Relocation: What You Need To Know When Moving Your Business Abroad

Moving your business abroad comes with many risks and challenges. But then, it may be the one thing you need to take your company to the next level. However, before making the big move, you need to plan carefully and conduct in-depth market research so you don't crash and burn in the process.

The process of relocating your business or brand may be rigorous, but with the right knowledge, your business will be up and running in your dream location in no time. In this article, we’ll explore all you need to know before moving your business overseas, and also give you some helpful tips to assist you.

Why Should You Move Your Business Abroad?

Business expansion is inevitable for every successful business, and there's no better way to expand than to take your business overseas. The benefits of doing this are numerous, and they often outweigh the costs. Here are some of those benefits:

• • More Visibility

Moving your business abroad is one of the best ways to get more people familiar with your brand and products. You never know how much your product or service is in demand in a particular location or region until you take your business there.

• • Cheaper Operating Costs

The resources you need to operate your business may be more abundant in a different location. It is worth investigating if your operations, labor, and cost of production can be reduced by moving elsewhere.

• • Better Government Infrastructure

Relocating from a developing or third-world country to a developed country can give your business a massive boost. If there are better infrastructures or regulations backing them, your business is better suited to thrive.

• • Access To Foreign Customers

Relocation takes you closer to your customers who are located far away from you. Bridging this gap makes for better customer service, better relationships, and more profits.

• • Better Networking Opportunities

When you relocate, you stand a chance of connecting to more foreign investors and business associates. It can also open your business to opportunities that don’t exist in your current location.

As exciting as these benefits can be, there are several things you should consider before making the big leap.

Important Things You Should Consider Before Moving Your Business Abroad

• • Prepare Relocation Costs In Excess

You should have at least an estimate of the total relocation costs. There's nothing as frustrating as starting the process and having to stop halfway through due to financing business problems. It is also a good idea to have a budget for miscellaneous expenses that are more than likely to surface no matter how prepared you are.

• • Double-Check Rules and Regulations

Different countries have their own regulations for running certain businesses. Double-check those regulations against your current and future business operations and interests so you can be sure that those greener pastures are as colorful as they seem.

• • Be Aware of the New Culture

If you go to Rome, act like the Romans. It may seem unnecessary, but it's one of the smartest things you can do. Knowing how the people of a certain region think, behave, relate to, and their culture, in general, can save you a lot of trouble. Know what rights you have in that region, and try not to overstep your boundaries.

• • Speak Their Language

Except you can speak Chinese well, it makes no sense to choose China as your new HQ. It's always better to choose a country with a more universal language like English. This is why most enterprise businesses site their headquarters in the UK and US. If you must relocate to a country where English isn't the common language, bring on an interpreter as a full employee. At least, hire employees who can speak both languages fluently.

• • The Siting and location of the company facility

Every business must have a base of operations unless you intend to maintain a solely online presence with no physical assets. You should find out where you'll be able to achieve your goals most easily, and where there's a good demand for your company's services. Siting your new facility or HQ in the right city can hugely increase your profits and chances of success.

How To Relocate Your Business Abroad

1. 1. Get a Decent Estimate of The Total Cost of Relocating Your Business

It’s best never to assume when it comes to cost. Research known potential expenses carefully and ensure you have the financial stamina to follow through.

2. 2. Plan Your Relocation

Inform your staff about the move you're about to make. Do the necessary documentation and preparations if you'll be moving the entire facility. Know everything there is to know about the new country you're relocating to, your proposed new site, the market, your business name, and every other thing. This is the most important phase, so leave no stone unturned.

3. 3. Get Appropriate Permissions

You must obtain your visa as well as the necessary rights to relocate your business and operate in your chosen nation before you start moving assets. Some countries readily accept businesses that contribute to employment and tax gains: getting permission from these countries is easier.

4. 4. Reach Out To Consultants and Business Associates

When it comes to relocating your business, mistakes can be costly, so reach out to consultants and business owners who've relocated successfully to your desired country. This way you'll get first-hand knowledge of all it entails.

5. 5. Make Your Move

After all has been said and done, it's time to move your assets to the new site. Know that you may also need to acquire certain assets or set up certain things (like a foreign bank account), to make your business up and running.

6. 6. Get The Necessary Legal Backing

There are certain ways you can structure your company abroad so that it's 100% legitimate and fully backed by the law. This goes beyond getting a company lawyer. You may need to speak to a specialist to know the necessary adjustments you can make to your logistics and business plan, as well as the connections you'll need to stand firm.

Challenges You May Face During Relocation

The various challenges you may face during the process of relocation include:

• • High start-up costs and license fees

• • Language barrier

• • Difficulty adapting to the market

• • Reduction in funds due to currency conversion and excessive initial spending

• • Few Customers

Tips For Success When Relocating Your Business Abroad

• • Hire A Mover

Relocating overseas is a huge task, and so you can employ the services of corporate movers – companies that specialize in international moving and shipping. These companies can give you the necessary intel you need, and will even cover the logistics of the move too. If you plan on moving your base abroad, movers like these are your best option: you won't need to worry about clearing customs, or the enormous paperwork. They settle everything.

• • Seek Out The Best-suited Opportunities

If you can't afford a mover, then seeking out the perfect relocation opportunity should be your first goal. Some opportunities like the UK Innovator Visa are specifically tailored for business owners. These kinds of packages have special privileges that ease your business relocation process, and may even relieve you of the need for hiring a corporate mover.

• • Open Branches and Subsidiaries

This is one way to get your foot in a foreign country without necessarily going through all the complicated process of moving the entire company. It's especially helpful when you wish to expand to foreign soil but can't cover the costs or a total relocation. Furthermore, even when you do move your company HQ abroad, setting up different branches is a good way to dominate the market.