These days, many savvy businesses are moving their headquarters – or at least some satellite offices – overseas, not only for financial benefits, but also to make the running of the company more streamlined. Many businesses are finding tax breaks and ways to increase their profitability with a move overseas, such as to the Cayman Islands. As your business migrates offshore, there are a few things you can do to help prepare your staff to move to your new international office.
Give Plenty of Notice
You may want to give your employees at least six months’ notice before making a big move. Cayman Enterprise City helps you and your employees by answering pertinent questions from vaccines and health information to entry requirements. As an employer, you can make the move more effortless by connecting with Cayman Enterprise City for helpful tips about housing, transportation, shopping and school for employees’ children when necessary.
Learning the Culture
Fortunately, the main language spoken in the Cayman Islands is English, so this will help relieve many employees’ fears about any type of language barrier. Culture in the Cayman Islands has been primarily influenced by that of Great Britain and the US, and should not be a tremendous culture shock for Americans moving there. Some of the local cuisine may be a little different at first, but it is truly delicious.
Preparing for Financial Differences
While the Cayman Islands is a tax-free oasis for business owners, personal taxes for employees are a separate matter. A tax professional can advise employees how to stay current with their home country’s tax laws. People from pretty much every country except the US can earn their wages in Cayman tax free, however US citizens can earn in the region of the first US$90,000 tax free. You’ll also want to ensure that all your business i’s are dotted and t’s are crossed before relocating to the islands, and that again is where Cayman Enterprise City comes in with the helpful answers. Plus Cayman Enterprise City can put you in touch with expertise tax advisors to advise in such matters.
The Cayman Islands are literally a tropical paradise, and with enough notice, employees most likely will be thrilled they are moving to such a beautiful destination. Just ensure to give them plenty of notice and understanding along the way, and your complete move to Cayman Enterprise City should be quite effortless. A great site to check out is www.caymannewresident.com