Are the new East European member states such a great place to do business? The much vaunted skilled, low cost workforce in some of these countries mean potential gains can be substantial. Tempting though it is, and despite recent praise by the World Bank for measures taken to streamline business regulations and taxes, there are many pitfalls for British companies.

Twelve per cent of companies questioned in a recent opinion poll said they employed workers from new EU states, a rise of 5% in the last year, according to figures recently published by the employment agency Manpower. With these figures set to rise further, it is crucial that employers verify who is eligible to work in the UK before employment begins.

Why should a German business want to set up as an English limited company? Is there a message for us all? asks solicitor Kevin Byrne.

Exporting overseas could be a great way of expanding your business but understanding the market you’re aiming at would undoubtedly benefit from some hands-on research.

An offshore company is essentially no different from one incorporated in an individual’s own country of residence and can therefore trade, hold assets or investments, have a corporate persona and enjoy limited liability status.