For many entrepreneurs looking beyond their local market to distant shores is the thrill they need. And while starting a new company in a different country isn’t impossible, it does pose a unique set of challenges. There are several things to consider if you’re contemplating taking up the challenge of beginning a new life and company overseas.
Get The Right Visa
Before you plan to visit another country, let alone move there and start a company, you must look at visa requirements. Most countries have strict conditions regarding entrance by foreign nationals, especially for business and settlement purposes. Just because you’ve enjoyed a holiday somewhere and quickly had a visa granted at the border, don’t be fooled into thinking they’ll welcome you back as an entrepreneur. Visit your destination country’s official border control website for up-to-date, accurate visa information and requirements. Consider consulting an immigration specialist lawyer to ensure you aren’t declined over something minor.
Look Out For Yourself
Whether you intend to settle and run the business or get it going and return home in the company’s early days, you’ll spend plenty of time on location. And while your focus may be primarily on getting the business up and running, you must take care of yourself. Cigna expatriate insurance allows you to settle into running your new enterprise anywhere in the world without worrying about your health. After all, the last thing you want is failure due to ill health eating into time and funds.
Research The Market
All new business ventures begin with an idea, but the reality is not all ideas are good or sustainable. Moving to a new country as an entrepreneur involves a sizeable financial investment you need to be sure will make a return. Visiting lets you see firsthand how things stand and begin to make vital contacts. Before applying for that visa, it’s essential to research the local market in your destination country to ensure your idea has a chance of succeeding.
Learn The Culture
To truly be successful in another country, it’s essential to understand the local culture. Learning the language or local dialect and getting to know people go a long way to forging beneficial business relationships. Arrogantly assuming you can walk in and conduct business as you do at home will severely hinder things. If you’re planning to move somewhere with a relaxed outlook on life, learn to slow down and adjust your timetable accordingly.
Consult A Local Lawyer
Consulting a local lawyer who understands the local laws and regulations for businesses ensures you don’t run into trouble. They will help with applying for any necessary permits and licenses, especially if there’s a language barrier to overcome. Your lawyer can discuss the best legal structure for your fledgling business, as an S Corporation in the US will have a different company registration in India.
Hire An Accountant
An accountant is very important for a globe-trotting entrepreneur as there are many potentially tricky things to consider. First and foremost, they’ll help you navigate the local business environment, but their job doesn’t stop there. You’re suddenly working in a foreign currency, which makes budgeting challenging if you need help understanding how it relates to your home currency. The account will help with this and work with you to determine realistic running costs, as things like staff pay rates and shipping costs may differ.
Tax
Where to pay tax is a big question that faces all businesspeople setting up overseas, and both your lawyer and accountant will be helpful in answering this question. Where your home country is and which country you’re doing business in will be the main factors that determine the answer. Some places have double taxation treaties, allowing you to pay tax in one country and none in the other. Being such a complicated and vital topic, it pays to do thorough research with the help of a professional.
Create A Timeline
Remember that visa we talked about applying for at the start of the article? Once you have all your metaphorical ducks in a row and are ready to pull the trigger on applying for your visa, it’s time to create a timeline. Look at the current processing time for your particular visa so you have a rough idea of when you can realistically travel and begin getting the business off the ground. The reason for this is some settlement visas take several months to process and grant, and you don’t want to plan a grand opening before you’re even allowed in the country.
Once you’ve undertaken market research, consulted professionals, ensured your health is covered, and made it official with the correct visa, you can begin the real adventure of setting up and running your new company in a whole new country.
