Taking Your Business offshore: How do You Make the Big Decision?

Watching the big multinationals read their annual financial reports, which highlight their super-profits, provokes a burning question in the minds of investors: “How can I get my enterprise to that level?” The answer is taking your enterprise offshore.

However, going offshore can be scary, especially when you think about the risks and the costs that are involved. But again, entrepreneurs are risk-takers and never shy from exploiting available opportunities. In this post, we take a closer at how to make the big decision to go offshore.

What is an Offshore Company?

Before looking at how to make the big decision, it important to understand what exactly an offshore company is. An offshore company means a business enterprise that is registered and operates in a foreign country. For example, if your business operates in the United States, then you can incorporate an offshore company in other countries such as Hong Kong, China, the UK, or Switzerland. Note that the way the offshore company operates might differ from the parent business because it is in a different jurisdiction.

Benefits of Opening an Offshore Company

The potential advantages of a well-structured offshore enterprise are numerous. For example, most jurisdictions offer significant levels of confidentiality by allowing shareholders and directors to be excluded from the company’s documentation. Here are other main benefits of taking your enterprise offshore.

·         Asset protection: When you incorporate a company offshore and place assets, such as bank accounts and investments, under its hood, the foreign legal structures help to add a reliable layer of protection from liabilities from

·         Tax optimization: Another key benefit of opening a company offshore is that you enjoy lower taxes compared to the firms incorporated back at home. In some jurisdictions, it is possible to enjoy zero tax when operations are completed outside their borders.

·         Ease of establishment: Perhaps the most notable advantage of taking your business offshore is the ease of incorporation. To attract investors, most administrations have simplified the process so much that it is possible to complete the process in days in some of them. And now, some jurisdictions are even allowing investors to register companies without flying there.

·         Support for businesses at startup: If you have a business idea, especially in finance and technology niches, many administrations are willing to support your startup until it becomes the biggest multinational. In Hong Kong, programs such as Innovative and Fund and Cyberport Creative Micro Fund are used to support startups for faster establishment.

·         More business opportunities: For your business to grow, you will agree with us that it requires a large and growing customer base. But this, in many cases, not easy to get at home. This is why businesses go offshore. A carefully selected jurisdiction can help to open your company to the region. For example, a company that opens an offshore branch in Italy will not just access the Italian market but entire Europe too.

·         Ease of access to business financing: There is no doubt that going offshore will require ample resources, especially in the early years of establishment. So, in addition to the capital you have, it is important to look for a jurisdiction that has many institutions that can support your enterprise financially. For example, China, Malaysia and Hong Kong are known financial hubs because many banks have established their presence there.

How to Make the Big Decision to Go Offshore

Now that you have known the benefits of taking your business offshore, how do you make the big decision? Here are the key signs that indicate it is time to go offshore:

·         Poor Performance of Your Business

If your business is not performing well, it is an indication that something is wrong and the need to adopt the right course of action. For example, your business might be recording steadily declining sales and profits over a long period. While it is true that other factors such as poor management might be the cause, one course of action is taking your enterprise offshore.

To be successful in the new market, make sure to carefully study it, and adopt right strategies. For example, you should make sure to have the best management at the helm of the enterprise and ample capital.

·         Top-Notch Performance

Well, it is not just underperformance that should trigger your desire to go offshore. If you notice that your company has been performing very well, it means that you have conquered the market and it might be time to grow abroad. Think of good performance as a lesson that you can replicate in the new markets for further growth. So, use the good performance to build capital for building your new enterprise.

·         Growing Competition

As an entrepreneur, you should always be focused on identifying the market factors that help promote or suppress your business. If you notice the competition is growing rather fast, it might be time to consider expanding abroad. Going offshore will open a new target audience so that your growth goals remain realistic.

·         Unfavorable Government Policies

How supportive is your government back at home? If it has unfavorable policies towards businesses, then it is time to cast your eyes further. Think of it this way. Why are most multinationals basing their manufacturing units in China, Indonesia, and Taiwan? Indeed, they opt to manufacture away from home and import the same products home.

·         Low Cost of Production in Offshore Jurisdiction

If you are in manufacturing, it is crucial to always think critically about all the factors of production. Then, ask yourself one question: “Which jurisdiction has the lowest cost of production?” If you find that manufacturing in a country abroad is cheaper and more efficient, it is time to start making plans to go there.

