Startups, especially freshly launched ones, are bound to encounter all sorts of legal challenges. And they do not just involve issues with regulators or compliance with numerous legislative acts. Sometimes, simply registering a start-up project can be a quite cumbersome task. Therefore, it is absolutely vital for future startupers to seek reliable legal support prior to launching a project in their home country or registering a startup abroad.
So, let’s see how choosing the right lawyer can make all the difference in the world to a startup project.
Finding the right law firm
It should be kept in mind that legal support for launching a startup abroad will be required throughout all stages of a project life cycle. Therefore, building lasting relationships with your potential legal partners should be your number one priority.
Once you have made up your mind about what services you will be providing and whether those services will be needed in the future, you should find a law firm that will meet the legal needs of your business. And once you have found one, you will need to have a meeting with your future partners during which a foundation for mutually beneficial work in the future will be laid.
As the owner of the company you must ensure that the law firm you have chosen can provide you with some basic legal services, such as:
- professional support in registering a company abroad;
- assistance in obtaining a license abroad;
- qualified advice on opening corporate accounts in foreign banks;
- advice on the protection of intellectual property;
- support services in mergers and acquisitions;
- legal support for IPO.
Next, you will need to make sure that the law firm’s practice areas cover the ones that you need. It is obvious that a law firm specializing in agricultural or energy business will not be able to help you with registering an international cryptocurrency company or financial services firm. However, if they are experienced and highly qualified international lawyers, they will most certainly be capable of providing you with the professional legal assistance you require.
Checking the law firm’s compliance with your criteria
As we have already mentioned, business relationships should be lasting and mutually beneficial. Therefore, choosing a law firm to support a start-up project requires ensuring flawless communication. In fact, understanding the needs of the client and the capabilities of the law firm are the two most important factors for building fruitful and lasting relationships.
It is also necessary to make sure that you can count on legal assistance in starting a new project at all times. Any lawyer may tell you that they can always find time for you. However, it is always a good idea to work with those of them who can help you solve the issue at hand by phone or Skype whenever you need them to.
You should also keep in mind your own preferences. Quite a few people are more comfortable communicating by email. This method of communication allows them to come up with a more thoughtful and detailed answer and send it exactly when they need to. Ensuring that the law firm you have chosen is the right one for you involves communicating with its current and previous clients. They can provide you with some valuable information regarding the quality of the firms’ services, extensiveness of its legal experience and efficiency of its communication. Be prepared for a certain degree of subjectivity, though.
Geographical accessibility of lawyers
Another important factor in planning the registration of an international start-up is the actual availability of lawyers. However, a local consulting firm may not always provide the best legal support for a start-up project.
Therefore, choosing legal assistance for launching a startup abroad requires paying attention to firms specializing in related industries. It is also important to consider where the largest markets you are planning on launching a new product or service in are located.
Reducing startup costs
Few would argue that one of the main factors of a company’s success is its efficiency. This is particularly evident in the early stages of the company’s life cycle. Therefore, some law firms providing professional legal support to start-up projects abroad can charge their clients lower rates with the expectation that their cooperation will prove to be lasting and profitable. Many of them may come up with deferred payment models, ask to be paid at an hourly rate, or seek to become legal partners by taking equity instead of fees. And that provides founders of startup projects with a fair amount of flexibility.
Legal support for startup projects
We hope that the above tips will help you get reliable legal support for a start-up abroad and avoid common mistakes. Please, keep in mind that our company, IQ Decision UK, provides professional legal services to medium and large businesses, as well as start-up entrepreneurs. Our experts have years of experience under their belt and are always ready to offer a comprehensive range of services to start-up projects.
For more information about our services and professional advice on launching a startup abroad, please call us by using the contact details below or feedback form.