One of the major perks of living in a global society is that it can be quite profitable to move your business to another country that has a bigger market for your particular product or service. If there is more money to be made abroad, why not? However, the hassles of moving all your inventory, clearing customs and setting up in a new location can be a bit more than you are prepared to deal with. In order to avoid headaches when moving your business to Canada, you may want to try one or more of the following tips.
Hire a Professional Moving Company
Whether you are moving your entire inventory to Canada from abroad or are simply looking to move a portion of it in order to get started in a new branch location, it can be a royal hassle packing, shipping and then trying to get to the other side before your shipment arrives. Why not hire the services of a professional moving company that helps you pack, ensures safe shipping, greets your shipment at the other end and stores it until you are there and ready to receive it? This way you won’t need to make yourself crazy trying to rush your trip abroad.
Contract Certified Customs Brokers
Clearing customs with a huge inventory can be a time consuming process, especially if you are not adept at filling out the required paperwork. Any time you deal with bureaucracy it is going to involve mounds of forms that are anything but easy to understand. Experienced certified customs brokers are well versed in what it takes to painlessly clear customs and the best part is, you don’t need to be involved at all. They will help you declare what you need to and advise you on when and how to pay customs duties. For the small fee involved when contracting their services, it is well worth it to avoid major headaches and potential delays.
Hire a Canadian Accountant
Even before you set up shop, the first thing you need to do is hire a Canadian accountant. Every country has different taxation laws and reporting dates and you don’t want to incur a penalty before you even begin. Whether you are moving from a close neighbouring country like the US or from the UK or Europe, every country has its own way of doing things and the terminology is apt to be quite different. It doesn’t need to be a full-time, on-staff accountant, but it should be a licensed accountant well versed in Canadian corporate tax laws.
If you only do these three things when moving your business to Canada, you will relieve yourself of at least 75% of your stress. Set up your business in its new location and open your doors with a smile on your face. It’s much better to get professional help so that you can avoid headaches wherever possible. It’s the best way to get off to a great start.