Three Entrepreneurial Steps Paving Your Offshore Success

Three Entrepreneurial Steps Paving Your Offshore Success

Here at Nomad Capitalist, we always talk about the benefits of growing your business even from scratch. Either you’re legally reducing your taxes to grow your business, or whether you simply want to keep more of your own money. That’s completely fine.

These are entrepreneurial steps that you can take that will lead you to go where you’re treated best. Then again, that’s not the only part of our offshore business plan. In this article, we will share three entrepreneurial steps that every entrepreneur needs to consider when moving your business overseas, even if you are not moving overseas.

Why It’s Important to Consider These Three Entrepreneurial Steps

Why It’s Important to Consider These Three Entrepreneurial Steps

It’s already a given that it’s incredibly important to consider or even take entrepreneurial steps whenever necessary. At our recent event, Nomad Capitalist Live, we shared some ideas of what we can see coming and why we think it’s more important than ever to move your business offshore.

Naturally, the first of the entrepreneurial steps that most aspiring Nomad Capitalists should take is towards tax savings. Quite frankly, a growing business can always use more capital. How many times do you find yourself at the end of the tax year trying to jam expenses in or trying to pay for things upfront? Then again, you’re trying to jam different stuff in to get maximum deductions.

Can you imagine if you didn’t have to do that and if you could just run your business organically? We know many entrepreneurs who are being bullied in the western media by the “western politicians.” These people are paying 40% to 50% and in some cases even close to 60% in taxes. You see, that’s an amount that can’t go back into the business. So if you move your business to Dubai, then that’s a great first step.

A Nomad Capitalist Tax-Friendly Quadrant

A Nomad Capitalist Tax-Friendly Quadrant

We can talk about our tax-friendly quadrant where, for most businesses, you also need to move, or someone from the business needs to move. Then we can start to talk, right?

So you’re sitting in Canada running a business in Hong Kong. Well, that’s not going to help because Canada will apply all kinds of tax rules to that, and it’s going to be controlled for incorporation and all sorts of other things. However, if you follow our tax-friendly quadrant, then you can move your business, and you can dramatically reduce your taxes. This means that you can grow your business with tax savings.

Hiring Overseas is One of the Most Essential Entrepreneurial Steps

Hiring Overseas is One of the Most Essential Entrepreneurial Steps

One thing that came to my mind as an entrepreneur is that if all your employees are all in one place, what will happen if they’re all in there when it hits the fan? So we think that diversification is important.

As I think of our company, we’ve set up people in different places for different reasons. Whether it’s to get various residents, or citizenship benefits, or other tax benefits as well. In some cases, maybe it’s because the people there are just that good.

It doesn’t matter what your reason might be, because the thing that matters is diversifying your employees around the world. This is one of the most essential entrepreneurial steps that each business owner should do. Try hiring overseas for the first time, and you’ll surely know what we mean.

One of the Entrepreneurial Steps is Doing Business Overseas

One of the Entrepreneurial Steps is Doing Business Overseas

The third of the entrepreneurial steps that every single entrepreneur should consider is how to do more business overseas. Sure, you’ve got a lot of companies that will probably help offshore themselves. They’ll hire the workers offshore, but then they’re still selling back into the same market.

What we want you to consider is opening up your own market. For example, governments are coming out, and they’re largely targeting the bigger companies. However, there could be a time in the future where anyone’s company can be targeted by the government. It doesn’t matter who you are nor how “clean” you are. It works in the same way we’re seeing creators on YouTube being taxed on the views in the United States.

You see, the United States is using their heft, so here’s the thing, it’s a great market to sell into. Although, you know that there are still many other markets out there that are coming up. We would encourage you to learn more about those upcoming markets. Not only that, but we would also encourage you to learn why this is a part of why hiring people in other countries and in “hub locations” like Dubai, London, or Singapore, might not be the worst thing to do.

Following These Entrepreneurial Steps to Succeed

Following These Entrepreneurial Steps to Succeed

The question is this, how will you diversify your business into other markets to avoid future tax changes? We think that’s going to be tough, but you should still be prepared for the shock of the global system.

We believe that the Chinese market is very challenging for many people. Although, you can also find that the markets there are open. Not only can you expand your business, but you can also focus on how to expand your business from a tax or a risk perspective. So these are three of the entrepreneurial steps that we think everyone should consider in business.