Thanks to Mercedes Dayanara for the image.
The allure of emigrating and starting a new life is a strong one. Many have a burning desire to be free of the 9-5 grind and set up shop on a remote beach somewhere. Perhaps you have retirement plans to set up a small business in a warmer climate. Maybe you’re a savvy startup genius looking for a cheap country to get going. Whatever the motivations are behind your move abroad, the considerations are the same.
Starting a new business abroad is tricky. The culture and way of life will be very different to what you are used to. You’ll have to mould around that and embed yourself in a new business culture. There will be obstacles just to get it off the ground. If you’re not a resident of that country, obtaining the necessary documents can be tricky. If you’re still up for the challenge, let’s look at the things you need to consider.
One of the big pulls for moving abroad is a warm climate, a welcoming culture and a different way of life. However, make sure you look past the initial pull factors. Is the country economically stable? Is your business secure there? America has a very robust economy. Even in the darkest economic times, there are procedures in place to help. This is not the case in other countries and you risk your home and possessions if the economy turns. You could take it one step at a time. If you’re planning a move to the UK, contact a London virtual office company. They can set up a business address and you can send business through there. When it’s working well, you can make the full move.
Do your research
Is that location right for your business? Will your company last in a new place? It’s a foreign land and you will be unfamiliar with the customer base. Do they really want the service that you’re offering? Make lots of trips to the area before you make a decision. Speak with the people there and get a sound understanding of the way of life. You’ll need to find out what the tax system is like there and what the minimum wage is. It will all vary wildly compared to what you are used to.
Tax and Visas
Most countries require a work visa for you to set up business there. If you reside in the EU, you can freely set up shop and trade in any other EU country. However, if you’re setting up in Australia, Japan or Canada, you will need a visa. That means presenting that country with a full business plan. You’ll need to prove that your business is beneficial to that country. You may still be bound to tax laws in your original residing country. Speak to a tax expert when budgeting as this may be a big consideration.
Finally, can you speak the language? I mean, really speak the language. A few odd words for ‘hello’ and ‘thank you’ is not enough to run your business. You’ll need a deep understanding of the culture and language. You’ll be having business conversations where you’ll need technical translations. You’ll want to spend a long time really getting to know the country before you make the big decision.
If you are confident that you have all this in place, setting up abroad might be the best decision you ever make. You can finally be free of the mundane grind and move to the country you’ve always dreamed of. It’s a lengthy process but it will be worth it in the end.