July 21, 2022 Last updated July 21st, 2022 432 Reads share

Opening a Business Abroad – Ways to Save Yourself Money

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Moving abroad can be frightening. Yet, if you want to open a business as well, this may require even more planning. Not only will you then need to find somewhere to live, but you might also have to ensure you have the correct documentation to allow you to start and run your business, as well as a place to work from. This can all cost a great deal of money. Due to this, you may want to find ways to reap savings.

 

Start saving

One of the key aspects of saving money can be making sure that it’s safe. This is where a separate bank account can be useful. However, simply storing money means it won’t be able to grow. You can accrue interest when you open an ISA, which will allow you to save up to £20,000 per year. This could be ideal for an entrepreneur who has moved to the UK. The best part of an ISA may also be that the interest you gain isn’t subjected to taxes, allowing you to reap that benefit without having any of your savings taken away.

Do things yourself

There may be certain aspects of setting up your business that you need to pay for, such as business insurance. Likewise, other aspects could be done yourself, even if the business is set to be abroad. One such example could be the creation of a company website. While you could ask a developer to make a bespoke site for you, you may also be able to use templates and drag and drop systems to do the same yourself. This could allow you to have an online platform, domain address that represents your business, and even email, without having to pay someone else to manage and maintain it for you.

You may also want to use this as a means of keeping potential clients informed about your business using blog services. By taking on that work yourself, you could limit the cost to the domain name, email use, and hosting.

Volunteer

The cost of advertising can vary dependent on the platform you wish to use. Even when paying more, there may be no guarantee of an increase in sales or profits. Therefore, you may want to think about the ways you can effectively advertise for free. One such example can be undertaking voluntary work within the local community or asking employees to do so as part of their shift if you aren’t in that location. This could enable you to get the word out about your business and remove the costs associated with doing so. In addition to this, charitable work can help the public to view your company in a positive light, which might also help with drumming up additional business.

Research local laws

Before you decide to start a business abroad, you need to be aware of the laws in the country you’re living in. All countries have different rules on who is allowed to live and work there and what documentation they need, so you’ll have to research how to obtain the right visa and documents to be able to open a business. In certain countries, it can be extremely difficult and expensive for a foreigner to work and start a business, so you may have to choose where you move based on the business opportunities rather than how much you like the country in order to save money. Remember that living and working in a different country isn’t like going on holiday there, so failing to do appropriate research could lead to financial issues.

Speak to expats

No matter where you move, you’ll probably be able to find a community of expats who’ve been living there for quite some time. You could find these people on online forums, or there may be specific cities and neighborhoods with a large expat community you can join. By talking to people who have been in the same situation as you, you can learn so many money-saving tips and get plenty of advice on assimilating into the culture. If you can find expats who have started their own businesses or work in the same industry as you, then you can get fantastic financial and business advice to help you achieve success.

Get financial advice

Although speaking to other expat business owners can be very beneficial, consulting an accountant or financial adviser with international expertise is the best way to ensure that your plans are viable. These professionals will be able to give you advice on moving to a new country, taxes, starting a business, and much more. Although it may initially be more expensive to hire an accountant or financial advisor, you could save money in the long run by avoiding legal and tax issues.

Opening a business abroad, or expanding an existing business overseas, can be daunting. Should you choose to move abroad to help better your finances, you may want to think about the ways you could save more and pay less.

Emily Taylor

Emily Taylor

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