For any expat partner who wishes to start up a physical business while on assignment, extensive research and planning is essential, according to Monique de Blécourt from EY.
First and foremost
For starters, you need to find out if you are even allowed to set up a business. If you can then you can look into registering a company, what insurance coverage you need, and, above all else, what your tax obligations are as a business owner.
A taxing situation
“You don’t want to get a nasty shock of any kind down the line so you definitely need to look into tax straight-away,” says Monique. She also underscores the importance of looking at the small print: “When making contracts, you need to consider if you can commit to what it entails.”
Research and networking
Furthermore, Monique advises plenty of research – this could begin with a feasibility study and include a survey of the market. In general, she also recommends searching for business groups, or other networking organisations for key insights, helpful pointers and practical advice.
Is this the right move?
Monique also offers a final caveat: Assignments can fail if the expat partner is unhappy. To avoid adding extra duress when relocating with your family, and considering the time you expect to stay in this new location, you must ask if opening a ‘bricks and mortar’ business is the right move.
