Special legal and commercial assistance is needed to form a commercial entity.
Knowledge of local laws and experience is important in avoiding pitfalls and saving time, which in itself is becoming prohibitively expensive given the high cost of strategic management time in the contemporary world.
Such advice is needed by people based in the country too. But when in a foreign land, such guidance is crucial. The mere unproductive act of waiting for a document to get approved costs in terms of simple things like lodging and boarding at the foreign location and lost productivity on the home front.
Several factors that seem rosy for a casual visitor might require deeper understanding while many anecdotes that adorn the ubiquitous grapevine are mere hearsay and need to be ignored by the promoters.
There’s a choice of forming offshore companies, free zone establishments or companies, local companies, civil companies, proprietorships, service agencies, branches, representative offices, holding entities, investment vehicles and several other possibilities.
Laws of repatriation of funds in the parent country often clash with the requirements of the host country and a middle ground needs to be sought.
The availability of dozens of options and several seemingly similar alternatives, it often becomes mindboggling for even experienced investors to arrive at a shortlist of selection. The combined experience and associations help the investors save time and form the ideal form of organization to suit their requirements.
Liquidation of a business often costs more than setting it up. And with the problems and animosities already in place, it becomes difficult for the management to carry out the task with the same level of enthusiasm and commitment that they had at the time of creating the same.
Independent third parties like lawyers and auditors often act as liquidators. Besides liquidating live companies, Verico Auditing also assists in liquidating dormant companies.
The report of the auditor carries complete fiduciary responsibility and is an extremely risky assignment, as the auditor – who assumes the role of the liquidator – becomes the sole authority for all the obligations and responsibilities of the management of the company in liquidation.