Starting, buying or selling an international business
Creating a new enterprise out of the gate, acquiring an existing company, finding a buyer for your successful endeavor — it’s all part of the adventure of international entrepreneurship. We can help you get started in growing, scaling or selling within this dynamic market.
The first step in creating your new business is deciding what you’d like to import or export. Choose a guide from one of the four top imported goods to the US. Picked a product already? View the United States Import/Export Guide below, including the forms you need to get started.
Select the country you’re interested in doing business with to see its specific requirements.
View the import / export guide:
Deciding where to sell
Changing political climates, currency values and the global price of goods and services are a few of the many things that may affect where you choose to do business internationally. If you’re opening an online store, you may have more flexibility about where you can do business; but if you choose to buy and/or sell goods from overseas, you may want to explore the economic landscape of various countries before you decide.
After getting your business in place, you’ll need to work out the logistics of how you’ll pay your vendors and employees. As an international business owner, consider exchange rates and any fees you’ll pay when making overseas payments.
While your local bank may seem like an obvious choice, major US banks simply can’t compete with an international money transfer specialist when it comes to strong rates and low fees. Many specialists also offer the convenience of scheduling recurring payments in foreign currencies to settle ongoing invoices.
By comparing the fees, exchange rates and payment options of an independent provider, you can find a partner with the expert guidance to safely manage your international business payments.
Setting up your payments
Starting a new business is exciting — and nerve-racking. Once you’ve decided on your business model and set up your entity, it’s time to order and pay for your stuff. Your vendors may ask that you pay with a bank wire transfer, which will not be your cheapest option — or use a money transfer specialist to save on fees and get a strong exchange rate.
Many global payment providers offer flexible tools that can protect your international payments against the rapidly fluctuating market — and help you predict when it’s best to make your payments. These “hedging options” and a bit of planning could save you significantly with more favorable exchange rates on international money transfers.
Forward contracts. If the current exchange rate is in your favor, a forward contract could allow you to lock it in for future transactions — sometimes as far as two years into the future.
Recurring payments. For regular overseas transfers — weekly, monthly or quarterly payments to the same recipient — many services will automatically convert and send your dollars to accounts and businesses worldwide.
A brick-and-mortar shop has its benefits. But if you choose to sell online, you can reduce your overhead and entice more customers with an e-commerce store — all while better understanding your consumers. We’ve reviewed three major e-commerce storefronts to help get your business up and running online.
Payroll and accounting software can simplify the otherwise stressful requirements of business by safely hosting your data online or storing it in the cloud. Services like Xero, Sage Business Cloud Accounting and QuickBooks meet your budget with reasonable subscriptions and flexible options designed with small business in mind.
When April rolls around, it’s time to pay Uncle Sam. As an international business owner, you may think you need the help of a professional like H&R Block. But you can file your own taxes with one of these online options. And premium plans often come with professional support, just in case.
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