Do you have a foreign policy?
Published 15 June 2015
If you are a corporate investor incorporated in a foreign jurisdiction remember that on property transactions such as acquisitions and raising finance you will have to arrange and pay for a legal opinion from lawyers qualified in your country of incorporation for the benefit of the other party to the transaction.
Opinions of this nature can require a substantial amount of due diligence work and vary depending on the nature/complexity of the transaction and the requirements of the receiving party.
To avoid delays and minimize costs remember:
- Ensure foreign lawyers are instructed early in the transaction to give them time to satisfy any unusual local regulatory requirements, obtain initial local registry searches and resolve any issues prior to completion;
- If possible have a regular recognised and reputable foreign law firm you can instruct. Repeat instructions should have a cost saving for you;
- Anticipate any requirements particular to your jurisdiction, such as requirements for an incumbency certificate or the need to instruct a local registered agent.