If you are one of the many e-commerce entrepreneurs, you already know that you can operate your business from any location, which is no big secret. And what’s wrong with running your store from a beach in Cambodia? We totally get it, but there’s more.
Foreign Business Registration
If you are paying UK taxes while living in Southeast Asia, is that a wise move? You’ve already escaped the harsh winters and sky-high prices, why not close down the UK company and move it to your current residence? There are legal firms that can facilitate company formation in Cambodia and they handle everything on your behalf. We all know how incredibly complex foreign laws can be and staying compliant can be a nightmare! Hook up with a local law firm and its smooth sailing all the way!
The Many Benefits
If you see yourself spending the rest of your life in Cambodia, there are attractive concessions for foreigners who invest in the country; tax benefits and long stay visas make for a comfortable life. If you have a local partner, that makes it much easier to register a business in Thailand, Cambodia or Vietnam, or maybe you would rather not involve your other half, the choice is yours. You might be a budding social entrepreneur, click here to find out.
Think Long Term
If you’re in love with Southeast Asia, you aren’t alone and residency is the first step towards citizenship; start by registering your business, which gives you a good reason to be in the country, then after a year, apply for residency, which offers a few benefits. What’s the point of paying taxes back home when you have no intention of living there? Imagine living in a country with a low cost of living and paying minimal tax! Of course, you need to be sure that this country is right for you; if you’re not yet at that stage, wait a while before throwing everything into that nation.
If you would like to learn more about setting up a business in a foreign country like Cambodia, Google is your best friend and can take you to the website of a local law company. They would be happy to have an informal Zoom call to assess your needs and the whole thing can be done remotely, with your new business set up within 3-4 weeks and you no longer have to pay your government any taxes.
When you register your business in Cambodia, there are several types of registration; a representative office, private limited company or even a foreign branch office. If you’re going to jump in with both feet, the limited liability company allows you to trade and is the best long-term option. The law firm are experts and can advise you accordingly, while helping with visas, work permits and filing your tax returns when they are due.
The benefits of registering your business in your current country of residence are indeed many and we can’t find and minuses to this.
Also Read About: Making A Business Plan