Discover What Ambitious Founders Need to Know Before Relocating Internationally for Business
Starting a new business in an international market is an exciting prospect. Ambitious founders may have been successful in their home country, but moving to a new place takes a lot of preparation. It’s one thing to do business overseas, it’s another thing to relocate and also do business in those same countries. Before a founder even chooses to go, there are a lot of moving pieces to think through to help the process go as smoothly as possible. Here’s a look at some of those factors.
Research Immigration and Residency Requirements
It’s important to figure out which countries are ideal to move to before buying your tickets. Founders who want to relocate need to consider funds they have in the bank, moving their spouse and children, and even how long they’ll have to wait after filing paperwork before they can move. The overall immigration strategy can help them determine which options will be best for their future plans.
Founders who want to move to the USA may be able to leverage the EB 5 visa program. To meet EB 5 visa requirements they will have to make an investment into specific areas using funds that come from lawful means. This helps prevent foreigners from using money sourced from criminal activities abroad. Other visa programs require work or business activities, however, one of the features of the EB 5 is that it does not. This can make it easier for founders to relocate to the USA without needing a business right away.
Treat Relocation Like a Business Decision
Business decisions rely on good data, lots of information, and even good counsel. When you’re relocating, treat that decision in the same way that you would any other business choice. You want to consider all aspects of the move and how it will impact your life and possibly the life of your family. Research everything from schools, to housing, to access to services, to the opportunities that you can have for business.
This requires a lot of careful research, but with the right information, founders can make not only great business decisions, but also great choices on where to live. It’s also important to know your “why” when it comes to moving abroad. It can’t be just about what you’re leaving, but also about what you’re hoping to gain. Founders who compare everything from market size to the kinds of shopping districts and public transportation options are more likely to make solid decisions for the long term.
Learn About the Culture Before You Go
Any time you move from your home country to a new one can create some culture shock. If you’re used to walking everywhere, and now you have to sit in an hour of traffic each way, this can take a toll on people. Founders need to spend time learning about the culture and cultural expectations. Whether they are moving to Japan or relocating to Spain, there are a lot of things to consider. Some cultures have a strong networking after hours expectation for founders, while others take mid afternoon breaks so people can be at their best.
It’s important to look at cultural things like taxes, importance of showing up on time, how to handle business meetings, and more. It’s also important to learn the language of the location you’re moving to so that you can best communicate with locals.
Build Connections and Your Network
Founders who surround themselves with wise advisors do better than those who try and approach everything solo. Look for trusted connections who already know the business landscape where you are moving. This can help you navigate documentation, taxes, and even get you connected to new people and services.
Moving abroad means you may need an accountant, lawyer, real estate agent, and even mentors. With the right connections you can expand your network of trusted professionals who want to see you be successful in your new home.
Consider Your Customers
It’s important that founders don’t forget about their customers even when they move abroad. Customers matter just as much as professional connections in your new home as well. Founders need to think about what your new customers will want and need from your new ventures. Just because your products work in other locations doesn’t mean they will work in a new one abroad. This important distinction can help you re-evaluate your customer and how to market to them in new ways.
