There are a lot of online and offline firms specializing in domestic and cross border company formation.
There are a lot of online and offline firms specializing in domestic and cross border company formation. Some of these companies offer a very cheap service others can be a bit more on the expensive side. The cheaper options, though good for your wallet can lead to some problems especially when dealing with setting up a company in a foreign location that you often know very little about. There are a lot of pitfalls to consider when setting up in a foreign land you know very little about. Indeed there's a lot to consider when going about company formation in your home country. I'm primarily going to focus on cross border company formation as that's where most people experience problems.
When setting up your business abroad there are some things you simply can't do by yourself, even if you are fluent in the language of your chosen country. There are legal implications you need to be aware of and having an expert to guide you here can be a real life saver. For example setting up a bank account in a foreign country can be extremely time consuming and complicated. Employment laws differ from country to country and unless you're a lawyer and up to speed on that country, again it can be very frustrating. In fact you need to talk to an expert as in some countries the process of company formation can be done very quickly and in others it can take over 6 months, some countries require very large amounts of share capital and others very little. You need to find out what country best suits your business requirements.
You also need to decide if you want to form a company from scratch or buy a readymade or shelf company. There are often very good reasons for buying shelf companies over going to your chosen country and starting from scratch. Banks often prefer companies with some history and in certain cases they come with their own VAT numbers so you don't have to wait for some time for them. In some cases having a readymade company can mean you don't have to pay the share capital you might if you went about forming your company from scratch.
To conclude there is definitely a price advantage to company formation in your home country with some of the cheaper options on offer, indeed if you have the time, you can fill in the forms and apply yourself. However from a complicated and legal side point of view, I can't recommend strongly enough the idea of paying a company formation expert to guide you through the pitfalls and provide a consultation as to what is the best country for you to set up in and quite literally set it up for you so you can focus on the more important aspects of your business.
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