International business expansion or internationalisation is a process wherein established domestic businesses expand their business territories and enter global markets. It is a tested and proven strategy that gives businesses the opportunity to grow and diversify and a chance to explore new horizons.
Going global with a business and making a product or service available in the international market helps boost the businesses scope to evolve and grow, into something significant and substantial. The globe is now a playground for entrepreneurs with wonderful opportunities for grabs, in the markets, the world over.
Europe and the USA have long been the favourite destinations for those wanting to expand their business, but the playing field there is harsh and cutthroat. However, with world economies opening up, and countries drafting attractive economic policies, there are several rapidly growing and less competitive markets globally, for entrepreneurs to explore. The UAE is one such global market, where doing business is easy, safe and profitable.
Are you toying with the idea of starting a business in the UAE, but do not know where to start? Do you want to take an existing business to the UAE, but do not how? What are the documents needed to expand your business internationally? We have put together a few essential points to help you begin.
Legal Requirements to Expand your Business Internationally
Taking a business, big or small, to an international market is a complex process. There are various aspects to consider before taking the plunge.
- Studying the targeted market
- Understanding the local trends
- Acquainting with the competition
- Planning and implementation
- Following the legalities involved
It is essential to sort out everything on the legal front –
- Constitute localised business agreements
- Evaluate business-specific codes, rules, requirements and procedures to ensure compliance
- Obtain requisite clearances and certifications
- Ensure an allied services check-off list and tick things off it—shipping, customs and immigration etc.
- File corporate records as well as governance
- Plan everything to the tee
Remember that all countries have rules and regulations for foreign investors, and there are several legalities involved. It is good to understand and adhere to the laid-down rules and regulations, to safeguard the business and minimise commercial risks.
Foreign governments also have rigid requirements for commercial businesses entailing documentation. A rule of thumb is to make sure that all business-related documents are in order before initiating the process of starting a business in a foreign country.
The documents required to expand your business internationally include –
- Company license
- Certificate of incorporation
- Trading license
- Certificate of origin
- Memorandum of articles
- Export Invoice
- Packing list
- Power of Attorney etc
Apart from the points mentioned above, establishing a business internationally, requires other concentrated efforts. Whether it is a subsidiary based venture or a new company or business, they must follow specific procedures to ensure a smooth transition.
Employ services of a legal advisor, in the destination country, for guidance on policies, standard specifications and the law
Hire services of an agency, in the destination country, which could help with all the paperwork, such as obtain sanctions, trade licenses and legal permits
- Hire skilled and experienced staff
- Open a bank account
- Understand liabilities
- Understand the country’s taxation and regulatory system
Also Read : Most Popular Countries Where Attestation Is Required
Document Attestation Facilitates the Process of International Business Expansion
We have covered the importance of commercial documents for setting up a new business in a foreign country. Applicants must present commercial documents, listed above, to government agencies, before starting every new business venture, as it is part of the process.
However, submitting the papers in original or copies thereof is not enough. Every document has to be verified, by an authorised commercial document attestation agency, for it to be valid. Clearances and trade licenses are issued after the documents go through scrutiny by the requisite agencies.
The procedure is in place to check the veracity of each document. The agencies check the documents to ensure that they are authentic and not forged or fake. The agencies confirm that the documents’ issuing authorities are legitimate entities—institutes, authorities or boards.
The attestation process differs between countries and the type of document service selected. Attestation services may include—Embassy or Consulate certification, Certification of Diplomatic Mission, State Dept., of Origin, Chamber of Commerce or Certification of the State etc.
In the UAE documents are attested in sequential order, by the following authorities –
- Notary Public
- State Home Department
- Ministry of External Affairs (MEA)
- UAE Embassy Attestation Centre
- Ministry of Foreign Affairs Attestation (MOFA)
All documents must be attested by the above authorities using universally accepted seal and signature. Also, commercial documents must be checked and certified by the Notary Public before being sent to the State Home Dept., followed by the MEA etc.
Also Read :What are the Documents to be Attested While Relocating to UAE?
Let Prime Global Assist You
The document attestation process is not simple, so it is best to engage an agency to get the job done. Prime Global ranks among the top document attestation services in UAE, with an excellent track record. Prime Global is a comprehensive one-stop solution for document attestation and work-visa attestation with offices in Dubai, Sharjah and Abu Dhabi. Prime Global offers attestation facilities for documents issued in countries, including India, Philippines, Canada, USA, UK, Australia and many others.
Prime Global values clients time and understands their urgency to get documents certified quickly. You can trust their team of dedicated professionals, to get the job completed fast, and at attractive prices.
Contact Us today.