Operating in a foreign country comes with quite a few new considerations for your business. Each country will have their own customs, politics, and of course logistics for running a business so it’s important to take the time to learn everything about your new country before you get started.
Getting started operating in a foreign country
When you have made the decision to operate in a foreign country, you’ll come across plenty of challenges, considerations and new processes.
Here are some of the things to consider when operating in a foreign country.
Culture awareness
Every country in the world is going to have their own culture, history, and way of life. If you’re planning to hire employees in a new country as well as have any kind of physical business presence such as a store, then you need to take a moment to learn about your new country. This will not only help your business succeed as you’ll be meeting your new customer bases’ expectations, but it’ll also reduce risk of anything you do being seen as culturally insensitive.
Legal and regulatory compliance
We all know about compliance, it’s so important in every part of your business. But what you might find is that the compliance laws in your new operating country might be a little bit different from what you are used to. Take the time to learn everything you can about your business and payroll compliance before you start operating in a foreign country.
Language and communication
There are about 7000 spoken languages in the world, meaning that not every foreign country you operate in is going to speak English. What you might find is that many documents, forms, legislations, website, and suppliers you work with all communicate in a new language to you. This is something you’ll need to consider when starting your business in a new country. Look to hire a translator who can help with translation of documents, or speaking with other companies you might need to communicate with. Or if you’re only hiring an employee in a new territory then it might be worth using a global payroll and HR provider who will be able to assist with any translations you need for hiring someone.
Political and economic climate
Politics around the world are very different. As a business operating in a foreign country, you will need to start paying attention to what is going on in the political and economic system in your new country so you’re aware of any changes which may affect your organisation.
Business logistics
You might be well versed with how to set up a legal entity in your local country, but the logistics on how to do it in a new country can be a little bit trickier than that. Take time to learn how you set up and run a business in whichever country you choose, as well as deciding which legal entity type might work for you.
Local legislation
Similar to keeping up to date with the politics and economy in your new country you need to pay specific attention to any legislation which could have an impact on your business. Take time to learn about any rules regarding hiring, payroll, and of course business practices.
Payroll and HR
Finally once you’re actually getting started in the new country you’re going to need to consider what HR and payroll solutions you’re going to use. There is a range of global payroll options to consider, but what might be the easiest is choosing a payroll provider who can offer HR, compliance, and payroll all in one to make the process of operating in a foreign country that bit easier.
Why not try an all-in-one solution for operating in a foreign country?
If you’re looking to start operating in a foreign country, then it might be worth hiring a global expansion service like us. We help with setting up a legal entity, international payroll, global HR practices, global compliance and of course understanding any paperwork in a foreign language.
Get in touch with a member of our team today to see how we can help you.