There seems to be very little opportunity in our countries of origin because it seems all of the niches have been filled and so it leaves very little opportunity for those who are trying to start off their own business. This is why many people look overseas for investment opportunities and for ways to find untapped markets within those countries. Being our own boss is a dream that many of us have, but we never really figured on opening up our first business enterprise in another country. We expect that it isn’t as straightforward as it is in our country of origin and so we may be stressing out a little when it comes to setting up a business in a country like Indonesia, for example. We expect lots of red tape and lots of hoops to jump through, but the opposite is in fact true.
These companies are more than happy to facilitate your business enterprise and so starting a company in Indonesia with the help of an established service provider is one of the smartest business moves that anyone could possibly make. The first thing that you need to do is to get your business registered because there are so many benefits that you can enjoy by doing so. Trying to start off your new business as a sole trader or as part of a partnership is the wrong move for the following reasons.
1. Your business can grow – If your company is not registered then you’re going to creating roadblocks yourself when it comes to dealing with wholesalers and financial institutions. As your business continues to grow, it is very possible that you will need to approach a lender to get the necessary funds in order to be able to expand outwards and to hire more staff. No bank or lending institution will talk to you unless you have a business registration number. The same applies when you want to hire staff because without essential number, you will be unable to pay the necessary taxes and other government mandated payments on behalf of of your employees. Your move should be affordable and smooth and registering your company will help with that.
2. You enjoy discounts & other business perks – It is true that you’re going to have to deal with other external service providers like wholesalers and manufacturers. They will want to build trust with you but in order to do that, they need your company to be registered so that they know that they are dealing with a lawful institution. Once you have your business registration number, they can offer you discounts and more favourable credit terms then they could if you were simply a sole trader. There are many other business perks that you will get to enjoy like a reduction on tax payments because you have registered business. Believe it or not but you will pay less tax than an individual will and you will be able to claim back any of your business expenses as a direct result. To find out more about more assistance when it comes to setting up your new business, have a look here.
In order to be able to protect yourself and your employees, it is always best to register your company first and then to build your business from there. There are a number of service providers that can facilitate this and you would do well to engage with them because the procedure with them becomes a lot easier and a lot more straightforward.