There are arguably two main schools of thought pertaining to growing your business internationally. One is to export your company’s goods or services from the country you are currently established in. This requires some due diligence on your part, or hiring an export management company to handle the exporting details for you. A second alternative is to expand beyond your headquarters and establish a branch offshore. This may sound daunting, as the choices of where to set up shop seem endless – the world is a big place after all. But in reality, growing your business internationally by setting up an offshore presence is more and more common for expanding businesses and entrepreneurs, and many countries have made the process simple, streamlined and beneficial for your bottom line.
One of the first steps to deciding if your company has a niche offshore, is to look at the products or services you provide. Products that are successful in your country may get a different reaction from consumers abroad. You’ll want to do some keen market research to determine where your product will have a high local market interest. Service-based companies, on the other hand, have greater freedom to set up an offshore office in any location that provides up-to-date IT and business infrastructure, allows for secure banking, and is amenable to a foreign presence. The Cayman Islands is one location that fits each of these requirements, plus offers foreign companies tax-free status, protected intellectual property, no visa restrictions, and a qualified local workforce among other benefits, all geared toward rapid international growth.
For example, IT companie and software development companies can thrive overseas, as can businesses in the digital media field. Science and technology firms are easily established in an offshore location as well as commodities traders. And with the right offshore location, shipowners and maritime companies reap significant benefits from an offshore presence, especially from locations within strategic trade routes and duty-free legislation like the Cayman Islands has.
To answer the “how” in how to grow your business internationally, Cayman Enterprise City provides the process to guide you through each step, first helping you determine if setting up a physical presence in the Special Economic Zone of the Cayman Islands is right for your business. The next steps include helping you determine staffing and office needs, referring you to trusted banking and legal resources if needed, registering your business, and applying for visas, all of which is generally accomplished in three to four weeks to give you a genuine offshore presence to grow your business internationally.