·         Shrinking Local Market

A good entrepreneur always looks ahead to try and understand the market dynamics. If you notice the market is shrinking because of population dynamics or shifting consumer demands, it might be time to look for a new market offshore.

The Best Jurisdictions for Offshore Incorporation

Once you appreciate the need to go offshore, you still have one more step: deciding which jurisdiction to incorporate your facility in. So, check for the jurisdiction that has a history of acting as a springboard for businesses to grow into multinationals. You might want to check other multinationals that have used the jurisdiction in the past. Were they successful? Some great examples of jurisdictions to consider include:

·       Hong Kong.

·       China.

·       Singapore.

·       The Virgin Islands.

·       Ireland.

·       The UK.

·       Dubai.

·       Mauritius.

·       Italy.

·       Germany.

·       Malaysia.

The decision to go offshore is not a simple one. However, entrepreneurs are always looking for great opportunities that can help fire their organizations to global statuses. We have demonstrated that going offshore comes with numerous opportunities that you should always think of exploiting. And indeed, these opportunities may be bigger than you think.  For example, entering the Hong Kong market could mean you have unlocked the huge Chinese and Far East markets.

Remember that even as you take advantage of these opportunities, it will not always be smooth sailing. Challenges are all over, and you need to be prepared for them. So, identity the best offshore market, study it well and grow your business there. It is time to conquer a bigger market!

Arvenir

First three

How to Select the Best Asia Market for Your Offshore Company

Are you planning to join the Asian market? The first step is to incorporate your business there. This will give you the legitimacy to start offering your products or services in the market. But first things first: “How do you pick the right jurisdiction when taking your business to Asia?” Here are five main points to consider.

Support from Local Administration

Today, more countries are discovering the importance of supporting businesses for economic growth. Unlike in the past when most administrations focused largely on protectionism, most of them are now welcoming every investor every from abroad. In China, the administration has offered impressive tax incentives that have been attracting big manufacturers.  So, you need to check a jurisdiction with a supportive administration to be sure of faster growth and success.

Ease of Setting Up Companies

When going into an offshore market, one of the first challenges is company incorporation. Often, many countries have complicated processes that often scare off entrepreneurs. So, you should look for a jurisdiction that has simplified the process of opening and succeeding in business. Take the example of Hong Kong, the administration there has made the process of registering a company straightforward. Indeed, you could even register a company there without going there.

Good Infrastructure

For your business to grow and become successful, you need a jurisdiction that has a well-developed infrastructure. Think of a manufacturing enterprise. For it to be successful, it requires a sound infrastructure such as road network for transportation of both raw and finished products, and affordable electricity. So, check the country with a good transport network, telephone network, affordable electricity, and reliable water supply.

Qualified Workforce

A business is as good as the people who work there. Therefore, it is important to look for a jurisdiction with highly qualified staff. For example, if you have a tech startup that targets building new tech products, determine whether it is possible to get qualified workers to help you run your venture. Note that if the local market lacks qualified workers, you might be forced to bring in some from abroad, which is likely to be very expensive.

Ready Market

When you think of any business, you must factor market availability. So, the best Asian jurisdiction to incorporate your company should provide you with a big market for your products. Take the example of China. With its population of more than one billion, you are sure of increasing sales and profits.

When analyzing the new markets offered by the selected jurisdiction, it is important to think about it broadly. Most jurisdictions in Asia, from Macau to South Korea, have entered into bilateral trade agreements, which can allow you to access their markets. For example, Hong Kong is considered the gateway to Mainland China.

When selecting the Asian jurisdiction to help take your business to Asia, be as thorough as possible. The goal should be going to a country that will act as a launching pad for your business to grow in the entire region and globally too.

Five Things that You Need to Do to Succeed in Doing Business in Asia

Are you planning to open a business in Asia? It is one of the most potential business hubs in the globe that businesses look at to succeed. This is why every multinational, From Apple to MacDonald’s have a huge presence in most Asian countries. While there is no doubt that going into the Asian market is a great idea, you need to have the right strategy to succeed. Here are the five most important things that you need to do to succeed in doing business in China.

Make Sure to Be Adaptable

One of the notable attributes of most Asia markets, from Singapore to Hong Kong, is that they are very dynamic. Therefore, your business should be highly adaptable to fit in the fast-changing markets. If you fail to adapt to the new market, there is a risk of getting left behind. So, how do you adapt to the new market:

• Build a community around your brand.
• Involve your targeted audience in product design.
• Be creative and innovative when designing your services and products.

