Entrepreneurs typically deal with many legal and tax aspects in their home market, and to many they become a routine operation.
At some point, interesting business or investment opportunities may present themselves in a new market. If the business case is sound, the next challenge is to realize and implement the plans.
On the way to realization one or more of the following aspects may be of importance.
Virtually every aspect of doing business is affected by regulations and legislation, be it product homologation, environmental law, contract law, labor law, social securities or fiscal matters.
Type of company
Before setting up a business abroad, one should carefully consider whether a branch office or a legal entity is the best way forward. If one chooses to set up a legal entity it is amongst others imperative to first carefully define the company’s articles of association.
Registration with the proper authorities
Upon entry into Benelux, a new company has to register with the trade register and the tax office.
If head-office staff are to be transferred to a new location, one has to carefully consider the need for work permits, the specifics of local labor law, wage tax consequences and appropriate housing solutions. If local staff need to be hired, the involvement of a local recruiter may be essential.
Office space or production facilities
Depending on your type of business and the number of staff, a dedicated office space may be needed. If you will be importing goods, you might need a (bonded) warehouse or even production facilities.
Accounting & administration
In Benelux, all companies have to file statutory annual accounts on the basis of either local GAAP or IFRS. Financial data may also be relevant for management reporting purposes.
Taxation differs from one jurisdiction to another and it is of the utmost importance to comply with local tax regulations. Depending on your type of business, your company will be affected with taxation in the fields of VAT, income tax, wage tax, social securities, etc.
If your business involves the import of goods, you should consider how to deal with customs duties, specific VAT regulations, EORI, etc.
Due to strict KYC regulations, the opening of a bank account may pose a challenge in any given jurisdiction. Without the proper guidance this process may lead to unnecessary delays and headaches.