5 Benefits of Moving Your Business Abroad
Whether you’re running a one-man design company or a team of 500 people, you’ve probably considered a relocation at some point. If you’re seeking an ideal location for your business, you should be motivated by more than just pure wanderlust (although this is also a good reason to get up and go).
Moving your business abroad, or even just setting up another brand of your business in a foreign country, can bring massive benefits and increased growth potential to companies of every stripe, especially creative ones. From financial incentives to increased productivity, here are five benefits of moving your business abroad.
Discover New OpportunitiesImage by Studio Republic
Perhaps the most obvious point is that you’ll be entered an entirely untapped local market. Once you’ve exhausted your contacts, talent pools, and clients in your home region, moving your operation abroad can bring with it an entire country’s worth of opportunities. This is especially true if you’re working in design, as making a smart move can place you into the heart of a thriving design scene somewhere else, where you can thrive by filling a demand.
Receive Huge Incentives
Did you know that other countries actually really want you to start a business with them? In order to attract businesses and their customers, many countries offer huge tax breaks, grants, and subsidies to businesses willing to relocate. One particularly impressive example is Malta, which offers some of the most generous incentives for competitive businesses in the world, including the citizenship of a European country in some cases. That’s why world-leading tech companies like Mr Green have chosen in recent years to establish a base in Malta because few other places are friendlier to business.
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Especially if you’re in a highly-developed country, you may find that the costs of running your own business outweigh the benefits. Even the supposedly business-friendly United States has some of the most crushing business taxes and licensing laws in the world, which can easily suffocate even the most promising of businesses. Exploring your options to see how a relocation could save you tons of money, in the long run, could pay off massively.
Setting up part of your business somewhere where labor costs are much lower, such as China or Vietnam, which companies like Apple have done, could also see you save literally millions over the course of a few years. If you’re a smaller company or just one person, you’ll also benefit from moving somewhere where living costs and office or studio spaces are much cheaper.
Reinvigorate Your CompanyImage by Raw Pixel
This is perhaps most relevant to those working in a creative sector. A move to an exciting new place full of different cultures can be just what you need to breathe new life into your company and to get the ideas flowing again. You’ll be able to start fresh and immerse yourself in an entirely new world of opportunities, all while doing something exciting and fulfilling with your life.
Starting a business abroad has never been easier. Any business owner or creative looking to broaden their horizons and expand their trade should consider doing it at least for a short period, as the benefits are too good to pass up.
Featured Image by Shridhar Gupta