Owning your own small business is a huge achievement. Growing that small business into a big one and requiring an overseas relocation? Well, that’s just enough to make you feel as if you’ve arrived in your industry. Companies that choose to leave their initial location abroad are often doing it for a variety of reasons, including tax reasons, reduced rental costs and even being closer to wherever they are manufacturing their product. There are a lot of difficult decisions to be faced if you choose to move your company abroad, but with a lot of market research and some clever planning, your decision doesn’t have to be a difficult one at all.
The legalities of moving a business operation from one country to another are important to pay attention to. The structures of different countries from a legal standpoint means that seeking specialist advice from others in the same industry could be vital to your business. You need to speak to professionals in taxes, Monaco Relocation Services if that’s where you have chosen to settle, and manufacturing so that if you have to set up abroad, you are well informed and covered for all eventualities. We’ve got some things that you should be considering before you make that move, in the hopes that when you do you can feel secure in your decision.
Revisit The Business Plan. You put together an amazing business plan when you first opened your company, but if you are choosing to move abroad you need to do it again. You need to know your ‘why’ before you go anywhere. You need to know your costs, your aims when you move abroad and the way your company structure is going to change. If just a part of your business is moving abroad, you have to set clear SMART goals so that you have a purpose for moving.
Finances. Moving a company abroad isn’t just about considering the legal costs. It’s the physical side of moving. You have to move your technology; your servers and you have to hire people all over again to replace those who cannot or will not relocate with you. This means checking out the costs for staff in a new company and the costs of retraining will need to be considered, too.
Market Research. You are headed somewhere new, so you need to shop around for new packages and new products that could be available to assist your company. Chartered accountants, offshore banks and even formation agents need to be chosen by you, and so you need to get as much research done as possible before you get to that point. There are huge differences in the benefits of offshore bank accounts, so shopping around can really get you the information that you need to make the right decision for your business.
Moving your company to another country is a huge undertaking and is never one that you should go for lightly. There are so many benefits – other than the sunset – to moving abroad with your company and if you get the chance, you should go for it!