This post details three important tips on moving abroad with your business. You want to be prepared before taking the big leap!
People move abroad every year. Usually for jobs, or to retire. Sometimes, business owners move and take their whole business operation with them. Sound like a nightmare? It can be.
But there are steps you can take to help you and make the whole process a lot smoother. The business type dictates how difficult this will eventually be.
Here are some tips that can help your move go well and ensure you get settled in abroad.
Check The Storage Situation
This usually applies if you sell products and want to move the warehousing with you so that you still have clear oversight. Finding a good short-term storage solution shouldn’t be too hard.
It might be that you sort out your warehousing before you go, in which case you won’t need to waste money on short-term storage anyway. In some cases, you can even approach people to help you transition, for an extra fee.
Whether you’re looking to compare rates to move a boat or need to move heavy machinery, it’s always worth checking if storage facilities can help in the actual transition.
Once you’re bedded in you can work out the logistics regarding getting the product to the end user, but you don’t want to be stuck with a load of product because you didn’t work out suitable storage.
Have An Online Business?
You may think that because your business is completely online, you’ll have a pretty easy move. But it doesn’t always work out that way.
Sure, if you’ve got a business that operates off a third-party platform or one that pretty much runs itself, you might have an easier transition, but there are still issues to bear in mind.
For a start, you might find you have a really slow internet connection so make sure you check you’ll have a decent connection upon arrival so that your business can continue running smoothly. You may have a few problems regarding a new IP address too. Areas of your business might know your IP address.
For example, if you use the Google search console you may need to revalidate. Just make sure you give it due diligence and make it as easy as possible for yourself.
Know The Tax Circumstances
Tax law differs no matter what country you operate in. They may be similar, but they will certainly differ. Don’t get caught out. Make sure you look into this so that you can complete your taxes properly.
It might even work out that you end up paying less tax, not more. Deductions might differ, and you may be in line to receive better grants, too. For situations like this, it might be better for you to use a tax advisor or financial consultant first.
It’s better to invest a little bit of capital so that you understand exactly what you’re supposed to be doing rather than risk a hefty fine down the line for missing something vital.
Hopefully, this post helps with moving abroad with your business.
*This is a contributed post, all images are owned by jetsetandforget, and pixabay.com