Aim to Be the Best

If you want to be successful in any market, you must focus on becoming the best. But this focus is more important if you want to be successful in Asia because of the high competition levels. Take the case of Hong Kong. If you have a business offering financial services, the competition is very stiff because almost every big financial enterprise has its presence there. So, you need two very important things for success:

• The best product. The best product or service should be designed based on what customers want.
• The best marketing. The ideal marketing strategy should help you target a specific market segment and persuade clients to buy your products.

Build Strong Business Networks

When doing business in Asia, having the right networks are very important to your success. The networks work in two ways. One, building networks with those who are more knowledgeable gives you an opportunity to learn. When you bring top executives who have grown their businesses from small level, they will tell you what works and what does not.

Two, business networks help to grow your community. Once a customer buys from your store, you should put every effort into ensuring him/her gets the highest value for money. Then, get the customer into your community. With satisfied clients giving positive feedback about your products, you can only expect one thing: growth and success.

Exploit Every Opportunity to Grow

Once your business has commenced in Asia, it is important to take advantage of every available opportunity to leverage its growth. This is what companies that have shot to success within a short time, especially in China, did. Here are some of these opportunities:

• If you have an opportunity to enjoy tax breaks or lower taxes, go for it. For example, China has been offering huge tax reductions for companies that set up their businesses in the hinterland as opposed to the coast.
• In Hong Kong, the government has been running different programs such as the Cyberport Creative Micro Fund to support businesses, especially startups in technology.
• In Singapore, Japan, and South Korea, the focus of their administrations has been building partnerships with other countries through bilateral trade agreements. So, take advantage of these agreements to reach a bigger market, grow sales, and succeed in business.

When doing business in Asia, you need to put a lot of effort into understanding the local customer base. Then, position yourself well to satisfy customer needs. So, bee creative, strategic, and take every available opportunity to succeed in the high potential Asian market.

Mistakes to Avoid When Doing Business in Asia

Today, Asia is one of the high-potential regions for businesses that want to grow rapidly and become multinationals. It is because of this that most of the biggest manufacturing companies have their presence in China, while no financial organization wants to miss some presence in Hong Kong. But even with the large market, good infrastructure, and an educated workforce, you will realize that a large number of businesses still fail. This post highlights the main mistakes that you should avoid when doing business in Asia.

Failing to Carry Ample Market Survey

One notable thing about the Asian Market is that it is highly dynamic. This dynamism is largely contributed by the fast-growing competition, especially by offshore brands from all over the world. Therefore, failing to do comprehensive market surveys in Asia is a major mistake that could see your business fail within the first couple of years.

Market surveys allow you to understand the targeted market well. It also allows you to understand the customer needs in order to tailor your products towards addressing them.

Underestimating the Local Cultures

Underestimating the local culture could be fatal for your enterprise. Even in most towns such as Shanghai and Tokyo, people strongly identify with their cultures. To demonstrate the importance of factoring culture in your strategy when operating in Asia, we will take the example of MacDonald’s. The fast-food franchise had to alter its menu when it went into China. They added shrimp burgers to satisfy the local demand.

Starting without Ample Capital

While it is true that some businesses have succeeded with support from Asian countries such as China and Japan, it will be a big mistake to rely too much on them. Indeed, you should also not count on financial institutions because many banks consider startups to be risky ventures. So, here is what you need to do to ensure you have ample capital when operating a business in Asia:

• Consolidate ample capital when starting your business. This should be enough to help meet all the business expenses before it becomes sustainable.
• Maintain reliable channels for mobilizing additional capital if needed.

Ignoring Competition

Over the last five decades, the Asia market has become very competitive. Therefore, if you ignore the competition, the chances are that you will end up failing. Whether your business is a startup or has been in operation for some time, evaluating the competition will help you to know the following.

• What are the competitors offering?
• The strategies used by the competitors.
• What are the strengths and weaknesses of competitors?
• The targeted market segments.

With the above information, you can go ahead and redefine your business operations for success. Make sure to craft better strategies than what your competitors are doing.

When doing business in Asia, making the above mistakes could easily make it to fail. But these are only a few mistakes that you need to avoid. In addition, you also need to ensure to have the right people to help your business grow, and strictly follow different policies that guide business operations in the jurisdiction of choice.

