Answer for How to start a business overseas?

Generally, it is harder to start a business in other countries than yours unless you’re very familiar with that overseas country. You have to ask yourself,

  • Why do I want to start a business in a particular country? Is it because of the target market? Market size? Better regulation? Cheaper in cost? Better opportunity to raise funds?
  • How much money am I willing to spend? You’d need to pay for company registration and other paperwork. You also need to hire people in that country to help you operate.
  • Do I understand the overseas market? Factors such as language, consumer and working culture, buying behavior, disposable income, governmental regulations and even weather need to be thoroughly considered.

If you can’t justify the questions above, then I’d suggest that you don’t. Only consider starting a new corporation overseas when you have compelling and justifiable reasons (and having the funds and resources) for you to do so. Instead, I would suggest the following.

  • Find a local partner in those countries  – distributor, marketer, retailer, agent, etc. This may require you to hunt and find a reliable partner and the process will take time.
  • Go online and sell to them online – this takes a shorter time but it depends on what you’re selling. Nonetheless, in today’s globalized and ecommerce-powered economy, you’d have a better chance selling to the target markets in those countries via the online way. Prepare to spend on marketing.
Melvin Wong
administrator

Melvin Wong is the Founder of Kodorra. He's an award-winning entrepreneur with global business experience in 17 countries covering U.S, Europe, Asia and South America. Melvin sold his online sports games company to an American/Japanese company in Los Angeles.

Having been a speaker, mentor and judge at numerous entrepreneurship events and competitions, Melvin embodies the “pay it forward” principle where he finds time to educate and assist upcoming entrepreneurs and professionals to be all they can be.