James Cowper's International Services team has significant experience working with clients who want to expand overseas - either for the first time, or to a new market place. There are many reasons for looking beyond the UK: limited UK expansion, higher margins/increased volumes overseas, attractive markets for products/services, to name but a few. Exploring a new business territory can be challenging: full of opportunity but also risk. Detailed market research is essential before making a move, and each market place is different. Decisions must be made on how to operate the business - from trading online through to setting up an overseas company.
Help is at hand - from UK Trade and Investment with trade teams and sector specialists throughout the UK, to professional advisors who will often have contacts overseas or even be part of a global network of affiliated firms. James Cowper's membership of Kreston International means we can put clients in touch with reliable accounting and business advisory firms in most parts of the world, as Kreston covers 94 countries and is ranked as the 13th largest accounting network globally.
Key considerations when reviewing the structure of the business overseas are:
· Commercial - review projected sales and pricing, costs and profit. Protect any intellectual property within the business.
· Financial - take advice on how to minimise corporate taxes worldwide, ensuring double taxation is mitigated. How will you fund overseas operations?
· Accounting - check on local requirements and the impact back in the UK
· Legal - registration, immigration, obtaining licences, etc.
· Employees - local resources or key UK staff assigned overseas?
Article posted by James Cowper LLP