The second two

Why You Should Invest in Asia’s Real Estate Markets

If you want to invest in the property market, you might be faced with one dilemma: “Do I go to the west or east?” Asian cities are developing rapidly, while some countries such as China are stimulating growth even in rural areas. As more property investors head to Asia, should you join the train?

The Asian region is one of the most dynamic economic regions in the globe today. The overall economic performance of the Asian region has surpassed the expectation. It has even surpassed that of the western world. Now, with the Asian economy expected to grow by 68% between 2014 and 2023, investing there will be a brilliant idea. Here are the main reasons why you should invest in the Asian real estate market.

The Rising Consumer Demand

Today, the economic growth being experienced in Asia is progressively fostering the middle class. By 2030, the middle class is expected to have grown to about 3.2 billion people. If you compare this with the prospects from Europe, the Middle class is expected to shrink to about 17% by 2030.

This growing middle class is expected to become an important demand driver for real estate in Asia for different assets, including retail units in urban centers to residential apartments. Further, this middle class is expected to benefit Asia’s logistics and warehouse niche that currently lacks modern facilities. Well, whether you intend to buy for speculation or rental purposes, you are assured of good returns in due time.

Rapid Urbanization

Asia is the globe’s largest continent, with a huge population of four billion. Furthermore, the region is undergoing rapid population shifts, resulting in the fast growth of urban populations. In China, over 30 million people today line in tier-one and tier-two cities. This trend is expected to bring more people into the cities, resulting in more demand for upgraded residential housing, office space, and health care-related infrastructure. Therefore, if you target serving this expected growth, it is time to start acquiring property and developing it in the targeted cities.

The Growing Aspirations and Higher Education

Current Asia’s growth is well supported by a well-qualified labor force. Between the early 1960s and 2000, the population of Asians between 15 years and 24 years grew from 284 million to 615 million. Notably, this growth coincided with the rapid growth in higher education in the region. This was a clear reflection of the Asian governments’ commitment to education as an important factor for growth. The emerging education hubs present new opportunities for investors to offer student housing and office space for auxiliary enterprises.

If you are wondering if the best real estate market, the Asian market is one of the best. Like we have demonstrated in this post, every aspect of the economy points to a huge opening that real estate investors can take advantage of. Well, all you need is to identify the right niche and get into the market. Whether you target short-term or long-term property investment, you can be sure of one thing: the chances of raking huge returns on investment from the Asian market are very high!

Understanding the Emerging Asian Real Estate Market Trends

Slightly more than one decade since the last financial crisis of 2008/2009, the Asian real; estate market has continued to produce impressive returns. According to PriceWaterCoopers, the high transaction value recorded in the Asian real estate sector is largely driven by cross-border capital and a huge improvement in the commercial office sector. In this post, we will take a closer look at the emerging Asian real estate market trends.

The Most Notable Market Trends and Sentiments in Asia

While the primary focus of most investors in the property market is the commercial office sector, there has been notable interest in alternative asset classes such as student accommodation, data centers, and healthcare. Here are other trends that you need to know about the Asian real estate market.

• Industrial and logistics space is expected to grow rapidly

Although Asia is undersupplied with modern logistics space, more investors are now getting interested. They are focusing on specializes storage facilities such as last-mile warehouses and cold storage. This demand is informed by the individual country’s increased focus on manufacturing and value addition.

• China has become one of the main sources of cross-border real estate investors

In recent years, the Chinese administration has adopted the principle that houses should be used for living in and not for speculation reasons. Therefore, the government has imposed restrictions on property transactions through property tax, high lending rates, and limited purchases. The effect of this is that China’s home buyers and investors have shifted their attention to other markets in Asia.

• Investors in residential facilities are now focusing on adding sustainable features into their buildings

In most cities, from Shanghai to Hong Kong, residents have demonstrated their preference for buildings with sustainable features. Now, landlords appear to have understood this and are now focusing on sustainability for two reasons: cutting running costs and winning tenants.

• COVID-19 has greatly slowed down the Asian property market

Like other regions around the world, coronavirus (COVID-19) has negatively affected most sectors, including real estate. Take the example of Hong Kong property market. In March 2019, property sales hit a high of 5,231 transactions. But this number shrank by 26% in March 2020 because of coronavirus. Similar trends have also been experienced in other jurisdictions as more buyers keep off the market.

