Hello everyone !
If moving to another country as an employee would deserve ten times a thought, setting up a business abroad would deserve more than a hundred...
Setting up a business could be something totally new or could be even an expansion, a branch. In any case, all scenarios need a deep research, since apart of the personal issues to be arranged, there are many parameters, business-wise, to be seriously and profoundly evaluated.
First of all, there is an obvious question : Why ? Why should we do it ? Of course, this generates further questions : Have we scented an opportunity ? Do we have a unique idea that could be sold in the specific's country target group ? Do we have many customers in that country, etc ?
It is self-proving that all the above questions lead to one word : research (yes, I know... research again ) !
Consider this : As an employee, we could modify a lot of things, i.e. change house, job, city, another country, etc. As a business owner, our moves are limited.
Let's see some basic tips and hints in order to be sure that we don't forget the basics !
- Legislation : Before any other move, this is the first we should check : Are we eligible and under which conditions to set up a business abroad ? There are countries that a non-citizen should absolutely have a local partner who should own the 51% of the company's shares ! Some other countries require a minimum investment in order to allow a business set up, etc.
- Country's Taxation : Imports, Exports, VAT, various reports and fees that should be paid, etc., should be acknowledged in advance. Those costs should be taken into consideration, since they could affect our profit and our company's viability. We should try to find a professional accountant/consultant in order to avoid any penalties.
- Business Plan : A professional business plan is the absolute need and the ultimate tool. SWOT analysis, Competition, Market Segmentation, Positioning, Promotion, etc. This plan will show us the way. It will show us how and if we should do it.
- Financial Resources : A business always contains a risk percentage. We have to be sure that we have not only the minimum financial resources to start our business, but a surplus to support our business attempt and personal expenses at least for the first year.
As we can easily understand setting up a business abroad needs a deep research and preparation. We should also be prudent and double-check everything before we begin. Above all we need to be absolutely sure for this -brave- step ! Good luck !
