Researchers estimate that there are around 2 to 3 million online businesses on the net, which accounts for a substantial part of the global economy. For those hoping to relocate to another country, an online business might just be the fastest way to get there as few countries would want to miss out on the opportunity to fill their coffers with a slice of this pie. An established online business has a few perks that make it hard to resist, but there are some things entrepreneurs should pay attention to once they get to the other side.
Sort The Transactional Side Of Things
One of the first things you would want to establish is a fast and cost-effective way of getting paid. Setting up a bank account is the first step, however, many countries require certain documentation first before the account can be opened. In order to know which documents to have on hand, it’s good to contact the bank beforehand. Some institutions are a little more flexible and allow a basic account to be opened, as long as the payments made to the account doesn’t exceed a certain threshold. If it does and the correct documentation isn’t provided, there is a chance of the account being frozen. An interim solution to accommodate this is by using PayPal and Transferwise to receive funds.
Find A Professional Posse
There are a few professionals who will make the transition to a new country – and a new set of business rules – a little easier. The first is an accountant that has experience in taxation. Setting up taxes is critical to the success of the business, as tax evasion is a punishable offence across the globe. A tax consultant or accountant with a strong history in taxation that includes VAT allocation can guide businesses in the right direction. Not only will they take care of the business tax component, but will also steer self-employed individuals in the right direction where personal taxes are concerned. Accountants are also handy when it comes to preparing specific company documents and financial records for a business.
Ensure Your New Location Doesn’t Mess With Your Ranking
One of the worst things to happen to an existing online business is to be blocked by an ISP as the website doesn’t meet that particular country’s protocols. For those looking to set up shop abroad, it’s vital to ensure that the new location endorses the products or services. Not only can a move potentially block search results entirely, but there is also the odd chance that search engine rankings will be affected. Having a good web specialist on your team will help a great deal, especially when ranking needs a boost. Google still tops the list as the biggest referrer at 52%, which means this part of the business is critical to remain successful.
As an entrepreneur in an online business, the world is your oyster. With countries vying for the opportunity to have businesses contributing to their economies, the move abroad should be a breeze once all the conditions are met.