Taking your business abroad is a big decision. Dozens of Canadians choose to take their business offshore each year, be it because of greater profitability, more relaxed laws, or as a step towards trying something new.
Whatever your reasons for starting your business abroad may be, here’s what you’ve got to do first.
Research, Research, and Research Some More
You can’t dip your toe in the water without knowing what it holds. Starting a business isn’t something you should do without having done your research even in your home town. Naturally, the need for extensive research is amplified when you’re thinking of starting a business abroad. You need to be informed of the country’s economy and the fluctuations it has faced in recent years. You also need to acquire data pertaining to your choice of business and compare similar local options.
How successful have local businesses been in offering products or services similar to yours? What mistakes did they make? How can you compete with them in the market?
You’ve got to do your homework well before you take your business overseas.
Learn the Language
If you’re moving to a country where English isn’t the official language or isn’t as widely spoken, start learning the native languages. The more fluent you are, the better you’ll be able to connect with your new audience and attract more customers and investors.
Learning the national/regional language also shows that you’re not in the country just to sell your products. You’re in for the long haul, and aim to make long-lasting relationships with your employees, customers, business partners, and investors. Trust us, your efforts will pay off big time.
Get Your Paperwork Sorted
One of the reasons business owners shy away from setting up operations in a foreign country is because of the paperwork involved. You’ll have to deal with Canadian policies as well as the foreign country’s policies, which can be quite stressful. There are several legal hoops to it as well, and you can’t afford to mess up your paperwork.
Read up on laws pertaining to foreign business, and if you have the option, opt for a country where these laws are relatively relaxed and easy to navigate through. Don’t hesitate to seek help from experts on this regard. And once you’ve made your decision and have obtained the permits and licenses needed, don’t forget to have your documents legalized for use in the foreign country!
Global Legalization Services offers document attestation, document authentication, and legalization services to business owners relocating from Canada. Get in touch with our team today to get your documents legalized before you relocate for business.