The best time to address potential problems with your business partner is at the beginning- before rough times hit and emotions run high. It's important to know as much as possible about a potential partner before diving into a new startup. That’s where Primasia Corporate Services Limited comes in. Not only can Primasia help you in locating a good business partner, they can run a Chinese Company Health Check to ensure business holdings are stable. And when you are ready to dive into your new venture, they can assist with any Visas or permits that are needed, as well as helping with Tax Compliance, reviewing banking and trade documents and get your new business set up with Xero- the best cloud accounting software available!
There are several factors to consider when looking for a business partner. Here are some of the questions you should ask before signing on the dotted line:
What skills do you need from a business partner?
It might be more comfortable to have a business partner that is similar to you, but it’s probably not what your business needs. Your partnership is about coming together to form a well-rounded and fully equipped organization. Look for a business partner who brings something different to the table than you do. If you are creative, maybe you need someone who is detail-oriented. Maybe you are shy and need a someone who is a people person or has good connections. The bottom line is that together, you need to have complementary skills that will produce a successful business.
Are they as committed to the project as you are?
Is your new business partner willing to do what it takes to keep the business running? Everyone in a partnership should be willing to fold their sleeves and get their hands dirty for the good of the company. If you identify laxity in your potential partner, save your time and money, and look for a partner elsewhere.
Are you both willing to put everything in writing?
Often partnerships are started on a simple handshake, but this can lead to disaster. It's vital to put it on paper- what is expected from each partner and contingency plans. If disaster strikes, or a partner simply isn’t pulling their weight- then it's essential to be able to move on without destroying the business. If it’s in writing, not only do you both have a solid idea of what is expected of you, but there is no arguing if the venture doesn’t work out as planned.
For 30 years, Primasia Corporate Services Limited has been dedicated to helping businesses from around the world succeed in Hong Kong, China, and other offshore jurisdictions. Their highly qualified and experienced professionals deliver tailor-made corporate and trade services, HR and Payroll, Business Matching and more. Primasia is also a certified business advisor of Xero, an easy to use and powerful online accounting system. Contact Primasia today for assistance with your new business!
Connect with Primasia Corporate Services Limited
Hong Kong Headquarters: Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
Website: https://www.primasia.hk/
Twitter: https://twitter.com/PrimasiaHK
Credit: Prosperity Research Digital Agency(PRDA) provides branded content catered to your business, in English, and Traditional or Simplified Chinese.
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