The Most Notable Property Markets in Asia

Coming first on the list of the top property markets in Asia is Singapore, which has rebound from its low of 2017. The lows were caused by a huge glut, especially in office supply. Investors are now gathering more confidence in the Singapore market, and demand is expected to continue growing. Other top markets include:

• Tokyo: This market offers the best returns to investors in real estate.
• Ho Chi Minh City: This Vietnam city is one of the most preferred emerging markets in Asia.
• Sydney: Investors prefer Sydney for its stability and good prospects for growth.

If you have an interest in real estate, the Asian market is one of the high potential regions. Most Asian countries are working hard to help stabilize their demands and make them attractive to investors. Although COVID-19 has dramatically disrupted the property market in Asia, investors appear convinced that it will rebound and continue on their competitive edge after the pandemic is contained.

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Reflection

The Best Innovations in 2020 that You should Know About

The tech world is evolving fast, call it supersonic speed, toward developing new innovations that are capable of changing how we do things. From 8K televisions to smart toilets, these innovations you cannot be left behind in taking advantage of these innovations. But first, you need to understand them. So, here are the top five innovations in 2020.

Remote Health Monitoring

Most remote health monitoring devices use biometric sensors to read signs like heart rate. However, advanced in computer vision technology, new devices are now capable of reading health signs from some distance. And what is more impressive is that computer vision devices, which are designed by IBM Watson AI Lab are low-power devices and cheap.

The technology uses advanced AI technology to help track different parameters. Some of the devices that use this Computer Vision innovation include Cocoon Health that is able to track movements, heart rate, and sound from a distance.

Autonomous Farming

As the world population keeps growing and the available land for agriculture shrinks, inventors are busy working on how to improve indoor farming. A Korean IoT startup has already come up with an innovation, Plant Cube, which is likely to become a game-changer in agriculture.

Plant Cube is an autonomous farming system that usesinsulated and modular environments to grow crops in dry environments. The most impressive thing about this innovation is that it is capable of altering the growing environment so that even the plants that only grow in the tropics will be easy to grow in the arctic. Also, Plant Cube will allow people to plant their crops of choice in the city where space is a great limitation.

Wearable AR

Most early AR technologies were mainly smartphones based applications. But now inventors are building AR into wearable devices. One of these wearables is the Norm Glasses that were unveiled at the CES in New York. And you know what? Although they come with an Android-based computer, they feel and look normal.

When you activate the voice, the glasses create a heads-up display that allows you to listen to music, make a phone call, and send text messages, among others. They are designed with dual sleeper computer and are way lighter than other glasses with no electronics.

8K Television

If you are the people who love the best of everything, the chances are that you have come across the 8K televisions. It is a television that comes with a screen of 7,680×4,320 pixels, which means it has the highest resolution that has ever been released. With 8K television, the images are sharper and more detailed compared to the previous 4K models. Because the pixels are so small, it is impossible to distinguish them even from close range, resulting in more detailed images.

5G Network

The 5G network is one of the most enigmatic new technologies that businesses can anticipate in 2020. It is also tagged as the future of communication at all business and personal levels. It is a cellular network that utilizes cell sites, which divide selected territories into several sectors and then release encoded data via radio wave. Every cell site has to be connected to a network backbone, either through a wired or wireless backhaul connection.

The fascinating thing about 5G is its high capacity. According to Huawei, 5G technology can support up to 1,000,000 devices/km². It is a huge innovation improvement from the current 4G technology that supports only up to 100,000 devices/km².

These innovations show demonstrate the growing desire by innovators to keep rolling the discovery wheel and making life better. The innovations, such as the 5G technology and remote health monitoring, are also crucial in supporting other enterprises to develop new products and services for their customers.

NEED TO ADJUST TO REFLECT SUSTAINABLE BUSINESS Expert Tips on How to Succeed in Business

Are you an entrepreneur and have a business or planning to start one? Well, one of the goals is, no doubt, growing it into a big enterprise. But with over 50% of businesses failing within the first five years, it is a scary undertaking. So, let us cut the chase here, “how do you succeed in business?” Here are the top five expert tips that you should use to make your business successful.

Have a Detailed Plan

Well, this is a must! If you want to be successful in business, you need to start by developing a clear plan about how you will handle the challenge ahead. In the plan, you need to clearly define the business’s opportunities and then state a mission. This will be your overall target, and every aspect of your enterprise should be aligned to it.

