Moving your business overseas – how to
Many people say they are living in a globalized village and they are not wrong. What used to be so far, now it is only a click away. For this reason, many companies have decided to expand their business overseas. It opens completely new avenues of sales, affordable resources, better quality, and similar. This all sounds quite tempting. However, it is not easy to expand your business internationally. It is extremely stressful to organize an international move just for yourself. Can you imagine what will happen if you decide to relocate an entire brand? It can be less stressful than you imagine. Therefore, here are all the tips for moving business overseas.
Advantages to moving business overseas
If you are still debating whether moving your business overseas is a smart move or not, here are the reason why you should do it.
- New business opportunities – a new untapped market is just waiting for you. Do a little bit of research. Check your competition. You might have less than you expected.
- Incentives for business owners – many countries offer support for small business owners. Additionally, it is also important to pay attention to the average tax rate of one country. It can save you thousands of dollars.
- Affordable move/long-term profit – small business owners think it is a huge risk to move their companies overseas. Reducing the cost of production and salaries, as well as finding companies for exhibition cargo, will lead to long-term profit.
- New life for the company – new market, customers, and revenue can breathe a new life to your company, especially your company is underperforming recently.
Establish your goals
Why do you want to expand your business internationally? Think about the reasons for your decision. Then, you should establish goals. Common goals and reasons for relocations are the following.
- Affordable operating costs
- Better resources
- Bigger market
- Better supply chains
- Bigger demand for the services/products you offer
- Better local and national infrastructure
- More investment opportunities
Once you establish your goal, you should do market research. Find your location. Depending on your services or products, pick a country then, a city. See if it is more affordable to send your office furniture as project cargo or buy new ones. In addition to this, find a real estate agent and company formation agent in your new country. They should be able to help you to find new office space and establish your company in a legitimate and affordable way.
Finance when moving your business overseas
Opening a new business requires money. Moving your company to a foreign country will need a good budget. When you are opening a company, make sure to check tax laws as they differ from country to country. You can find offshore company formation agents to help you with the entire process. In addition to this, banking is extremely important when you own a business. You should leave your bank account open in your home country. Then, check the regulations of your host country. You might need to open a bank account first, then move your business. Next, you have to think about transferring your money. You can find banks that specialize in international money transfer. Lastly, convert your money at the mid-market exchange rate and not in the bank. Banks always offer the most unfavorable exchange rates.
Get all the necessary permissions
You have to do the research about the potential country of your move. What might be valid for one country, it might not even exist in the other. For this reason, you should see if you need special permission to open your business overseas. Many countries welcome new companies as this means local employment and tax gains. Therefore, it might be quite easy to get appropriate permissions. An induvial looking for a job overseas might have a harder time finding employment than you acquiring permissions. For example, if you plan to expand your business to Japan, you can find a pdf file with the necessary permissions on the website of the Japan External Trade Organization. Even though the process might be simple, you should still find a person who understands the language and procedure. You can find one at the embassies, immigration boards, and fellow domestic brands that made relocation.
Plan and prepare for moving business overseas
Now that you are familiar with finances, taxes, banking, and permission, it is time to plan the move. Since you are moving the entire brand overseas, you need to plan well. First things first, notify your employees about the relocations. Decide what to do with your company back home. Will you close it? Still be in charge? Will you move as well? When you answer those questions., assign a project manager for the relocation. You can do it or a manager, a member of HR, or a trustworthy employee. Just remember, that person will be completely in charge. Therefore, make sure you trust that person. The person in charge should find a moving company, acquire all the necessary documents, permissions, rent a new office space, take care of a moving budget, etc. Lastly, choose two or three employees who are willing to move to supervise the company overseas.
Hire corporate movers
The last thing you need to do is find corporate movers. Moving a company internationally is a huge task. People who do not have prior experience will have a hard time managing an international move. For this reason, hire professionals. They will know how to move your company across the globe without making any problems. Mistakes in this case, are extremely expensive. Therefore, having professional assistance can minimize a situation where mistakes can occur. However, to save money, you can arrange visas and plan some aspects yourself. You can also find a good shipping company if corporate movers are too expensive for you. With a thorough plan and enthusiastic team, you will manage to relocate your business overseas.