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Should You Consider Moving Your Business Overseas?

Many companies are relocating their operations; in fact, there are currently more than 175,000 UK companies working abroad. However, if you are thinking about moving your business overseas there are a few things that you need to consider. There are lots of benefits to pushing forward and growing your business, such as expanding your audience, but there are also legal issues and tax issues that could negatively affect you.

However, with some careful planning you can easily boost your business by moving abroad. Whether you are thinking about moving aboard to reduce overall costs or take advantage of tax benefits, here are a few things that you should be aware of before you decide to move abroad.

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Creating a business plan

The first thing that you need to do if you are thinking about moving your business abroad is create a business plan. Ask yourself these questions as you make a plan; is your business ready to move now, or do you need to wait a few years? Where should I move? How will I re-launch my business in a new country?

Try to create a plan that covers the first few years in the new country, and make sure that you are realistic. It is easy to get carried away, but if you want your business to succeed you need to have an action plan to help you.

Creating a personal plan

You will also need to create a personal plan if you are thinking about moving abroad. For instance, if you leave the UK permanently you may no longer be entitled to healthcare, so you will need to set up international health insurance. The cost of health insurance varies in each country, so you will need to research your chosen destination to find out more.

Doing market research

You should also do market research about the country that you are thinking about moving to. Look at offshore banks, chartered accountants and legalities in the area to make sure that you know how to legitimately set up your company. Market research will also help you to find out more about potential customers in the area, ensuring that you offer a product that is in demand.

Financing the set up

You also need to think about how you will finance the move, as well as setting up your business in a new country. This can easily cost tens of thousands of pounds, so it is important create a budget so that you know how long it will take to be able to finance the move.

Tax benefits in the country you want to move to

The final thing that you should be aware of is the tax benefits in the country that you want to move to. Some countries, such as Hong Kong, offer fantastic business environments with totally legal tax benefits, so you may want to move to a country like this to save money.

Moving a business abroad is a big step that can be expensive and time-consuming, but for some people it is definitely worth it. Make sure that you weigh up your options so that you make the best decision for you and your business.

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