In a time where everything is connected, it’s really no wonder that you can do your business anywhere in the world. Social media has presented us with a new trend recently – “borderless living”. However, this is no longer a fantasy you see online and dream of – it has, instead, become something real and tangible.
No longer is your job making your life static and tying you to a place. Now you can work from Europe, Australia, or Asia, if you feel like it.
Unfortunately, it isn’t always easy to manage this kind of lifestyle. It takes a lot of willpower, knowledge of international regulations, and careful planning to become a successful nomadic entrepreneur. Here is everything you need to know about this interesting and unique lifestyle.
What is Nomadic Entrepreneurship?
First things first, what exactly is nomadic entrepreneurship? Simply put, this is a combination of owning a business and not staying in one place. This phenomenon is a natural continuation of the rise of remote work.
Powered by technology and global connectivity, this arrangement leaves working 9-5 in the past and allows for new trends in the workspace. It is a particularly appealing lifestyle to those who like adventures, spontaneity, and plenty of stamps in their passport.
Mobility Planning
The most important thing about this kind of lifestyle is planning. There is no staying abroad without a visa. That is why it’s essential to know about the laws and regulations of the countries you plan to operate your business from.
For instance, some passports require a visa even just for a routine destination. In such instances, you need to deal with paperwork, meetings, and possible delays. As far as digital nomad visas are concerned, they do help with long-term stays, but they do not help with travel speed.
Legal Issues
To ensure a safe and headache-free stay abroad, you should pay special attention to the legal foundation of your borderless life. For your tax residency, some countries may look at the number of days you stay, where you spend your time, your economic ties, or your family’s location.
The easiest way to keep it simple and safe is to have a primary residence where you have arranged housing, contracts, banking, and travel patterns. If you’re looking for such a base abroad, make sure to contact the local experts. For example, experienced real estate agents from Applecross are most likely to help you find suitable accommodation and office space if necessary.
The Right Business Structure
Another crucial thing to keep in mind is that not every business type is suitable for this kind of arrangement. If you plan to run a business abroad and not be tied to a specific place, you need a business that isn’t focused on physical presence.
For instance, digital agencies, consulting, and media companies are great for this, since they don’t need a local office to function properly. Keep in mind that you’ll have to pay tax for the company no matter where you operate from. With a digital-first model, you should be able to save some money though.
International Life and Financial Systems
One of the biggest issues for running a business abroad is proper banking. Opening accounts while traveling might be difficult, since international income tends to be flagged in most countries. This doesn’t mean that you are doing something illegal, but it may cause some more tedious appointments and paperwork.
Make sure to learn everything you can about the banking systems of the countries you plan to travel to. Try to maintain a separate account for your personal and for your business funds. Making all your payments transparent and well-justified will only be good for your business.
Nomadic Entrepreneurship Benefits
Why is this lifestyle so appealing? Simply, it offers numerous opportunities and benefits. If you like being flexible, meeting new people, places, and customs, as well as feeling free to leave whenever you feel like it, this is the perfect opportunity for you.
A lifestyle like this one allows for perfect ways to experience more and to grow. It is also a perfect way to build a global network. You can make meaningful connections both privately and professionally.
Conclusion
It is not impossible to become a successful entrepreneur and to keep experiencing the world at the same time. With a bit of planning, a lot of dedication, and some luck, you’ll be ready to start this amazing adventure.
