Gearing up to go global
13th November 2019
The rise of e-commerce and emerging opportunities in developing countries have helped make it more accessible than ever to trade internationally. But with complicated tax implications and differing laws, it can be hard to know where to start. We have outlined some of the things to consider when thinking about operating overseas.
Politics and working practices
Before you take the plunge into new waters, you’ll want to consider issues such as the stability of the political climate, whether there’s an appropriately skilled workforce available to you, and what the local working practices are like. Language and cultural differences mean that tried and tested processes that you use in the UK may not work overseas, so local knowledge is essential. It’s worth checking whether you can utilise resources in the country, for example the joint Chambers of Commerce, for support.
Navigating international tax
Any overseas or cross border transactions will naturally involve tax, some of which will be complex. Tariffs, duties and various taxes will need to be considered as the cost of these could counteract some of the financial benefits of trading overseas. It’s also important to note that while it might be easy to invest money in a country, getting money back out may not be such an easy feat. Involving a specialist early on in the process is essential to avoid unforeseen tax liabilities, or missed tax planning opportunities.
Appoint the right adviser abroad
Extensive research will be invaluable and having access to the right knowledge will make setting up in a foreign country a much smoother process. In certain countries, it may be a requirement to work with a local adviser, but in any instance, we would recommend appointing one so they can assist you in making sound business decisions with expert advice. Our membership with DFK International means that wherever you want to set up in the world, we have access to an extensive network of firms that offer invaluable local knowledge and the same client-focused approach as we do.
Despite the challenges, setting up in another country can bring a whole host of benefits and offers the opportunity for your business to grow dramatically. Taking your time to gather information before making any investments, and seeking specialist advice, will help to ensure you have a solid foundation of knowledge to inform your decision making.
If you would like to find out more about how we can assist your business in extending its reach internationally, please contact Mark Ashfield firstname.lastname@example.org
To discover more about DFK International visit - www.dfk.com