International Relocation - For You and Your Business

Welcome Center Malta, 30 June, 2019

Relocating abroad can be a wonderful and enriching experience. Nowadays, many people relocate for the sole reason of having a life change, but the majority of expats relocating abroad is usually due to work or business purposes.

Many people find that, by moving abroad they can get better working conditions, higher wages, safer environment, which usually results in a higher quality of life. As for businesses, some countries offer companies much more incentives than others, and this leads to significant changes in profits and costs of the company.

In this article we will highlight some of the things to consider when moving abroad as an individual and also as a business.

Individual Relocation

#1. Research - Gathering ample information about the new location is crucial for you to prepare yourself for the move. Learn about the country's culture, history, traditions and way of life. Furthermore, look into the property market, where to settle your electricity, public transport and much more. We recommend to-do a list and deadlines to get it done before your move.

#2. Packing - When it comes to packing your things to move with you, be wise. This means that you should take into consideration the transportation costs and then decide whether it will be worth it for you, rather than selling them and buying new ones in the relocation destination. Keep also in mind that the more stuff you have to move, the more challenging your relocation becomes.

#3. Documents - One of the most stressful things that you can encounter when relocating, is to need documents from your home country once you are already at your new destination. This usually is very time consuming and often halts your process until you acquire all the documents. Therefore, ensure that you have all the documents prepared in advance.

*Travel tip: keep copies of all your important documents. Avoid travelling with originals where necessary.

#4. Budget - Setting and sticking to a budget is crucial for your ‘survival'. First make yourself aware of the expected costs, create a budget accordingly and do your utter best to stick to it. The budget has to remain realistic and planned for the worst case scenario.

#5. Health Insurance - Depending on which country you intend to relocate to, health insurance might be required. For instance, in Germany, it is mandatory by law that any resident has to have a German health insurance plan.

Business Relocation

#1. Business Plan - Similar to the individual relocation, ample research is crucial. Learn your market as in-depth as possible and forecast your outcome for at least 6-12 months. A good business plan usually has all the details of the company, costs and profits.

#2. Incorporation - There are many jurisdictions to choose from and depending on your nature of business, choosing a country over the other can have significant differences. An example of a country sought by many businesses is Malta, a tiny island in the Mediterranean with so much to offer. Apart from its lavish lifestyle, the country offers companies many tax incentives for those wishing to open a company in Malta.

#3. Financing - This has to also be one of the first steps of your planning. You will have to comprehend where you can gather the required finances to start and run the company. One of the latest trends for generating funds is to launch an ICO. Malta is also one of the first countries that offers ample incentives for such companies.

#4. Legal - To have a successful business, you have to ensure that it is 100% legitimate. The best way to do this, is to discuss your plan and business with the right tax advisors.

Tags: Expat Services | Expats | Malta |



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