How To Take Your Business Offshore (The Tax Breaks And Other Perks Can Be Big)
Oct. 29, 2014, Panama City, Panama: Panama is one of the best places in the world to base a virtual business.
Dear Live and Invest Overseas Reader,
Kathleen and I have set up and operated businesses of one form or another in eight different countries. Why have we done what we've done in each place where we've chosen to do it?
That is, if you want to launch a new business or move a current business overseas, where should you go?
It depends on what kind of business you're talking about.
If you have a bricks-and-mortar business in the United States, you'd probably find it difficult and maybe impossible to move that business offshore altogether, but you might be able to benefit by relocating some aspects of it. Customer service, for example, or some processing that happens before your goods come in to the States could be handled in another country where those functions come at a lesser cost, say.
If your idea is to start a bricks-and-mortar business in another country, the best choice for where, again, depends on the specific what. Unless, that is, you have a specific where in mind already. If you know that you want to move to Belize or Argentina or Thailand or the Philippines or wherever, then your challenge isn't where to locate your new bricks-and-mortar business but what kind of bricks-and-mortar business would make most sense in the place where you want to live.
For our purposes here, let's assume that the business, not the lifestyle, is the driving agenda. In that case, the question, again, is what kind of bricks-and-mortar operation do you want to invest in—retail, wholesale, franchise, or import-export? Some of these are better suited to some countries than to others, and some kinds of bricks-and-mortar businesses wouldn't make any sense in some parts of the world. If your plan is to open a retail shop or a franchise, you need population.