Relocation for startups: tips to get your business moving
Relocation for startups: tips to get your business moving
Relocation for startups: tips to get your business moving
3 MIN READ, MARCH 25, 2022
3 MIN READ, MARCH 25, 2022
Relocation has become a hot topic for many founders now. Crossing borders can open up new opportunities for a startup, but it can also bring many challenges. What's the best way to take advantage of relocation while coping with stress? What are the most important things to pay attention to? Our EMERGE startup team has shared tips on getting startups moving to another country to avoid as few mistakes as possible.
Choose a country
Every country has its legal framework, tax code and its own unique set of cultural differences. It means it's worth using a country-by-country approach while selecting a new place. According to the Index Ventures analysis¹, the most favourable countries for startups are Latvia, Estonia, Lithuania, Israel, and Canada. It does not mean that you should consider these countries; every case is unique. When choosing a new place, it's essential to do your "homework": to check company registration rules, calculate the approximate relocation budget, understand your opportunities in general, etc. It's also important to pay attention to the local culture, which starts from the mentality and ends with the local payment system and the Internet speed.
Every country has its legal framework, tax code and its own unique set of cultural differences. It means it's worth using a country-by-country approach while selecting a new place. According to the Index Ventures analysis¹, the most favourable countries for startups are Latvia, Estonia, Lithuania, Israel, and Canada. It does not mean that you should consider these countries; every case is unique. When choosing a new place, it's essential to do your "homework": to check company registration rules, calculate the approximate relocation budget, understand your opportunities in general, etc. It's also important to pay attention to the local culture, which starts from the mentality and ends with the local payment system and the Internet speed.
Register your company
You've chosen a country and calculated the costs. Now you can register the company. In this case, we recommend hiring a local lawyer who will help you avoid possible mistakes at the stage of registration, opening a bank account and other procedures.
It will be good if you participate in many meetups, conferences, networking, etc. Reaching out to people who can help with advice will help you explore the intricacies of living in the chosen country. A good tip is to look for partners or collaborators in the community in your language. For example, you can reach out to the EMERGE community. Everyone here is friendly and helpful with advice and help.
You've chosen a country and calculated the costs. Now you can register the company. In this case, we recommend hiring a local lawyer who will help you avoid possible mistakes at the stage of registration, opening a bank account and other procedures.
It will be good if you participate in many meetups, conferences, networking, etc. Reaching out to people who can help with advice will help you explore the intricacies of living in the chosen country. A good tip is to look for partners or collaborators in the community in your language. For example, you can reach out to the EMERGE community. Everyone here is friendly and helpful with advice and help.
Take care of your daily routine in a new country
Even if you carefully planned everything from cover to cover, there would be possible mistakes. One of the ways to minimize your error effect is to budget twice as much as you plan to spend on your relocation. At first, it's hard to know where and how to save money. It's also important not to sign long-term contracts for any rent.
If the team prefers to work offline, joining a co-working space would be a great option. It will be cost-efficient and allow you to meet a lot of interesting people and build your tech-savvy community.
Even if you carefully planned everything from cover to cover, there would be possible mistakes. One of the ways to minimize your error effect is to budget twice as much as you plan to spend on your relocation. At first, it's hard to know where and how to save money. It's also important not to sign long-term contracts for any rent.
If the team prefers to work offline, joining a co-working space would be a great option. It will be cost-efficient and allow you to meet a lot of interesting people and build your tech-savvy community.
Links to thematic resources that may be useful for relocation:
- EP Advisory – the team helps with relocation/career consultations;
- AdviSpace – a volunteering community of Expats who relocated to Germany;
- Wisa.app – a mobile guide to 140+ visas from 40+ countries;
- Visa guide – a visa guide from immigram.io;
- 41 Countries With Digital Nomad Visas.
A word from EMERGE
Just the thought of relocating can be both exciting and frightening. While you may welcome growth and change, you may feel stressed about the process of moving itself. But don't be afraid of this challenge. The world is full of good people who will help you in your endeavors!
Just the thought of relocating can be both exciting and frightening. While you may welcome growth and change, you may feel stressed about the process of moving itself. But don't be afraid of this challenge. The world is full of good people who will help you in your endeavors!
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