Your plan also has to define short-term and long-term goals clearly. Note that the goals should be measurable and also be flexible enough to allow for adjustments. To craft a great plan, you might consider working with experts, especially those who have experience in business development.

Get the Right People in Your Business

A business is as good as the people who work there. These people should start with visionary leaders who are able to motivate their juniors in implementing the business policy. These people should have top qualifications and ample experience in helping businesses to succeed. Other staff for your company should have the following traits:

• High qualification.
• Team players.
• Problem-solving skills.
• Commitment to quality.

Review Your Competitors

Another important thing you need to succeed in business is understanding your competitors. The goal is to understand what they are doing so that you can develop a better strategy for success. For example, if the competitor is using traditional marketing such as billboards and radio ads, you can opt to go for digital marketing such as using mobile applications, business websites, and video marketing.

While still on competitors, it is essential to review the nature of the products they offer, so that you can develop better ones. Furthermore, when you note the market targeted by your competitors, work on eating into their market share. Then, target growing into new markets.

Design Your Products with Focus on Customer Value

Today, unlike any other time in history, customers have become very choosy. When a customer wants to but an item such as a television, the first step is checking with a number of online stores to compare what different sellers have to buy. To succeed in your business, a lot of effort should be put into delivering customer value. So how do you go about it?

• Start by studying the market to determine what your customers want. You can do this by running market surveys or engaging them in different platforms such as social media.
• Understand what your competitors are offering and work towards offering something better.
• Be innovative. Here, you need to look ahead and come up with services or products that clients can associate with.
• You might also want to involve targeted clients directly by asking them how they want their products. This method works well when you have strong communities, especially on social media.

Adopt the Right Marketing Strategies

Once you have developed the right products for your services or product, it is important to market them aggressively. First, you need to identify the targeted market, and then use the right channels to reach the targeted customers. Some of the best marketing strategies today include a business website, using social media, and mobile apps.

To succeed in business, it is important to look at it broadly and work towards progressively redefining your operational strategy. Particularly, you need to review customer needs and ensure that your product design is improved to deliver what the targeted clients want. With the above expert tips, you are sure of growing your business fast and reaching the targeted goals.

Richcast

How to Recruit the Best Talents in Startup

If you want to succeed with your startup, the one must-have component is qualified employees. But most startups often get stuck in a dilemma because of limited cash-flow. Remember that at this juncture, the biggest mistake you can make is hiring the WRONG staff. So, how do you recruit the best talents at startup? Here are some great tips to consider.

Build our Company Using a Strong Mission and Vision

In the early days of your startup operations, the financial resources to provide a big paycheck to employees will be greatly limited. This could be a great disincentive in your startup by the top talents. But to convince top talents to come to your firm, you can create a mission and vision that excites them.

The mission should convince the potential employees that the startup will provide them with the best opportunity for growth. Most people will want to come and be part of the growth that will propel the enterprise to success.

Hire Your Fans

Hiring fans means that the people you bring to work will want to take ownership of the venture, and will work harder to see it succeed. This is also a form of oral marketing tactic because they will ultimately tell their friends how great it is to work for you. Remember that even if your friends lack the right skills, but they have a strong drive, it might be a great idea to consider them because attitude can easily trump skills.

Go for Remote Employees

If you are finding it difficult to get the right talent in your area, the next best option is going for the remote employees. Hiring remote staff means that you get the entire world of talented workers to select from. Indeed, even if working with remove staff is not viable, you might opt for flexible working environments. For example, you can ask the staff to work from the office for three days in a week and two days from home.

Make Your Venture a Unique Place to Work

If you make your workplace great, you will never have to worry about looking for staff. The employees you already have will take the good news to their friends about it. So, start by building a great company culture, and more people will want to come and work for you. Indeed, even those who are already working in other related organizations will be looking for ways to join your venture.

Build a Strong Brand from Day 1

One of the core reasons why a lot of people prefer to work with some firms and not others is because of the brand popularity. The top talents out there want to join a brand that can guarantee them career growth, and you should target that. To achieve this, you should structure the startup well and present it well on social media, sponsored events, and meet-ups to show people what you have. The moment your brand stands out, it will start attracting the best talents that you can use to grow.

Talk about Your Company Online

Another method of getting the best talents affordably is talking about your venture online. They could be events about what you do or when acting as a guest to related forums. Potential employees will want to know more about your organization and even working with you.

