Relocating your business could simply mean moving your offices to new premises in the same city, or it could mean going further afield, from one city to another. In these cases, the relocation process, while certainly challenging, can be managed by a dedicated in-house team or local relocation services.
However, if you are relocating your business to a different country, then there are several considerations and activities that must be factored in and completed in order for the move to be successful.
It will come as no surprise that this is a complicated and demanding process, best achieved with the support and guidance from experts in both foreign jurisdictions and relocation services. As an independent director of the Loita Group, I have worked closely with several multinational clients, across an array of industries, in their quests to relocate their businesses to foreign shores.
To my mind, there are five main factors that absolutely must be considered before embarking on an international business relocation. After all, the last thing you want is to cause the business to suffer a financial loss or negatively impact a stakeholder.
The first factor is, unsurprisingly, the costs. There are all sorts of obvious costs related to moving from one location to another, such as retaining new premises and shipping existing equipment or buying new. That’s a given. However, there are also several significant hidden or secondary expenses involved with relocating a business that must be accounted for before you move, like moving insurance fees.
Secondly, you need to consider the impact of the move on your employees and stakeholders.
People want to work for and with companies that make it easy for them to come to and be at their location, so how you facilitate their interactions with the company in its new location will certainly have an impact on performance and loyalty.
People also want to work for companies who have a vision for the future, which is why my third consideration is the growth capabilities embedded in an international relocation. Ask yourself how relocating your business will impact both your short- and long-term growth, and how your new location can support this growth. Importantly, plan for how you will communicate your plans for growth and bring your people on this journey of growth with you.
Another significant factor is your customer. Given that customers are the lifeline of any business, it’s vital that you consider the impact a relocation will have on your market and plan around these inevitabilities. Lastly, you need to take into account the tax situation of your new location. Depending on where you are moving to, and your original location, taxes could have a huge impact on the profitability of your business. This final point in particular is something that requires the guidance of experts who can accurately advise you on the best way to set up your business in your new location and do so in a timely and accurate manner.
Any business move can be a challenge, but there’s no doubt that an international business relocation is a mammoth task. Especially now, in a world grappling with the tail-end effects of the Covid-19 pandemic, where the safety and logistical considerations and rules have changed in the interest of public and global safety.
At Loita Management Services, one of the key advisory and administrative services that we offer is relocation services, particularly to those individuals, organisations, corporates, and multinationals wishing to relocate and establish a presence in Mauritius.
Our Relocation Services include the following:
* Visa applications (Business, Tourist, Premium Visa)
* Permit applications (Occupation, Investor, Permanent Residency, Retirement)
* Family accompaniment
* Advice on property acquisition, including sourcing a notary and completing necessary paperwork whilst working with professionals in the real estate sector
* Family Office establishment for the HNWI
If you would like to find out more about relocating to Mauritius and the incredible benefits that this jurisdiction has to offer, please get in touch with us at your convenience.
By Kim Guého