Relocating one’s business is a risky and stressful endeavor. All the planning, the financial investments, and the new market – it wears on a person. But, at the same time, it is incredibly exciting. High risk, high reward. Relocating is an opportunity to branch out, to see what else is there, and to figure out just how much success you can get. However, in order to keep your stress levels in line, and to actually find success, there are certain legal aspects of this entire venture that you need to keep in mind.
Namely, relocating is all fine and good when you can’t afford it. But, with improper planning and consideration, you will make thing much harder on yourself. This is especially important for the legal aspects of all standard moving conditions.
Incorporation details and jurisdiction
The first and most important aspect is incorporation. This is especially important if you are moving abroad. Namely, you need to figure out under which jurisdiction your favored location falls under. Figure out what the paperwork, laws, and regulations for this location are.
Before you actually try to incorporate somewhere again, you need to figure out whether you can even do business there. Some places have lax laws for the type of work you do, some do not. In some areas the competition is stiff, for other, you can coast. Be certain that you even can open a business that deals with your line of work there where you are going.
Wherever you are going, you need to prepare accordingly. For example, check out their laws, see what their copyright regulations are like. Some places in the world, like China, for example, do not have strict copyright infringement laws. This means you would need to be extra careful and safe. Have all records and data protected with adequate practices and systems.
Have a proper business plan in place
In order to navigate the legal environment more easily, you should set up your comprehensive business plan. Now, a regular business plan should always cover your goals, how high your expenses can be, structures and systems that are in place as well. But, it also needs to leave some room for certain legal matters.
Namely, one of the more important costs is having lawyers and advisors with you at all times. This is a new environment, after all, an in order to stay on track, you should get proper advisors and councilors. Their fees need to be budgeted in. Furthermore, you would need to plan in some backup funds in case you break some sort of regulation you did not know about. The same goes for keeping some extra money to buy a license you didn’t expect you need. All part of doing business in a new place.
Do your homework – market research
Do your homework – see how you can market your services and products. See what kind of packaging you need, the prices, and the licenses required. What laws govern the competition here, how to have an edge over others. What is considered fair play, and what is considered illegal and unfair business practices?
See how well you should market yourself. What is the competition like, what do the customers prefer? Would they rather you focus on IRL marketing, or do they prefer the internet? However, remember to no limit yourself (if you have the funds) to one option – market yourself online, an offline. Remember to use social media as part of your marketing efforts, and if you can afford it, set up banners for your grand new opening.
Get all the paperwork in order
In order to structure your company properly, you need the required paperwork, advice, and council. This is even more important if you intend to set up shop abroad. So, pick up all licenses, files, applications, legal documents, passports, documents… You need to keep all this with you in order to set up the company properly. If you are truly moving abroad, hiring professional Immigration Lawyers to help you can vastly increase your chances of success.
In fact, hiring an accountant that specializes in taxes, finances, and incorporating business will help you get straight. Not to mention getting advice on the market itself from such a person. You will need all the help you can get.
Set up your finances
Preparing your finances before you move is an important step you need to take. You will need to buy the proper equipment, pay for the certificate and license testing, and of course, the actual costs of incorporating at a new location. However, this also means, you need to be mindful of tax laws and regulations at this place. Either talk to an accountant or your lawyer to figure out what exactly you need.
Furthermore, remember to be frugal, but never cheap. This means to know and understand want warrants and investment and what does not. This also means you should go straight to a bank and set up an account. Keep your original bank account open just in case as well.
Relocating a business can be just the right opportunity you need to step up and improve your game. It also means you will need to keep the legality of everything in mind. The right paperwork, licenses, and regulations can make things move much smoother. On the other hand, if you make a mistake and be sloppy with the local laws, you will only get yourself into trouble.