Are you a growth-minded person? If you answered YES!, then the world is your oyster 🤩 Contemplating to incorporate a business overseas, but don't know what to expect? For SMEs, going global is a significant undertaking that could cripple existing organisational activities. Thus, it is crucial for the leadership team to understand its full impact and determine if the rewards outweigh the risks.
Here are FIVE things you should consider before going global 🗺️:
🌎 Geographical Location
🕴️ Ease of doing business
😀 Quality of Life
🧾 Tax Implications
📒 Treatment of business loss
Location is first on our list as it is key when considering where to set up your business. Carefully weigh out the pro's and con's to a couple of locations before investing. Besides, every government has set up stringent rules and regulations when it comes to welcoming international investors into their country. Research the most relevant regulations to your industry. Next, consider if you will feel comfortable in that new country. Are you able to adapt to their culture or pick up the language? Let's get down to business. Now, tax implications are inevitable. Hence, educate yourself with the tax laws of your home country and the country of your new business. Every country would have implemented a form of accounting principle. Those specific guidance could mean different things when it comes to treatment of business losses.
Planning to take your company global but dont know where to start? Speak to us for further clarification! 📲 https://wa.me/60122192492