Relocating your firm and family abroad: five things not to forget

August 31, 2020August 31, 2020 sujitkumarpathak

Relocating you, your family and your business overseas can be a long, drawn-out process with lots of considerations. If you’re not careful, it can be incredibly stressful. Continue reading for five crucial things not to forget.

Location: research it thoroughly

Some people have their hearts set on a specific country when they dream of moving abroad. However, others have their future goals all mapped out, often due to having watched a TV program located there or a book set in that region. It is essential to remember that dream locations often have their pitfalls too, so thorough research is always necessary.

Fly over there and spend some time soaking in the culture, but also trying to feel like a resident rather than a tourist. Visit potential villages, towns and cities. Do not merely rely on what makes your heart sing as a family, but also consider whether your business could succeed in that location too. Market research is imperative. Look at similar companies and how well they are doing in the area. Would another firm cope? Of course, if your business can be located anywhere and does not rely on the locality for trade, you can neglect to think about this to an extent.

Property: don’t rush it

Rushing into buying a property doesn’t always end well. Although looking online can be a great way to discover the rough average house price in the area you are looking at, both buying and rental properties, it doesn’t show you everything about a house. When viewing a home in person, you notice the majority of the visible flaws. Photographs on the internet can gloss over them somewhat. Furthermore, if you want to try getting it for a lower price, in person negotiation tends to work better. Whatever you do, don’t rush buying a property. Renting may well be your best bet in the short term. It will allow you to fully appraise an area, allowing you to make a final decision about whether this is where you see yourself relocating to permanently.

Paperwork: sort it sooner

There is an enormous amount of paperwork associated with relocating abroad. It does differ from country to country. However, there are some basics that it is essential to sort. First, you need to find out all about residency. Are you even entitled to live and work there? You may need to apply for a permit. Some may ask for references or even for you to be sponsored, workwise, which is somewhat challenging given your status as a business owner. It is known that the authorities of some places expect you to bring a certain level of expertise or skills with you. This could be a lengthy process, so do your research and apply well in advance.

Your driving license may not be valid in your country of choice, so be sure to apply for one if necessary. Not all health care systems are the same across the world. Therefore, we strongly advise that you find out exactly what it entails before you make the move. Taking out a health care insurance plan, like Expat Medical Insurance, will put your mind at ease and ensure that, if the worst were to happen, you would having to scrape together thousands to cover the cost. You will need to remember to insurance all of your belongings too as the removals may mean traveling through several countries as well as various modes of transport, increasing the risk of damage or loss.

Networking: connect with others

Wherever you are setting up a new business, networking is advisable. Getting to know other business people in the local area means that you will have people to turn to when you inevitably have questions about how things work in that country. Reciprocal support is always welcome. For example, if you have an accountancyfirm and they are in the media, they may be able to offer you some sort of advertising, while you could offer financial advice. Most importantly though, simply getting your name out there is imperative to your success. Be sure to take business cards with you (updated for your new country and thus contact details), and do not be afraid to mingle. Online networking can be fantastic too, allowing you a much wider reach than traditional methods.

Different country: different rules and expectations

When it comes to both your personal life and your business, you will find that it is a completely different way of life when you move to a new country. It is imperative that you find out about all the relevant regulations to ensure everything you do is within the law. Having networked, as advised above, you will have contacts with whom you can discuss all things legal, and they will be able to recommend the best ways of going about achieving certain goals. Do not be afraid to ask questions.