Setting sail – How to move your business abroad
If you’re considering shifting your business overseas, the road ahead might be a bumpy one without proper planning. Here are the five areas that warrant plenty of administrative legwork.
Create a comprehensive business plan
This brave new business move of yours demands an entirely new business plan – one that thoroughly details aims, goals, costs and a structure.
A solid business plan should include an executive summary detailing an overview of the business, with a migration path and sales and marketing plan that relates to your new region.
You should also map out your costs and logistics (two of the most pressing elements to understand when moving abroad) and detail your expected profit for each of the next 12 months ahead.
Crunch the numbers to the last penny and pound
There’s no two ways around it – moving abroad is expensive and planning for it is incredibly time-consuming. You’ll need a minimum of at least 12 months if you want to work through everything you need to at a level of detail a successful move requires.
When it comes to the matter of money, you’ll need to understand local:
- Laws, rules and regulations
- Employment rules, customs and laws
It’s advisable that you keep your UK-based business account open, however you should explain to the bank that you’ll soon by setting off for foreign climes.
You might need an offshore account, but often there are cheaper, faster methods of transacting over borders. Research the many emerging fintech companies that are targeting international payments, such as TrasnferWise.
Seek out services before making the jump
You may not realise just how many professional service providers your business relies on. Like accountants, marketers, solicitors – all of whom may not have the same skills on the global stage.
Create of list of every service you currently use, and seek out either a UK-based, internationally-savvy alternative, or service providers in your new region (the latter of which could be a door to new business connections).
You’ll also need to identify what new service providers you’ll need – such as offshore accountants and company formation specialists.
Commission an international legal expert
Will your new company structure be the best fit for your business? Is your business plan viable? What local laws could you have overlooked? These are just some of the many (many) questions that you need anaswered by a legal expert in your future trading region.
No matter how much research you undertake yourself, laws change at a dizzying speed, and local customs, although not legally binding, can be difficult to pick up on (though they’re often no less important than the local laws carved into stone).
Ready and raring to set off on your new commercial adventure? Our team will be there to do the heavy lifting (and packing, if you need us to). If you’re handling the relocation all by yourself, you may want to read our guide: How To Plan an Office Relocation Step-by-Step.
Grab your international removals quote in less than five minutes or speak with Ralph – owner of Van Man York, about where you’re moving to and when.