Can I move my business overseas is a question that we hear from time to time. There are a few circumstances that might make you want to up your sails and take your business overseas. Your business could be growing and have a global reach, and it could be beneficial for your business for you to be overseas. On the other hand, you could just be after a sea change and having your own business means you have the flexibility to work from anywhere.
Here are some considerations if you are thinking of moving overseas with your current business:
1. Study the market
Who is already in the market? Who is winning in the current marketplace? For example, if you run a communications business, you might do extremely well in a country that is corporatising and needing more English language specialists. If the market is already saturated, or underdeveloped, you might find yourself a fish out of water.
2. Reassess your brand
You need to know your company story and how to tell it in multiple languages. Consider the country you are wanting to move to, and what your brand might mean there. For example, different colours have different connotations, and different symbols might have different meanings across a border.
3. Get to know the country
Go to the country and check it out. Hire a guide who will speak to you about local business. Speak to the Australian embassy in that country to discuss the current business climate, and see what other information they may be able to give you to help you on your way.
4. Learn the customs
The first mistake you’ll make if you don’t learn the customs will be insulting someone, or losing their trust, without quite knowing what you did wrong. If you learn local customs and traditions, you will be able to harness the power of local trust easily and without too many missteps.
5. Hire a local sales rep
A sales rep can learn your product and business structure, but it’s much harder to learn how to integrate into a local market. Choose someone local, with local contacts and respect, and let them learn your business.
6. Engage a great expat accountant
Australian tax returns aren’t the only consideration you’re going to have to make regarding your tax. Hire an accountant who specialises in cross-border matters.
Questions? . . .
If you have some questions or would like us to introduce you to a expat financial planner whom we’ve worked with previously, click on the button below and send us a message:
- Demystifying PFICs for Australians in the United States - 12/04/2024
- Update: Thailand Clarifies Tax on Foreign Income - 25/11/2023
- Remote Workers – Australia’s Opportunistic Tax Grab - 11/11/2023
