There’s a burst of excitement that every entrepreneur knows. That moment when you are struck with an idea for a new business. It’s a moment of both fear and excitement. Could it work? Has it been done? How big is the market? Is there a sustainable competitive advantage?
Once you’ve done your research and reality sets in, starting a business can involve a lot of work, time and money, so it’s essential you know exactly what’s involved, especially when it comes to opening a bank account and separating your personal finances from your business finances.
“Going offshore is not often the first advice start-ups and entrepreneurs get when they begin building their business, but for some it could be incredibly beneficial. One of the reasons is wanting to leverage global offshore success in order to gain business momentum, but cost savings are also a primary factor that influences this decision,” says James Turner, Director at company formation specialists, Turner Little.
“The lower cost of producing goods and services in an offshore jurisdiction compared with your home country is generally what motivates most companies to relocate overseas. For example, IBM employs more employees in India than it does in the United States. Depending on the jurisdiction there can also be benefits from reduced taxes and no exchange control regulations, which could make the business more attractive for investment. There are also of course various benefits associated with asset protection and privacy,” he adds.
Going offshore will not be a primary goal for all entrepreneurs starting a business, but in a highly competitive environment, a small business advantage can make all the difference. If you’re looking at starting a business and need trusted advice tailored to you, get in touch with us today.