Starting a Car Business in Another Country

Starting a car business can be a very lucrative venture. Countries such as Malta are able to provide a wealth of opportunities and the current market is favourable for those who are hoping to enjoy sustainable success. However, there are still a number of logistical challenges to keep in mind. Let us look at a few excellent tips and tricks as well as why it is always necessary to secure the services of a trusted law firm.

car business

The Registration Process

First, you will need to complete a few preliminary steps. It must be discovered whether or not a company name is already in use. A lawyer is then hired to complete a memorandum and a series of documents known as articles of registration (1). These are provided to a bank along with the necessary start-up capital. Other concerns involve obtaining a trade licence, securing a tax identification number (TIN) and registering to pay value-added tax (VAT). All employees must then be registered with the Inland Revenue Department of Malta.

Top Tips and Things to Avoid

It is ALWAYS necessary to prepare for such a process well in advance as opposed to leaving these concerns until the last minute. Thus, refer to the relevant websites online; many of these provide downloadable forms to begin the process. Always take into account the current budget and accurately estimate the capital expenditures that are required.

While these concerns should always be addressed, there are a few pitfalls to avoid. Perhaps most importantly, never assume that success will be just around the corner. A financial “buffer” must be present in the event of an economic downturn. This is by no means a “do-it-yourself” task. Make it a point to hire the most trustworthy solicitors. For example, a law firm on Malta is much more familiar with the associated rules and regulations when compared to an international corporation. This can help the ensure that the process runs smoothly and only the necessary capital is spent.

Following these tips will enable anyone who is looking to establish a car business within Malta to start off on the right foot. Preparation and knowledge are the two keys to success. Reliable law firms will greatly aid in such an endeavour.

Sources:

http://www.doingbusiness.org/data/exploreeconomies/malta/starting-a-business/