Structure your business overseas
Get advice on how to set up an overseas business entity, including joint ventures, franchises and subsidiaries.
Setting up an overseas business entity
The first step in setting up a business in your target market is to do your research. Talk to other businesses already present and get legal and financial advice from local lawyers and accountants.
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Some markets are more straightforward than others when it comes to setting up a business. But you may not be able to simply replicate your domestic business model. You need to make sure you know about local business rules and regulations, employment laws and know how easy it is to recruit staff.
Sending UK staff to work abroad
When sending staff to work abroad it’s important you understand the rules around tax and National Insurance. How you calculate PAYE and NI depends on where they’re working and how long you expect them to be working there.
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Employees who spend most of their time abroad over a period of a year or more may be able to obtain full UK tax relief on their earnings. If your employee is on an overseas contract, it’s possible that the tax authorities in the overseas country will want to make tax deductions from your employee’s income.
Setting up a joint venture
A joint venture (JV) is a business partnership between 2 or more companies that enables the partners to work together towards a specific business goal.
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A joint venture with an overseas company can be a quick and cost-effective route into a new market. It’s a great way to access regional knowledge, gain insights into local regulations and reduce risk to your business. But they can be complex, so make sure you have experienced legal and trading advice from the outset.
Setting up a franchise overseas
A franchise is a business arrangement where you allow another person or business to copy your business name and processes and sell goods or services to specifications set by you.
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Make sure your franchise is attractive and create a pitch document to sell your franchise. Make sure your intellectual property, particularly your trademark, is protected in the target market. This should be done as early as possible and certainly before you enter into any business discussions.
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