The percentage of businesses wanting to move overseas or across borders and legally immigrate for better market opportunities is witnessing a significant increase ever since the pandemic protocols have been eased. One of the reasons could be the wake-up call of wanting to explore multiple overseas offices. On the other hand, there are government compensations, tax reliefs, and other industrial advantages that some brands may choose to open their headquarters in a different country and eventually expand.
One of the challenges that businesses face while immigrating the company is not being able to find enough resources to understand the process well. Today, we’re going to list down 8 such factors that you need to think about before you make your move and leave no T’s uncrossed. Without stalling, let’s get right into it.
- Learn about the country’s immigration policies: Every country has a unique immigration policy, which may be similar to your nation or very different. To understand what the base requirements are, you need to make a deep comparison of the procedure and what all you need to be able to move abroad. For instance, moving your team and operations to the US from Canada and vice-versa are relatively easier than moving from one of the Commonwealth nations. Gauge the political relations and economic environment between your country and the country you wish to move the business too. Next, look into your economic strength according to the global index. The more powerful a country, the easier it is to move!
- Gather your paperwork: There are heaps of paperwork and proofs that you have to furnish before the immigration authorities. The key advice here for CEOs to move their team is to start as early as possible since there is already a huge queue waiting. The pandemic stalled several thousands of applications, creating a huge backlog that cannot be hurried due to the careful scrutiny each prospect goes through. If you start five to six months in advance, chances are that you will receive your approval a month before your actual move. Get all the necessary documents such as audit trails, tax records, proof of funds, governmental permissions, and others to make multiple copies of them. Also, never submit any of the originals!
- Cross-country customs: If you wish to immigrate for the long term to another country, you may want to carry your office furniture and other belongings since you’ll be setting up shop there for the foreseeable future. The cost of freight trucks and shipping is more economical than having to buy all the furnishings again, so take this route if you are able to! All you need to do is get in touch with a customs broker who can help you set up all the due diligence and documentation to help you move your office. This will also save you the trouble of accidentally bringing articles and machinery that may be prohibited, attracting penalties or legal action.
- Check your working visa status: There are several ways to get your team a working visa to the country you wish to move the business too. For starters, your business could get approved and established, after which you can give your staff a working visa sponsorship. The third and newest option is Digital Nomad Visa, which several countries are heavily promoting to improve their tourism and economy by inviting work-from-home professionals to work from their country.
- Supporting employee’s dependent members: If your employees wish to take dependent family members with them such as parents, spouses, or children, please look into their immigration policy as well. Some countries are friendly with their policies, while others make it extremely difficult to get dependent family members permanently. Based on the time it will take for you to set up your business with the original team and whether this is a temporary or permanent arrangement, you can choose a flexible country that can help accordingly.
- Learn the taxation rules: Your business profits pretty much depend on taxation and governmental policies. Take a look at your potential deductions, savings, and expenditures to decide whether or not the said country will be able to support a healthy ROI for you. When in doubt, always consult with an expert to get their opinion on the best immigration options.
Moving to a foreign land for business may sound like an exciting prospect in the growth of your trade trajectory. However, it requires careful consideration and deliberate steps that lead to a successful transfer. If you have taken note of the pointers above, you are good to get started!