3 Top Tips For Launching A Business in a Foreign Country

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Business takes place all around the world. In some instances businesses are based in specific countries but have operations all around the world. Expanding your operations overseas is a major step. The following contributed post is entitled, 3 Top Tips For Launching A Business in a Foreign Country.

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So business is booming and you think you’re ready to expand into a foreign market. Congratulations! Exciting and lucrative times lie ahead.

However, launching a business in another country is hard work and there are lots of things to consider before you take the plunge. You can expect it to be considerably tougher than getting set up at home, and certainly more time-consuming.

The good news is, with careful planning, some fantastic opportunities may be available to you. So check out the list below for some pointers.

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Patience and Planning

There’s no way around it – this is going to take time. Rushing the process is only going to cause problems later down the line.

So do your research, seek experienced counsel, and make considered decisions. Some countries are more welcoming than others to foreign start-ups moving in, and some even provide useful benefits for those that do.

New Zealand and Denmark have made the process of launching a business easy with their online registration procedures and pro-competition regulations.

Singapore has a super quick system for solving commercial disputes, something which can really slow down businesses in other countries. Whilst setting-up in a location like Mauritius can save you on tax – check out mauritius offshore company formation to see exactly how.

What is going to be essential for the success of your business abroad? And which locations will aid, rather than hinder this? Once you’ve picked a location, study the laws and requirements of that country thoroughly before laying the groundwork.

Consider the Political Climate

The laws, economies and business practices of any given country evolve over time. This is a given. But some areas have a more stable political history, providing a less risky prospect for your start-up.

You are making a long-term investment, so it’s essential you consider the political climate of the country you’re entering, as well as its history regarding taxation and asset seizure.

As a business owner in a foreign country, you don’t want to find your profits are being unexpectedly taxed, or that your assets are available to be seized because the political climate is spiraling into turmoil.

The key word here is ‘stability’. Read into the modern political history of your chosen country and be sure to exercise caution where necessary.

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Legal and Local Advice

When searching for a legal representative, the ideal candidate is an expat lawyer from your home country who has experience of the country you wish to set-up in, or better yet – someone who is currently living and working there.

This way you get the best of both worlds. A lawyer with the same cultural background who can clearly explain everything you need to know, who also has the knowledge and contacts to help you navigate a foreign environment.

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However, the sooner you start making your own connections locally, the better. Finding friendly business allies in the country where you plan to open your business will provide invaluable support and advice, and help you find solutions to problems you might not even be aware of yet.

And there we have it. There’s lots to consider when launching a business abroad so take your time and plan carefully. Use these tips to get you started and of course – best of luck!

The Biggest Problems Still Facing The Country

Two of the focuses of my blog are Current Events and Social Discussions. We are currently living in unprecedented times, with new events unfolding every day within our country and around the world. The following contributed post is thus entitled; The Biggest Problems Still Facing The Country.

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It has been an incredibly strange year. As we get deeper into the second of 2018, it’s important to peel our eyes away from the drama that continues to play on the TV (or on Twitter) and to gain a little perspective. Here, we’re going to look at some of the biggest problems still affecting the country and what everyday people like us can do about them.

Image sourced by Negative Space

Safety in our schools
At the time of writing, there have been 32 school shootings in the country this year. If that statistic doesn’t highlight that we still have a huge issue with safety in our schools, then nothing else will. A lot of the debate around the issue has revolved around gun control, with even the idea of arming teachers thrown into the mix. However, the mental health aspect of our school safety issue should not be overlooked. One of the solutions that we might be able to push more plausibly than the tricky issue of the 2nd Amendment is the support and call for more school counselling programs.

Hurricanes Maria and Irma
The scope and longevity of the destruction caused by last year’s fall hurricane season is regularly underestimated. Not only is there still widespread damage done to the communities hit, with final fatality tolls still up in the air, we don’t give all communities equal attention. The Virgin Islands suffered their costliest hurricanes. Businesses like Cane Bay Partners have set up initiatives to help with the efforts of long-term recovery, as well as supplying generators, clean drinking water, and even temporarily housing displaced residents. If you’re planning on offering donations or even volunteering, Puerto Rico isn’t the only victimized community you need to consider.

Image sourced by Min An

The border
It’s a politically touchy subject, and many might support the greater efforts to enforce immigration control. However, the implementation has undoubtedly been a disaster with children held in shelters that have been seen to provide sub-par care time and time again. There are a host of charities like RAICES, providing immigrant families and refugees with affordable legal advice, and Border Angels, who fund education programs and immigration services to those in need.

Health care
The problem of how we deal with those in need of treatment they can’t access pops up yet again. The two parties fight over health care time and time again. There’s a growing 71% of the population in favor of changes like Medicare for All. However, while the political ball might take a long time to shift, there’s a lot we can do individually. Volunteering opportunities from Public Health involve not only volunteering free care for health industry professionals but efforts at places like shelters and hospices where even those without training can lend aid to the hard-working staff.

Getting caught up in the political melee can all-too-easily make us forget the real issues still affecting the lives of our countrymen. By getting a little perspective, we can contribute our energies and perhaps even a little time or money to really improving lives.