Taking the leap and expanding internationally can be a daunting thought for many businesses, but it can also be the decision that makes or breaks your success. Expanding your international presence can bring a plethora of new and exciting opportunities to your business, but it is vital that you ensure your business is ready to do so.
What are the benefits of expanding internationally?
Entry to new markets
By launching new presences in locations previously untouched by your organisation, will allow you entry into markets that would have been unavailable to you before. For example – businesses who expand their presence into the European Union will then have the benefits of operating within the Union, such as the free movement of labour, goods and services as well as access to 450 million consumers.
There are several large consumer markets in the world, and having access to them can be increasingly advantageous to your business. Take Mauritius for example. With its convenient location not only does it have increased accessibility to African markets but also acts as a main financial hub for several Asian countries as well. In addition to this, the jurisdiction is approved by the EU and white-listed by the Organisation for Economic Co-operation and Development (OECD) which allows ease of business operations internationally.
Access to local talent
It comes without saying but every location brings its own unique pool of talent. By expanding your business you now not only have access to the talent in your current location but also to that in your new location. Making your workforce stronger and more diverse. This can bring advantages such as having additional languages added to your forces, offering further opportunities to expand your client base.
Access to new government incentives
By expanding into new markets, you are then permitted to take advantage of business incentives available in that location. In many countries around the world, governments offer incentives for companies that are looking to expand their operations internationally, and this is worth taking into consideration when considering global expansion. For example – in Dubai, businesses have access to operating within Free Trade Zones which offer 15 to 50 year tax holidays, and some exemptions to customs duties.
Combining these factors, as well as other additional factors, such as learning new cultures, increasing company awareness and (usually) undertaking company growth, expanding internationally can be seen to be very advantageous. One of the main factors to expanding globally is the competitive advantage it brings. By expanding you are giving your clients multiple touchpoints in which to interact with your business. This can allow for increased customer retention and in turn, enhanced company reputation. However, there are important considerations your business must contemplate before embarking on global expansion.
What is important to consider before expanding internationally?
Familiarity with local regulations
Expanding into new locations is exciting, and part of that excitement is being somewhere new and learning about new cultures. However, when it comes to business it is vital that you are aware (and more importantly compliant) of local regulations. One of the best ways to ensure that your business is compliant with local legislation and that requirements are well understood by all involved (which can be crucial to ensuring that all possible contingencies are planned for) is by working through a third party who is located within that region or has close connections within your chosen area.
Having a certified presence within your chosen location
Many countries will require new businesses to present evidence of a registered establishment. When looking to move overseas, it is crucial for businesses to ensure they are all able to present all necessary documents and tick all appropriate boxes to ensure cemented establishment within their new location.
How can Animo help?
With our global expansion well underway, we can offer support in breaking into new markets within The UK, The UAE, Europe and Africa and surrounding jurisdictions through our establishments in England, Ireland, Cyprus, Mauritius and Dubai and vast international network.
If your organisation has been considering making the move over to new markets, but you are unsure on how to do so, or you would like help, get in contact with one of our specialist consultants today. We can provide advice and guidance on what steps are necessary to take and can offer a variety of services in relation to setting up an international presence. Get in touch with us today by calling (0)207 060 0835, emailing firstname.lastname@example.org or by filling in a contact form below.