Considerations for Global Corporate Moves
Technology like the Internet, Skype, email, and more has allowed more businesses than ever to expand their reach internationally. Many companies no longer relegate their operations to the countries in which they were founded; they increasingly serve customers from around the world. This increased global recognition of their brands has prompted many business owners to relocate their businesses to different countries. If an international relocation is in your future, you can prepare for it now by following some important suggestions to ensure your company's success.
Before you move your company, you must discover how feasible it would be for you to move it to the country that you have in mind. What at first may seem like a brilliant idea could backfire with serious repercussions.
A feasibility study will allow you to identify the strengths and weaknesses of your plan and adjust your preparations accordingly. You also will learn better what kinds of resources you will have access to and what laws could impact the way you do business. Without this study, you would be less prepared and have little idea of how to get your business started successfully in the country to which you move it.
Moving your company to a new country more than likely also means moving your employees with you. Before you can expect your employees to move, you must find out what kind of paperwork they will need to work legally in the country.
Some countries have very stringent visa and work permit laws that cannot be compromised. You must find out how long your employees' work permits are valid for and how often they will need to be renewed. You likewise would do well to discover how long your employees can stay in the country without their visas expiring.
Along with verifying what paperwork your workers will need, you also would do well to learn how much notice you must give your staff. If you want your staff to be able to follow you, you must give them reasonable time to prepare for the relocation. The federal law and most state laws say that you must give them a month's written notice before you can expect them to relocate to a new country.
Another human resource matter to look into involves hiring citizens of the country to work for you. You must know the legal hiring age, how much the country's minimum wage is, and what employee rights these workers are entitled to while they are employed by you. If you fail to follow these laws, you could face fines or imprisonment for violating the country's employment mandates.
Real Estate Issues
A significant aspect of your company's success in this new country will depend on the actual physical location of your new store or office. Before you move your company, you must find a viable spot to build a new location. You also could find a building for sale in which to move your company.
As with buying real estate at home, you may be required to have it inspected and repaired as necessary. You also may be required to obtain building permits if you plan to build your store or office or if you plan to add onto an existing structure. Likewise, you must obtain financing with a commercial mortgage broker to buy the new real estate to which you will move your company.
These suggestions can help you and your company enjoy a successful move to a new country. By locating to a new country, you can reach new customers and clients and increase your company's brand awareness.