There are a good number of CEO’s who seriously consider whether they might be better off all round if they moved their business operation to another country altogether.
The general perception might be that a business decides to move to a new country because of incentives such as tax breaks and maybe to gain access to a young and dynamic workforce, but there is a lot more to the proposal than first envisaged.
There are so many considerations, from day-to-day operational requirements such as payroll management through to finding premises and relocating key personnel, so here are some of the things you need to look at before making the decision to move.
As a result of technology, the world is definitely a smaller place than it used to be, and you can do business with someone thousands of miles through services such as Skype and other video conferencing tools.
Despite this opportunity to conduct negotiations via the internet, there have also been significant advancements in how easy it is to move your business to a different part of the world, which is prompting CEO’s to speculate whether they might enjoy a better lifestyle and improve their business prospects, by moving to a new country.
Although it is certainly easier to relocate a business these days, there are still some primary considerations that need to clarified before you even start making more detailed plans.
It would be wise to confirm the rules and regulations associated with the country you are thinking about moving to, at the earliest opportunity. Seek some specialist advice on what the tax laws allow you to do and just as importantly, what you definitely can’t do.
It would be very unwise to take any further steps until you have a clear picture of the restrictions and advantages of moving to a specific country, so that you can evaluate if the pros outweigh the cons.
There are plenty of countries where language may not actually be much of an issue but if you are considering a location which speaks an alternative language, you will need to consider what impact that might have on your business operations.
If you will have to hire an interpreter to help you with the daily running of your business to ensure effective communication, that could slow things down too much and you also run the risk of mistakes occurring due to miscommunication, if there is a language block.
If you have a long enough lead in time before you complete a relocation, there is always the prospect of learning the local language, so that you integrate into the business community and settle quicker from a personal perspective.
You should never underestimate the impact that cultural differences can have on your business and it would be good policy to completely familiarize yourself with the local ways and protocols, so that you don’t end up alienating or offending anyone in your new country.
Do your research and visit the country personally to get a feel of things on the ground and decide if it is a place that you could call home for your business.
Kieran Joyce started his own business a few years ago and has seen it grow from strength to strength, at home and abroad. He likes seeing other people succeed as well and so he shares his knowledge online through blogging for business sites.