Are you thinking of growing your business abroad? This is the first most crucial and bold step for building a multinational. But you need to make the first move, selecting the right jurisdiction. Here are the key considerations to help you select the right jurisdiction.
A good jurisdiction for offshore investment should have a supportive government. This is an administration that uses every effort to help the enterprises in their offshore jurisdiction grow and become a success. So, look for key policies that are meant to support your enterprises both directly and indirectly. Here is what to look for:
- Pro-business policies that help enterprises to easily establish and grow.
- A jurisdiction that has entered into many bilateral take arrangements so that traders can access more markets.
- An administration with good programs, such as start-up incubation programs
- and financial support, that helps businesses to grow faster.
Easy process of registering New Companies
One of the issues that make investors hold back of even fail to take their businesses offshore is a complicated process of company incorporation offshore. The best jurisdiction should have a simplified way of company registration so that investors can easily start operating there. For example, a jurisdiction such as Hong Kong allows investors to register their companies without traveling there.
For a business to thrive, the selected jurisdiction should have a well-developed infrastructure. Think of an entrepreneur who wants to invest in manufacturing offshore. To start such a venture, the investment needs a good road network for raw materials and finished product movement. Investors also need a well-developed air transport network, communication system, and electricity supply.
Read more: How to Start A Business With Great Ideas
Access to a Large Market
Whether you are moving your business to grow in the international arena or simply want to run away from unsupportive regimes back at home, one of the things you must consider is the available market. The aim should be identifying the country that has a large population that is ready to buy and use the services or products you have to offer. Note that when looking at the market, you should not only look for the local population but also check the possibility of accessing the neighboring countries.
Why Hong Kong is the Best Offshore Jurisdiction for Your Company
Looking at the above considerations, one jurisdiction that fits them well is Hong Kong. The offshore jurisdiction has, for many years, made a name globally because of its pro-business policies.
For about two decades, Hong Kong has been ranked by the World Bank as one of the freest economies. This implies that once you register a company in Hong Kong, you have a level playing field for operations. So, if you make good products and market them well, the business will thrive. Other things that make Hong Kong stand out include:
- The jurisdiction enjoys great autonomy from Mainland China, which it uses to advance its pro-business policies.
- The country acts as the gateway to Mainland China and the Far East.
- The tax regime in Hong Kong is straightforward.
If you have been thinking about taking your company offshore, you can only be successful by identifying the right jurisdiction. Hong Kong is a global business hub and will be a great choice to help catapult your enterprise into a regional and global giant.
Mashum Mollah is a tech entrepreneur by profession and passionate blogger by heart. He is on a mission to help small businesses grow online. He shares his journey, insights and experiences in this blog. If you are an entrepreneur, digital marketing professional, or simply an info-holic, then this blog is for you. Follow him on Instagram, Twitter & LinkedIn