Moving Your Company Base Abroad
When companies set out to expand internationally, they often choose to build upon the business they’ve established in their initial market by setting up new branches overseas. However, there are times when a business owner decides their company needs a more dramatic approach to international expansion, and they plan to move their entire company base to a new country. These situations can be particularly complex, and they come with their own set of challenges. Here, the expansion specialists at Galvin International explain the factors you need to consider when relocating your company base abroad.
Finding the Right Talent
If you’re able to move some of your current employees overseas, they will have many questions you’ll need to answer. Immigration and expat tax issues will be high on the agenda, both for themselves and their families. You may have to reassure your employees on other items as well, such as cost of living and even availability of good schools for their children in your new location. You’ll also likely need to find a number of workers in your new location – and this will require attracting the right talent. Before you choose your new location overseas, review the specifications for your job roles and consider whether there is a large enough local talent pool. Then, research the best way to market your job opportunity as this may be different from what you are used to.
Getting the Best Support
Relocating an entire company overseas is no small task, and you’ll need as much help as you can get. Before you begin the relocation process, make sure you find partners in your new location who will give you all the local help you need. Everything will be strange, stressful and time-consuming in your first few months. It could make all the difference to have responsive local partners who will give you great service and practical advice you can trust. Having a one-stop shop for support will also make life easier for you and your team, as you’ll be able to get help on all the tasks you did not expect.
Managing One-Off Charges
Moving your business may make it more tax efficient in the long-term, but it will probably trigger one-off costs that must be taken into consideration. These charges will vary depending on the countries you are moving to and from and the legal guidance you require, and it’s crucial that you’re aware of these expenses in advance. These could cover a wide range of areas including office costs, relocation, tax charges, new entity setup, banking fees and visa costs.
Having the right team of experts on your side as you’re relocating your company abroad is absolutely crucial to successful global growth. Fortunately, Galvin International brings all the resources you need for international expansion together in one place.
Our international business expansion concierge service guides you through each step of the expansion process, whether you need help finding the right target market, remaining compliant with employment laws, attracting suitable employees in your new country or sorting out the one-off charges you may encounter as you move. Through our extensive network of partners, we are able to connect you with specialists that can cut through the complexities of global growth to make your relocation a success. Get in touch with us today to discuss how we can help you achieve your international expansion goals.
The WTO is Facing Calls for Reform: What Would this Mean for International Business?
The World Trade Organisation (WTO) is a multilateral, rules-based trading system that was set up in the mid-1990scontinue to read