At startup, recruitment can be tricky because of the limited resources. But you can still recruit the best staff using the strategies we have outlined above. Remember that you also need to put a lot of effort into retaining the best employees by keeping them motivated all the time. With the right staff in your organization, you are assured faster growth and success.

How to Launch a Mobile App for Your Business

One of the best digital marketing methods is a mobile app. When a potential customer gets your app in his/her mobile phone, it becomes easy to push notifications, give specific offers, and get direct feedback from clients. Although developing a mobile app is pretty easy today, launching it is never easy. But it does not have to be difficult when you follow this guide.

Understand the Best Practices and App Stores of Interest

Even before we come to launching, it is prudent to understand the type of app that you want to make. There are two categories of apps that you can develop: Android apps or iOS apps. If you opt for Android apps, they will be availed via the Google Play Store, while iOS apps are available via Apple App Store. Therefore, make sure to understand the requirements of these stores. For example, Apple App Store requires you to include a description of 50 characters of your app while Google App Stores allows 30 characters.

Come Up with a Great Idea for Your App

The best app should be developed to solve a specific problem. One of the steps of launching an app is validating it. At this point, you will need to get some feedback and involve people to hear what they have to say. The best way to go about this is to use a creative team so that your idea becomes realistic.

When validating your app idea, you can also carry a SWOT (strengths, weaknesses, opportunities, and threats) analysis to understand the app more. Using the findings, address the weaknesses to ensure the app will meet the goal it was made for.

Ensure to Understand the Target Audience Well

This is another crucial that you need to get right if your app is going to be successful. Just like other products, you need to target the app to a specific market segment. So, you should ensure that the app will help to address a specific challenge in the market so that people will find its importance. For example, a new app might be designed to help people make online payments easily and securely.  In this case, the target is people who make purchases online.

Test Your Application

Once you are through with the app development, you have one more step before you can launch it. If you launch the app before testing it, there is a danger of your relationship with users if there are some glitches and bugs. But you can avoid these challenges by testing the application before launch.

One of the best strategies is making the app part of the marketing campaign. At this point, you should reach to early adopters and provide them access so that they can do beta testing for the app. If some issues are noted with the beta version, address them comprehensively before the final launch.

Market the App

Well, it is true that you have developed an app, but few or no one knows about it. Therefore, you need to market it well so that your customers can be ready for it when it is finally launched.

If you already have an existing business, you should start by telling current customers about the app and the app release. This way, they will be ready for it when it is finally launched. Other methods include social media marketing, creating a specific app website, and writing guest posts.

Apply the App to Your Store and Launch

After marketing the app, the time for launching the app has finally come. So, release it to Apple App Store or Google Play Store so that your visitors can check and download. If you developed an app that works in both Android and iOS, it might be possible to apply in both stores.

 Finally, you can launch your app! Remember that even after launch, you still need to progressively review it and make improvements where necessary.

ChinaInstitut

Doing Business in China: A Brief about Chinese Accounting Standards

If you are planning to open a business in China, one of the things that you must get right is accounting standards. In China, businesses are required to use the Chinese accounting standards (CAS) that slightly differs from the International Financial Reporting Financial Standards (IFRS) that you might be used to back at home. So, how do you get it right if you are a wholly foreign-owned enterprise (WFOE)?

Chinese Accounting Standards versus IFRS

Although the Chinese accounting standards (CAS) have evolved over time and resemble IFRS in many respects, there are fundamental differences that investors going to China need to know. So, here are some of these differences

• The method of assets valuation: This is perhaps the most notable difference between CAS and IFRS. If you use IFRS, you are allowed to use either the historical-cost valuation method or re-valuation for fixed assets. However, CAS only allows you to use the historical-cost method.
• Some items are more detailed when using CAS: When dealing with items that are categorized as common in China, CAS is more detailed than IFRS. A good example is when you are trying to merge two firms that are run under one entity. In this case, CAS requires you to restate the figures, but IFRS does not provide specific rules for it.
• Rules for Situations Uncommon in China are more detailed in IFRS: In most situations that are uncommon in China, IFRS provides more details than CAS on how to handle them. For example, CAS is silent on how to address some staff benefits, such as rewarding them with stocks. So, if you are stuck on how to deal with such situations, consider seeking help from the ministry of finance.
• Implementation of international accounting standards. When international accounting standards are released, they are implemented immediately in IFRS, but are delayed in CAS. The Ministry of Finance starts by reviewing the new standards before deciding whether to implement, make adjustments, or discard them altogether.

