Is your dream to live overseas in some of those beautiful exotic countries, and run your own business? Are you unsure where to start? Don’t worry, WellAway is here to help you.
We will provide you with the list of basic things you need to know in order to take advantage of the amazing opportunity that is given to you. Everything sounds perfect in your head, but when it comes to the realization of your plans, it can be a little tricky starting a business abroad, especially if you don’t know all the facts. We are here to help you understand the whole process of starting a business overseas.
Tips for Starting a Business Overseas
1. Examine Local Regulations
Not all regulations in every country are the same. In fact, you would be shocked how much they vary from country to country. If your home country is not a member of the Schengen agreement, you will need a bunch of papers and documents to become a citizen of another country, and not to mention what you’ll need for starting a business.
Some countries are very friendly when it comes to expats who want to start a business, while others not so much. But, we are here to encourage you, not to demoralize you. So, if you are interested in starting a business overseas, you will need patience and knowledge.
First of all, when you apply for the visa, you need to know what that visa will provide. Some visas have restrictions that can prevent you from starting or investing in any business, and some of them may allow you to own just a percentage of a business. Logically, you would need to apply for a visa with the most flexibility, that will ensure you can start a business as an expat. Also, make sure to ask about international business health coverage options available in the country where you’ll be working. You want to be sure that you’ve chosen the right option for your particular case.
It is very important to check the local regulations before you move. It will save you from unnecessary stress and unpleasant surprises.
2. Consider Buying an Existing Business
If you really want to move abroad and run your own business, but you don’t have a specific business idea in mind, you may consider purchasing an existing company.
This has its advantages in regard to starting from a scratch because if you buy already existing business, you eliminate all of the up-front work that starting a business abroad demands. You could even invest without having to be a manager. In that case, you need to be careful and rely only on people you really trust.
3. Investigate Import/Export Costs
When you are considering starting a business abroad, you need to cover all aspects, especially if you planning the import and export of your potential products. Every country has its own regulations that can be very different from yours, so you need to do your homework and research export and import costs. Start with the category of the products you are planning to manufacture and sell.
Once you know how much it will cost to produce the product, including materials, equipment, duty, and labor, you need to figure out how much it will cost you to sell it. Sit and calculate all the import/export costs and you will know will the production pay off.
4. Don’t Forget Taxes
Every country and every market have different taxation and your job is to know yours. Don’t do it by yourself, especially if you just moved because no matter how good you know the language, business jargon is totally different. You should ask for help from a qualified person – an accountant.
5. Business Essentials: Always Have a Plan
We have two words for you – BUSINESS PLAN. No matter what were you doing and what you plan to do, always make a business plan. The good business plan will make you look more serious and help you achieve whatever your goal is.
You can use the aforementioned list as a guide before starting a business abroad. Just make sure to double-check your plan and all the requirements needed. Be a good student, do your research, and only then make a move!
If you have any uncertainties or doubts, reach out to WellAway. We are happy to answer all your questions.