Winding Down A Business Abroad
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WINDING DOWN A BUSINESS ABROAD WHAT YOU NEED TO KNOW BEFORE YOU SET UP
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Transcript of Winding Down A Business Abroad
WINDING DOWN A BUSINESS ABROADWHAT YOU NEED TO KNOW BEFORE YOU SET UP
KNOW BEFORE YOU GO.
When setting up a new entity in a foreign country, preparation is everything.
But don’t just consider the setup requirements.
Consider the requirements for liquidating an entity should your
corporate strategy change.
Winding down operations can take as long or
longer as it took to start them ...
... and can be just as costly.
Only 6% of the companies we asked have a comprehensive strategy for winding down a business abroad.
6%
Comprehensive planning is the best way to ensure a problem-free exit,
define your growth strategy and corporate structure form the outset.
Entity closures also create HR issues. Terminations can be costly,
difficult and time consuming.
41% of the companies we asked found regulatory and compliance issues to be the most challenging when winding down a business abroad.
41%
Winding down checklist
Winding down checklistCompany has ceased trading.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.Duly settle all liabilities and creditors’ claims .
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.Duly settle all liabilities and creditors’ claims.No outstanding legal actions.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.Duly settle all liabilities and creditors’ claims .No outstanding legal actions.Compliance is up to date.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.Duly settle all liabilities and creditors’ claims .No outstanding legal actions.Compliance is up to date.Directorship is up to date.
Winding down checklistCompany has ceased trading.Employee requirements have been addressed.No fixed assets / debtors reflected in local books.Duly settle all liabilities and creditors’ claims.No outstanding legal actions.Compliance is up to date.Directorship is up to date.Bank account access in place.
But remember, requirements will vary significantly from country to country.
Need Help Winding Down Your Overseas Operations?
Connect with Radius:US: +1 888 881 6576 UK: +44 (0) 203 005 5518
Radius helps companies expand and win globally.
Need Help Winding Down Your Overseas Operations?
Connect with Radius:US: +1 888 881 6576 UK: +44 (0) 203 005 5518
Radius helps companies expand and win globally.
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