As the world economies become increasingly inter-connected, the advantages of establishing a business overseas are significant. With any new venture, the international expansion procedure does take time and requires careful planning. Even so, many people dream of setting up a company abroad, but very few of them go through with it. They are missing out on a massive amount of potential because opening a company overseas comes with a lot of advantages.
These are the key reasons why now is the best time to start considering a business move abroad.
1. Capture New Market and Consumers
With expanding your business overseas, you don't have to deal with problems like competition or decline in consumer demand which happen in a domestic market. The new country brings new possibilities and opportunities. This is perhaps one of the most significant advantages when deciding to open a company in another country. Not only will you tap a new consumer base, but you might also end up expanding your product base.
2. Hassle-Free Business Registration Procedure
Many countries provide smooth and easy company registration procedure. Apart from this, many countries offer other incentives to attract small businesses, such as Malaysia's federal portal that helps business investors find ways to save money. In New Zealand, companies can incorporate their businesses in just one day and register a property in two. Norway's government is active in communicating digitally with small business owners, making registering and complying with tax laws more accessible and straightforward.
The bottom line is, the simpler process will let you concentrate on operations instead of getting stuck in the bureaucracy of red tape.
3. Increase Brand Visibility
Brand visibility particularly increases when you expand an established business overseas by probably opening a branch account. The same can be said if you set up abroad and then translate your business idea into a viable operation back home. This extra brand recognition makes it much easier to gain customers, and it gives your brand a sense of credibility.
4. Foreign Investment Opportunities
A foreign market offers tremendous investment opportunities. For instance, many firms can develop new resources and forge essential connections by operating in global markets. Hence, foreign investment is valuable for any company, as it can potentially get access to new business partners or investors. It will lead to additional growth opportunities like diversification of the consumer base, and passage to the broader domestic market by leveraging on the experience and reach of the company's local business partners or investors.
5. Incentives from the Government
Foreign source income and investment are always profitable for any nation. Governments and legislative jurisdictions always seek to provide investment opportunities and incentives to attract investment. These incentives include but are not limited to tax exemptions, reduction in tariffs, such as import and excise duty, and government subsidies on products. Therefore, when deciding to open a company abroad, choosing a country which offers this kind of help can be an excellent advantage for a good start.
Establishing a business in a foreign country can imply more work and research. However, the advantages will usually measure up to all the effort. Getting to know new people, discovering new cultures, and facing new challenges can also be considered advantages for a businessperson from a personal point of view, so when choosing a foreign country to start a business in, the personal experience should also be factored in.
Commitbiz for your Business Setup in the UAE
Should you decide to expand your business or start a business in the UAE, then we at Commitbiz can help you with the business setup process. UAE provides tremendous opportunities for foreign investors, wanting to start a business in the Emirate.
To know more, contact us today!