If your UK business is ambitious and experiencing rapid growth or a saturated UK market, expanding internationally can help you reach your true potential. But entering overseas markets requires careful planning, a solid strategy, connections and support.
How do you know if global expansion is right for you?
Here are five questions to ask yourself.
|①||Is there an obvious location to expand into first?
Some overseas jurisdictions are very favourable for UK businesses and this varies between certain sectors. Maybe you have contacts in a particular region already and therefore want to start there. The RSM International network’s global coverage means we are well placed to help you choose and set-up your operations in the right places, in the right way.
|②||Is there or will there be a strong overseas demand for my product?
Why would an overseas customer choose you over a competitor? What’s your USP? Have you decided on a pricing point for your product or service? We can help you answer these important questions and the many more you need to consider before you embark on and commit to your international strategy.
|③||How would I set up my overseas business?
Set up a new branch? Work with a local partner? Create a subsidiary company? The way your overseas entity is structured, and its relationship to your UK holding company business, will affect your compliance and reporting – and bring transfer pricing, intellectual property, and permanent establishment issues into play. We’ll map it all out for you and help you create a structure that works for now and the longer term.
|④||What are the local laws, regulations and customs?
What’s it like to do business in your new location? Tax, including VAT and sales taxes, customs duties and employment registrations and taxes are obvious areas that require careful planning. But there are political, cultural, currency, and language considerations too. Our UK specialists and on the ground RSM International teams are ready to support you.
|⑤||What skills, support and partnerships would I need?
The UK Government provides support for UK businesses to set up overseas. There’s likely to be support available in your target markets too, and professional legal, tax and accounting advice will be crucial. We can give you a holistic view and work closely with your funders and other advisers as required.
We can help
Funding, marketing, recruitment, logistics, data privacy – these are just some of the additional things to consider when expanding internationally as a UK-headquartered business.
We can advise at every step, from writing expansion plans and getting stakeholder buy-in, to setting measures for success and identifying other expansion opportunities.
Contact our Lead International Partner Simon Hart to discuss your international expansion plans.