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For those with access to some capital and a marketable idea to exploit, setting up a business abroad may seem like an attractive option. Many British expatriates are self-employed and operate in a vast range of areas. Types of business include: - hospitality - e.g. bars, cafes, restaurants, nightclubs and hotel/bed and breakfast establishments;
- tourism, sports and leisure - e.g. skiing or diving instructors;
- other services - e.g. holistic therapies or child minding (especially in large English speaking expat communities).
Remember though, that setting up a business overseas is a much bigger undertaking than becoming self-employed in the UK. In addition to the usual research and planning required for setting up any new enterprise, you will need to learn about the business context of the country in which you will be operating. The list below contains factors to consider. - Legal issues and red tape - e.g. if you plan to open a bar, club or restaurant, you will need to be familiar with the country’s licensing laws.
- Tax regulations - these may be different from the UK.
- Finance - you should open a business bank account in the country before you go as this can sometimes take time to set up.
- Visa or other restrictions - you may need to register your business with the local authorities or there may be restrictions on foreign business ownership in some countries.
- Language and cultural issues - these may affect you more as a self-employed person than if you were working for an organisation.
As planning and setting up in business in a foreign country can be very complex, many people use the services of a specialist consultancy to advise them on the country’s regulations and help them work through the red tape. You may also be able to find useful advice and information on government and chamber of commerce websites. Finally, do not forget that you will still need to work through all the steps required to set up any business abroad in the same way you would in the UK. This includes researching your proposed market, writing a business plan and doing some financial forecasting. For more general information on setting up your own business, see self-employment.
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