Practical Tips For Entrepreneurs Who Want to Start a Business Abroad
It takes a lot of courage and determination to start a business abroad. Not just the language and cultural barriers stand in the way of success, but bureaucracy as well.
Establishing a successful business in another country entails being aware and complying with said country’s law. With the amount of contradictory – or outdated – information available online, finding the correct insights can be exhausting.
However, if you’re an entrepreneur struggling to find relevant information, we’re here to help. Read on to find practical tips that will help you start a business in the UK or Canada, if you’re not a citizen of either.
Determine the Type of Visa You’ll Need
If you want to start a new business in the UK and it requires your physical presence, you’ll need a Tier 1 Entrepreneur visa. As for Canada, you’ll want a start-up visa.
You should consider applying for a visa at least three months before departure. The required paperwork is not that easy to provide and getting an answer will take up to three weeks.
Also, you should know that the requirements differ for each country:
- The UK Entrepreneurs – you need to be at least 16 years old and have proof of investment funds. Of course, requirements don’t end here, but we’ve mentioned everything on a dedicated Tier 1 Entrepreneur page. The UK has a lot of assistance from both government and non-governmental departments such as the DTI (Department of Trade and Industry)
- Canada Entrepreneurs – you’ll need a letter of support from an organisation that supports your venture or investment idea, good command of English or French languages and much more. You can read about Canada’s entrepreneur programs right here. Canada too is pushing for entrepreneurs and have a number of programs such as Startup Canada and Futurpreneur.
From a legal point of view, it can be quite a challenge to start a business abroad – in the UK or Canada. Additionally, these types of visa are known for being complicated.
To save yourself the trouble, you could hire professional immigration services. You’ll get all the guidance you need so you can focus on other important aspects. Go ahead and get in touch with us right away.
You Can’t Start a Business Abroad without Knowing the Customer Base and Culture
To be successful in your new business adventure, you’ll have to be genuinely interested in the country. You should study its culture and consumer behaviour. Acquire as much knowledge as possible.
Study the Competition and Make New Contacts
Granted, finding out who your competition is could be done online as well. However, the real “data” you get by analysing it in person is of much higher value. Also, you should study if other companies tried to enter the same market but failed.
Additionally, there’s a big possibility you’ll need a new network of entrepreneurs and people who share common interests. The best way to meet them is in person. Search for networking events or important conferences relevant to your niche.
Find the right partner to help you in this new business adventure.
IAM can be your trusted associate. While we won’t be able to give you investment tips, we can take the whole visa process off of your shoulders. We also partner with a number of organisations in order to ensure that your business venture will be successful.
Simply get in touch with us if you want to learn how we can help you start a business abroad.
Unsure about where your business is headed? Check out this study from Robbins Research International that surveyed 524 business owners and entrepreneurs from the Tony Robbins Business Mastery alumni group that most business owners (77%) believe they will be able to grow their business through the next recession, even though they are less sure about how they will do so.
- Tier 1 Entrepreneur Visa Guidance – Start a Business with No Stress - 29 August 2017
- UK Tier 1 Entrepreneur Visa vs. Canada’s Start-Up Visa - 24 August 2017
- Tier 2 and Tier 4 Visa Changes You Need to Know About - 30 March 2017