Rules for establishing a successful Fintec company abroad
Fintech is a relatively new and complex niche in business, formed at the edge of high technology and banking. Implementing it from scratch is not easy, but with the right approach, the costs will pay off more than ever. It is easier to establish a Fintech-Company abroad in 2020 than in Russia. Most foreign countries offer businesspeople favorable starting conditions and preferential tax rates.
Criteria for selecting a country suitable for Fintech-startup
- Loyal legislation in the field of financial regulation and IT;
- Probability of government support or attraction of foreign capital for investment;
- Demand for financial technology services among potential consumers.
In the future, successful Fintechs companies will make a worthy competition for traditional banks. They are already setting the tone: they are developing innovative applications, business models and programs that greatly facilitate the process of interaction with customers and allow most transactions with money remotely. In the conditions of 2020 - pandemic and social isolation, it becomes especially valuable and demanded among ordinary people.
Future directions for Fintech in 2020
- Administration of personal expenses, investment and credit management;
- Organization of electronic payments;
- Consumer lending without attracting bank funds;
- International currency money transfers;
- Simplification of the procedure of investment and stock exchange operations with the help of artificial intelligence, making them simple and understandable for most;
- Protection of clients' personal data;
- Adaptation of existing business projects to changing conditions (legislation, economic situation);
- Products in the sphere of insurance;
- Creation of electronic platforms for interaction between startuppers and their potential investors;
- Digital (crypto) currency operations;
- Creation and maintenance of uninterrupted activity of non-banking financial organizations operating only remotely.
And this is far from being the limit. At present, active work is being done to integrate artificial intelligence and financial technologies.
It is also possible to open a Fintech-company abroad remotely. The main thing is to choose the right jurisdiction for registration and take responsibility for the preparation of necessary documents. Qualified assistance of IT-OFFSHORE specialists will be a reliable help even for beginners, while analytics and legal advice will help to dot all the above and beyond. We are ready to register a Fintech-company from scratch in most promising countries of the world.
Stages of successful foreign Fintech-Company creation
- After having analyzed the market, define the basic direction of the activity of the future company. It should be promising and in-demand. A novice businessperson also should not “spread out” - it is better to add new services no more than once in 6 months;
- Create a unique trade offer that distinguishes the company from its competitors;
- Form a friendly team of experienced and professional staff. At Fintech, you can save on many of the costs associated with a traditional business. Software and labor must be the most expensive and of the highest quality;
- Actively cooperate with major foreign companies in the field of financial technology, create partnerships, collaborations and attract investors.