How to Own a Business Abroad: Regulations
Business ownership is never simple but buying or starting a business overseas adds exponentially to the difficulty. It often requires vastly more money than starting a business in the U.S. You have to prove to the foreign government that you can support yourself and your business on your own. In some countries, you have to get a temporary residence visa; this requires you first establish how your business ownership will benefit the country's economy. But if you have cash and credentials, and navigate the country's red tape, you can be a business owner abroad.
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Instructions
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Research the business ownership policies of the country you are interested in. Even among European Union countries, the policies are not the same, according to Volker Polzl, senior consulting editor with Transitions Abroad, a publication that specializes in information for expatriates. In Ireland you need permission from the Department of Justice, Equality and Law Reform. In France you need a "skills and talents" permit, which you gain by proving you can contribute to the influence or economic development of France.
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Bring cash. Most governments require you arrive with a large amount of money -- 200,000 euros just for the business portion of your budget if you want to start a business in the United Kingdom. Most countries want to know you will not be a drain on their resources, which may mean bringing cash and taking out private health insurance.
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Create a business plan for an enterprise the country needs. Most countries want you to prove you can significantly contribute to the economy. They want to see that your business is likely to produce something in high demand. Many also require that you provide a certain number of local jobs. In the UK, for example, two new jobs for residents must be part of your business package. They also want evidence that you are qualified to run your business.
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Find a local partner. Some countries require that you have a native of that country as a partner in your business to avoid too much ownership from outsiders. A local partner can help you negotiate local customs, agencies and language barriers.
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References
- Photo Credit conceptual international business/customer service image by Stasys Eidiejus from Fotolia.com
