Top 8 Tips for Moving Your Business Abroad

Top 8 Tips for Moving Your Business Abroad

Expanding your business beyond local borders is a thrilling thing to think about.

Even if your business is thriving in your home country, sometimes moving overseas can be just the experience your business needs to boom. The demand for products and services differs from one country to the next, so do your research before investing in expanding your company to a new country.

While accurate feasibility studies should be done about the destination location, there are multiple benefits to moving your business abroad.

Below are the top eight tips to consider before moving your business overseas:

Consider Time Zone Changes

Unless you plan on sending smoke signals to your client base and hoping for the best, you need to get your tech and time zones in order.

You will likely need to work out how to deal with the different time zones in the operating hours of your new country. The times you were available before will probably need to change to suit the needs of your destination country, colleagues, and new clients – but you cannot neglect your existing customers.

That means you might need to work later in the evenings to keep everyone happy.

 Address Client Concerns

You need to let your clients know that you are moving your operations overseas.

Most of them will be thrilled for you and the new experiences you will share with your loved ones. There will, understandably, be a few clients who will express their concerns about how your move will affect them.

Come up with a plan to continue delivering your usual results and let your existing clients know that they will continue to be one of your top priorities.

Keep Things Business as Usual

The best part of relocating your business overseas is that it does not necessarily have to change the way you work.

You can take your tech, websites, apps, and tools with you – in most cases. There are some countries, like China, where there are strict internet controls in place, and that will affect your business.

For the most part, try to keep things business as usual. That will help you feel connected to the business culture and community you have grown to love, even if you are in the middle of rural Spain or Portugal.

Group Health Insurance

There are so many things to worry about when moving your company overseas, do not let international group health insurance be one of them.

Providing your employees with the right international medical insurance will ensure that you and they can breathe easily. Offering health insurance can help your business to attract and retain talent – not to mention improving employee productivity.

Be sure to learn about the pros and cons of group health insurance plans and the benefits or limitations that come with each one.

Legal and Tax Requirements

Before you start dreaming of your new corner office, overlooking the Eiffel Tower, dig deeply into the nitty-gritty of the new laws and tax requirements of your new country.

Different countries have wildly different laws about business. From operations to employee visas and taxes, there are laws and rules governing every aspect of your company. 

Consult with legal experts at home and in your destination country for advice.

Settle In

Every country has its own culture, and part of that is business etiquette.

Do not ignore the business etiquette of your host country. For example, in some countries such as Japan and India, it is rude not to exchange business cards – while in places like Italy, showing up without formal business attire is never a good idea.

Take the time to settle into your new country and learn the ways of the locals.

Banking Tips

Managing business finances across international borders can be a complicated task.

Set up new banking profiles and accounts in advance while still on home soil. 

The international transaction fees will come as a surprise – as much as you may want to coil into a small ball and cry, do not fret. An experienced financial advisor can help you navigate these unchartered waters without going overboard.

To End

Once you have considered the pros and cons of a potential move, you should start saving up for the move immediately. The costs to consider are both financial and time-based, and you need to know what you are getting into before you make any final decisions.

Plan your move early to iron out any last-minute issues or problems that can stale business relocation. Ensure that all the relevant legal paperwork gets completed on time and you have given your clients and existing employees enough time to plan their next move.

Moving your business overseas is not as easy as it sounds, but do not hesitate to make the move if you feel like it is the right thing to do for your business.

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