subject: Useful Tips When Doing Business Abroad [print this page] There are always opportunities for people to do business in different countries. After all, opportunities are global and are not confined to a single place and location. There are certain things one must be aware of in doing business abroad. The first thing to know is the rules in that part of the world you are doing business. Some countries may not accept foreign ownership of some industries like print media while other countries may not allow a foreigner to own property. Some places like Spain require you to get a NIE number for you to do business there. To find more about NIE number, the answers regarding your questions may be found online and on websites. All you have to do is query "NIE number answers" or "FAQ on NIE numbers" and the results will easily be posted on most popular search engines.
Here are some useful tips which you may use when thinking of doing business abroad:
- Be familiar with the country you are doing business. More often than not, you do business in a country that you are familiar with, meaning some place that you have already visited and grown accustomed to. A lot of foreigners do invest in property and resort development in tropical countries and make their own boutique resorts first and foremost because they like visiting the place and are regular travellers there. They end up investing their money in that tropical country hoping to find some form of permanent residence there. They choose that country also because their money may go a longer way than those in other places.
- Do take the time to read the rules and regulations or hire a consultant who can do that for you. Some places may have intricate laws and have special conditions on foreign owned businesses. Be prepared to do some reading or research online or better yet if you know where the embassy or the consulate of the country you would like to invest in, make a visit and talk to the economic attach. Some countries have incentives for people wanting to invest in their countries in the form of tax relief or tax holidays depending on the amount you are investing and the number of people you intend to hire.
- Have a local trusted contact in that country. Knowing someone locally there is an important factor in doing business in another country. More often than not, these locals become your industrial investor and may have the necessary network or knowledge on the ins and out of that country.
