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BUSINESS OVERSEAS

2024-12-20

Setting up a business overseas is a good solution for many entrepreneurs. Thanks to the free movement of people, everyone can live and run their business anywhere in the world. Therefore, owning a business overseas is a privilege of the modern world and an opportunity to optimally adapt the tax system, the economic situation, and the banking system to the individual needs of the enterprise. Running a business in many home countries is associated with a complex tax system, high costs, and unfavourable state administration, which is why many entrepreneurs decide to register a business overseas.

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Why is setting up a business overseas a good option?

A business overseas can open up many opportunities for investment, tax optimisation, turnover of enterprise finances, or reinvestment of capital in running a business that we do not necessarily have in our home country. Running a business within the European Union guarantees many advantages, such as freedom of establishment, freedom to provide services, movement of people, movement of capital, and movement of goods. This opens up the possibility of selecting the registration of a business overseas among several countries.

Thanks to the developed technological infrastructure, registering a business overseas is often simple and running a business overseas is accessible remotely.

Openness to other jurisdictions’ possibilities, banking and legal, and tax systems may encourage many investors to register a business overseas.

Many countries have numerous treaties on avoiding double taxation (e.g., in Estonia, there are as many as 51 agreements in place), which favours running a business overseas for citizens of other countries. When registering a foreign business, it is also advantageous to become a resident of the country where the foreign business is located.

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    How to register a business overseas?

    The business registration process overseas is very similar in many countries. European entrepreneurs often decide to set up a business overseas, including Estonia, Lithuania, Latvia, Malta, Armenia, Georgia, the Czech Republic or Slovakia. You should start the process of registering your business overseas by selecting a country whose legal and tax system, banking and dynamism of economic development best suit your business profile. You should also check whether your foreign business will be subject to certain conditions, such as licences or permits. The next step necessary to register a business overseas is to determine its legal form, i.e. what type of business we want to conduct.

    Setting up a business overseas can, however, be problematic – the different official language and the need to learn a different legal and tax system can all be a barrier. To ensure that the process of registering a business overseas is carried out correctly and that we have completed all the necessary formalities, it is best to seek assistance from specialists who will take care of the correct registration of a foreign business. Thompson&Stein’s lawyers will take care of registering your business overseas, and our accountants will take care of its further professional accounting services.

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