and Answers

Starting your business is usually a complicated undertaking that requires costs. And if you set up your company in another country, it is better to rely on a guide well-versed in the subject area. If your experience is not that large, you may fail to take into account some factors and make a lot of mistakes at the start of the journey. But we are here to help: read our article and book a session with seasoned experts to get your business going.

Start a Business in Another Country

Starting a new business in another country, establishing a company, corporation, or foundation, or just registering as an independent entrepreneur is not that easy as you will have to study tax, international, and local regulations. Tips found on the Internet may be useful, but not in all cases. Our experienced specialists with considerable experience and relevant education will give you the best support you need in this serious undertaking.

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Start your foreign company safely and conveniently by contacting world-class professionals! You can book a free consultation today.

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Can I Start my Own Business in Another Country?

Our customers usually start by asking if they actually can start their business in another country. And the answer is always positive! You can set up a company even if you are on a sanctions list, you have a lot of debts and credits back home, you want to get an asylum in another country, or you have minimum funds to establish a legal entity.

We consider the situation on a case-by-case basis, and we always find the way out. Your business may be created using one of the schemes below depending on the investor’s intentions:

  • You can register as an independent entrepreneur in another country without any starting capital required if you are a freelancer, a budding entrepreneur, or a remote worker.
  • You can establish a company abroad and receive a residence permit/permanent residence in the respective country by obtaining an investor visa for wealthy people to relocate to a new place along with your family.
  • You can start international business abroad to optimize taxes by forming an offshore company or a European company with low taxes on the income derived in another country.
  • Business re-domiciliation from the country with high risks with change of tax residency (or without). This is a good way to protect your capital at the background of restrictions.
  • Opening a business in another country under the management of a trust, which will ensure maximum private or corporate asset protection from sanctions and creditors.
  • Business abroad to expand the geography and enter the world market, including partial relocation by registering a company or a representative office in another country.
  • A combination of an offshore company and a trust to protect your capital, etc.

There are a lot of options if you intend to start a new company or relocate the existing business abroad. However, it is important to correctly select your route: from the country of incorporation to tax conditions, from the level of risk to the safe banking environment and achieving the goals set. 

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If you set up a business abroad, travel, or relocate to a foreign country, you will need to open a personal and a corporate bank account. Take advantage of the assistance offered by our experts to do so quickly and safely (and remotely in some cases).

EXPERT CONSULTATIONS FROM INTERNATIONAL WEALTH

How to Start Your Business Abroad

If you decide to establish a company, be ready for the verification procedures in all required institutions of the country of incorporation – and prepare the necessary documents upon request. Many states allow the company to be registered and fully owned by a foreign founder without any conditions, while some require at least one local shareholder, director, or co-founder. 

Here is what you actually do to establish and conduct your business in another country:

  1. You select a country to set up your company, register as an individual entrepreneur, or engage in any other activity.
  2. You engage a local registered agent or try to personally open a business in another country (this is not always possible; and even if this opportunity exists, you’d better rely on professional help).
  3. Study the local taxation laws, conditions required to set up an LLC, JSC, foundation, trust, or any other form of business.
  4. If this is a company, make up a name for it, rent an office, and decide where you will keep your capital (a bank account at the place of registration and abroad). These steps may seem simple and clear, but they actually require a considerable amount of administrative, intellectual, and sometimes physical work. For instance, our experts may visit the banks personally or accompany the client during the checks made by the financial institution or when the documents are signed. A visit to the registrar and the tax service, as well as preparation of documents, applications, renting an office, and other things – all of that can be entrusted to our specialists to avoid much hassle.
  5. Then you will need to collect (make up, prepare, translate, and apostille) the documents for your business (Articles of Association, Memorandum, Certificate of Shares, information about shareholders, directors, etc.), and all this should be transferred to the registrar of companies in the country where you establish your business. If everything went well, your business would be launched successfully; otherwise, you will have to correct the mistakes and repeat the procedure from the very beginning.
  6. If your company has been successfully registered, take care about the reporting in accordance with relevant conditions and requirements, hire an independent or a full-time accountant, an auditor, visit all institutions for further reporting, and seek the assistance of competent specialists.

Your business may be opened without your personal presence via a local agent, but this intermediary will not give the consulting assistance you need. The agent wants you to:

  • Choose him as an intermediary
  • Pay him for the registration, maintaining, and extension of your business
  • Use his office as a legal address or a correspondence address

You will not get a full and precise answer if you ask the agent how to optimize and reduce taxes, where to open an account for your business, or how much you will benefit from the selected country and its laws in your case. The agent is authorized to provide intermediary’s services to help foreign founders register a company in another country, but he is not a narrow specialist that can advise you on banking, tax, customs, and other issues. It is important to note that the financial interest of this agent has a higher priority than giving advice on company relocation to another state.

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Conclusion: clarify all the issues at a consultation before working with an agent, company registration abroad, opening a bank account, and bearing any financial costs. Book a personal session with our specialists and get professional help with opening a business abroad on a turnkey basis!

New Company vs Relocation: What To Choose?

If you have an existing company in one country, you can relocate your business abroad. The procedure is practically identical to establishing a new company but is easier in separate matters, including:

  • Formation of Articles of Association
  • Issuance of shares
  • Opening a spare account for your business

Company relocation may be full, partial, or actual (made on paper only), which makes it possible to expand business possibilities on the world market and simultaneously preserve a part of profit in the country where the company was initially registered. For example, it may be a subsidiary or a representative office (partial relocation), registration of an offshore company, or company management from another state.

Organization of a new business abroad is a good idea which may be justified in the current global situation and related risks of losing money (personal and invested funds). Many entrepreneurs that decided to move abroad or receive a source of additional income in a foreign country strive to set up their businesses.

