If you are considering moving your business to the US, you are certainly not the only one. Thanks to the country’s far-reaching supply chain, availability of cutting-edge technology, modern infrastructure, and healthy competition, the United States provides the best environment for businesses to grow and thrive.
And, of course, relocating to the US means that you can tap into an international, yet unexplored market. But moving your business to another country comes with a range of implications worth keeping in mind if you wish to avoid lethal financial losses. Start here!
Before Moving Your Business, Consider This: Will it Make More Sense to Start a New Venture, with an EB-5 Visa?
Transferring your business can be extremely costly and challenging. And, no matter whether you are the owner of a start-up or established corporation, as the founder, you would probably want or need to be where your business is located, which will require you to get a permanent residency or green card.
That is why visa requirements are always part of the logistics of relocating your business to the U.S. While the L-1A and the L-1B are common options used by business owners to relocate, there is a third, more convenient way to establish a successful business in the U.S.
This is where the EB-5 visa comes in. Thanks to this Immigrant Investor Program, you will automatically be granted a visa when investing at least $1.8 million in a new business in the U.S. (or $900,000 if in Targeted Employment Areas).
So, if you already have the necessary resources to move your company to America, making an EB-5 Investment instead can help you kill two birds with one stone. Just make sure to work with an application expert such as EB5visainvestments.com to avoid mistakes and increase your chances of securing your green card.
You’ll Need to Form a New Business Entity and Apply for Relevant Licenses
Home to some of the most successful startups, such as Airbnb, SpaceX, and Instagram, as well as some of the highest-valued unicorns worldwide, the US has established itself as the best, most sought-after place for business.
But the credit of such a stellar reputation lies within the country’s regulatory system, which allows the market to protect both consumers and business owners alike. That’s why the first aspect to review is the legal implications of moving your business to another location.
Start by reviewing the local laws, and consider partnering with a legal advisor who can help you set up a legal entity for your business and obtain all the necessary licenses. While this might not be the most exciting part of moving your business to the US, it is certainly an essential one to avoid severe fines and penalties!
Keep in Mind Exchange Rates and Study a New Pricing Strategy
Moving your organization to the US may be the single most important project to ensure a bright and successful future for your business. And, relocating your company when it is still growing might offer you the possibility to leverage new revenue streams, markets, and opportunities.
But a relocation can also be incredibly costly. And, without proper planning, you end up dealing with high moving costs.
Additionally, it is worth keeping in mind that, generally, the U.S. is a higher-cost market – made even more so by today’s financial environment. So, before relocating, make sure to adapt your cost strategy to the new market, account for unprecedented costs, and offset the losses you might face due to the current exchange rate.
Be Smart About Where to Set Up Your Business’s Premises
Whether you are looking to innovate your business from top to bottom or just wish to move your headquarters to the US, the location you choose for your business’s premises matters.
Because of the U.S. economic boom, the country provides few options in terms of industrial spaces and available properties. And, as more businesses are trying to expand and tap into the international market, you are likely to face long waits before the right property comes along!
But don’t settle for the first option available! Before choosing a geographical location on a map, make sure to review the local tax burden, competition, accessibility of goods, and ease of business creation. From Virginia to Utah, California, and Texas, there are plenty of great locations to bring your business to the next level.
Have a Clear Strategy in Place to Attract Top Talents
Attracting highly-skilled talents has never been harder. If businesses today are competing against each other to expand their market share, they have also been doing so to find and retain top talents.
In the U.S., unemployment rates are at a record low of 3.8%, which means that you’ll find yourself competing with other companies to put together a team that is right for your business goals and budget alike.
Consider designing a hiring strategy in place (even if it means paying top dollars for professionals in the sector) or setting up a remote team – which would allow you to tap into a worldwide talent pool.
No matter whether you are establishing a new business in the U.S. or relocating your existing company, hiring the best team is truly something you shouldn’t skimp on!