What You Should Do When Do when Using Chinese Accounting Standards

The Chinese administration takes matters of accounting with a lot of strictness, and you need to use every effort to remain compliant. Indeed, many foreign companies face major accounting challenges, especially when trying to interpret and consolidate their books of accounts with their mother countries back home. Here are some things that you should do to remain compliant with CAS when doing business in China.

• Start by adapting your company to the Chinese accounting standards. This is crucial to ensure that your operations are in line with the Chinese laws on business operations. Then look for a method of reconciling the Chinese company’s book with those of the parent firm back at home.
• Map the Chinese subsidiary accounts for the mother country. When the books of accounts of the Chinese company are being presented to the mother company, the information should be carefully mapped (translated). This helps to simplify them and ensure they can be added, interpreted, and presented in the repent business’s books.

• When you move to China, ensure to understand the main differences between CAS and IFRS as early as possible. Also, you might want to work with accountants with experience in handling issues between IFRS and CAS.
• In addition to working with good accountants when handling your business books, it is important to collaborate with the Ministry of Finance. The ministry is crucial in helping companies address accounting challenges that may be facing them and providing timely updates to CAS.

When you incorporate a company in China, the Chinese administration demands 100% compliance with wall tax-related laws. Therefore, it is important to ensure you understand the Chinese accounting standards well and implement them in your business. So, work with expert accountants and closely collaborate with the Ministry of Finance (MOA) all the time.

Chinese Business Market: What You Need to Know

Mention China and every investor will tell you one thing: “It is one of the best jurisdictions for foreign investment.” So, if you have a business in China or planning to open one there, it is prudent to factor both logistical and cultural factors that should inform tour strategy. In this post, we will tell you the most important things you need to know when venturing into the Chinese market.

There are Different Types of Business Formations to Select from

If you are entering the Chinese market, the first step is to incorporate your company. In particular, there are five main business formations that you can select to run your enterprise.

1. Wholly foreign-owned enterprise (WFOE): This is a business formation that allows the foreign investor to own 100% of the shares. It is the most preferred form of business by foreign investors.
2. Joint Venture (JV): A Joint venture is a partnership form of business where you are required to join hands with a resident Chinese partner. In this business formation, the Chinese partner MUST own 50%+1 shares (be the majority shareholder) in the enterprise. This implies that you cede control on the operations of the company.
3. Representative Office (RO): Unlike a WFOE or JV, a representative office is a business formation that is not allowed to do profitable operations in China. Instead, it can only be used for things such as market research and evaluation. It is considered a great option for investors who want to study the market before entry.

The Accounting Standards in China are Different from IFRS

If you have a business in the want and want to expend it to China, the accounting standards will be completely different. Unlike International Financial Reporting Standards (IFRS) that you might be used to in the west, China uses the Chinese Accounting Standards (CAS). These standards differ in a number of ways, such as the valuation of fixed assets. But with the strictness of the Chinese administration on tax matters, it is important to ensure that you work with experienced accountants and collaborate with the Ministry of Finance.

Culture is an Important Part of the Chinese Market

Unlike many western markets, the Chinese market has a deep attachment to culture. So, understanding these cultures can help you avoid jeopardizing business operations. If you take the example of colors, they come with special meaning in Chinese. Red is associated with good fortune, while white is a mark of purity. Ensure also to follow the holidays, special cultural practices, and occasions.

The Chinese Administration Support for Businesses

Today, people look at China and wonder how its manufacturing has managed to grow so fast. The secret is the Chinese administration’s support for businesses. If you have a manufacturing company, the administration will encourage you to set up operations there. The administration knows that with more manufacturing companies, there will be more revenue and employment.

Investors are also encouraged to set up their businesses in rural countries away from the coast to boost their growth.

Business and Politics in China Work Together

Many businesses in the west enjoy straightforward operations where they can run without interference from local, state, and federal agencies. But it is a contrast when it comes to China. The Chinese agencies have their hands almost in every aspect of business operations. But you need to appreciate that it is the local agencies that have greater presence compared to the central Chinese authority. Because of this, it is very important to carefully study the political landscape of the preferred region for investment.

The above five attributes about the Chinese market demonstrates it is a highly dynamic place. Although it presents huge potential for growth, make sure to study it well, use the right business formation, and operate on the right side of the law.