In both cases, it is better to make a preliminary analysis of the situation in all respects and then make a decision on how, where, and which business is better and more profitable to start for a foreigner in 2023.

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Not all states allow opening a personal account without a residence permit or permanent residence. Travelers can opt for a payment system, digital banking, or an anonymous UnionPay card in EUR. You can get these products today by booking a consultation with our experts!

Where to Start Business Abroad?

The choice of a country to register a new company, a subsidiary of a foreign business, or become an individual entrepreneur depends on many factors. For example, the best countries for business are not necessarily those where it is cheaper to open a company and get the status of resident or non-resident. Also, the countries with the best citizenship programs do not always offer the same conditions for conducting business and business structure management to residents and non-residents.

The potential entrepreneur’s tax and currency residence status is of great importance. This is especially relevant to the countries where the worldwide rather than territorial taxation principle is applicable. For example, this is the USA where the IRS levies taxes from each resident that has a Green Card or lives and makes business in the country. 

You may be interested to read how LLC owners in the USA optimize their taxes in 2023.

Where to Start Your Business Abroad and Obtain Citizenship or a Residence Permit: Countries

An investor visa is a popular program that works in many jurisdictions. Here are the best countries where business immigration and investment in other objects (foundations, securities, real estate, etc.) may become the reason for you to quickly receive a residence permit and even citizenship:

  • Turkey
  • UAE
  • USA
  • Malta
  • Austria
  • Vanuatu;
  • Saint Lucia
  • Dominica
  • Nevis
  • Grenada
  • Jordan, etc.
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Choose a suitable country for immigration (on a temporary basis, for business, or for good) with the help of our specialists who will assist you in immigration, banking, or corporate issues.

Where Are the New Businesses Abroad Exempt from Taxes?

Offshore countries, Free Economic Zones, and separate states provide a possibility to establish a business structure and exempt it from worldwide profit taxation. Nevertheless, you will still have to pay taxes at the place of residency (it may be different from the country of business registration abroad) or at the source.

Countries with zero taxes on the income received abroad (corporate rate):

  • Anguilla
  • Bahrein
  • Bermuda
  • BVI
  • Cayman Islands
  • Guernsey
  • Isle of Man
  • Jersey
  • Bahamas
  • Turks and Caicos Islands
  • Vanuatu and a number of other jurisdictions

The majority of countries, including European ones, make it possible to reduce taxation of international business to a minimum and even to zero by compliance with a number of conditions, application of double taxation treaties, and other rules.

Countries with low taxes which may also be reduced for international structures:

  • Cyprus – 12.5%
  • Ireland – 12.5%
  • Lichtenstein – 12.5%
  • Macao, Moldova – 12%
  • Andorra, Bosnia and Herzegovina, Bulgaria, Kyrgyzstan, Paraguay, Qatar, Republic of Macedonia – 10%
  • United Arab Emirates – 9%
  • Hungary and Montenegro – 9%
  • Barbados – 5.5%

Reference: in addition to business taxes, you will have to pay a registration fee, and a fee to start a company and extend its activity. You are also required to make payments to rent an office and get a legal address, and also remember to take care of VAT, customs duties, and other payments. 

Which Country is Best for Business Abroad?

Running and management of your business abroad are important items that should be taken into account before you relocate your company or open a new structure abroad. However, it is impossible to give one answer to the question which country is the best: each investor has his or her peculiar situation influenced by a lot of factors.

For example:

  • If you are a European resident, you can enjoy a diverse choice: choose any other EU or non-EU member country. 
  • If you are looking not just for a country where all procedures are as easy as possible but you also wish to protect your assets from outside encroachment, consider Nevis, Belize, and the Cook Islands to register offshore companies and establish trust structures. 
  • US citizens and residents can form a low-taxed company within their country in the states of Delaware, Wyoming, Texas, etc., or in Puerto Rico where the influence of the IRS is minimized.
  • If you want to establish a high-risk business, including gambling, forex, or brokerage services, consider Belize, BVI, the Cayman Islands, Curacao, Vanuatu, and other offshore destinations. 
  • If you are an IT specialist, the best countries to start a new business are Bali, Barbados, Costa Rica, Croatia, Portugal, Bulgaria, etc. 
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If you want to set up an asset protection trust, consider the offshore company + Nevis trust combo. This option is absolutely safe and works well in 99% of cases. It does not violate the current laws of any country and makes it possible to preserve your savings and protect them from sanctions and foreign courts.

Register Your Foreign Company Online

Not all foreigners are ready to travel far and periodically visit the country where they intend to start their new business. Registration of a business structure with a personal visit may be a problem as you will have to get a visa, pay the cost of flight and accommodation, and deal with the local administrative authorities.

However, you can open your company online instead. If you are planning to set up an international company, consider offshores, as well as different countries and territories (including European ones), and seek the help of experienced specialists who will guide you through all the steps for a reasonable fee.

You may be interested to read about offshore countries, zones, and territories.

Summary: Business in Another Country for Newbies and Professionals

You don’t need to be a professional, lawyer, or have any relevant experience to start a business in a foreign country. All you need is to choose the right direction, understand and take into account financial costs, and know your goals.

Depending on this, we offer several options to choose from:

  • Business relocation + immigration with the right to permanent residence under an investment program
  • Starting and running a business abroad +zero taxes
  • Establishing a foreign company to protect your capital and personal property
  • Buying and launching a ready-made business abroad
  • Relocation of your company abroad
  • Offshore company + bank account
  • Business registration in Europe, and many other things
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Cannot make up your mind? Need answers to many questions? Or maybe you cannot pick one suitable option? Please contact our specialists and get assistance on all matters that are important to you!

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