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Digital Nomads: How to Run a Business from Anywhere

The world is fast turning away from the physical location of work. Many people have resigned from or adjusted jobs that should have ordinarily needed their presence in the office or workplace. Since the coronavirus-era and the lockdown accompanying it, many organizations and individuals are moving toward work from home.

Working from home, of course, offers a different reality and process than working in an office. You must know the proper procedures before you consider becoming a “digital nomad” or working from home. If you don’t set up the appropriate process, you might get a little bit frustrated or shocked by the expectations.

Make use of online services

Several online platforms have even made it easier for one to work from anywhere in the world. These platforms have reduced the strenuous and prolonged procedure a person would have taken on their journey of becoming a digital nomad. Popular online platforms can include service-based options, like Upwork and Fiverr. Other platforms like Air Corporate offer company registration services that make running business for nomads very easy and convenient. One can register and manage their businesses on these platforms effectively, even better than someone running a business physically.

Steps to Becoming a Digital Nomad

1. Make the Decision, and Set Up

This is the first step you would take before becoming a successful digital nomad. Before you set up: what kind of business do you want to do, and what do you have passion for doing? As mentioned earlier, there are service-based and buying-and-selling businesses. These are the two major types of business online. You have to think about what you have an interest in and a sustainable company that relates. If you have a skill you believe you are good at and is marketable, then begin to set it all up through the different online platforms and bid for jobs.

2. Finance and Management

This is important in your process of becoming a successful digital nomad, especially if you are starting an eCommerce business. You would need money to set up the business properly, get your goods, and run ads for the company. If there are no ads or enough content marketing, there could be less buyers or users of your platform. Thus, you need to have good knowledge of how to manage and grow your finances. Even as a service-based digital nomad, you need funds to get a workspace, get a laptop, and other gadgets; you also need funds to take care of emergencies that could potentially add risk to your service delivery.

3. Marketing and Broadcasting

Marketing is very important for your business. You should begin to announce to people — families, friends, housemates, old pals, and anybody about your plans to start the business you want to create. This is necessary, because it would be easier for you to garner many clients and buyers before you start. These people you inform will tell other people who would, in turn, broadcast to other people, and your business will continue to expand. Whether you are a product or service-based business, you must start promoting business early. You do this through various means; you do not only rely on word-of-mouth, there are other means, including digital ads.

4. Equipment and Products

After deciding on what type of online business you want to do from anywhere, you should also consider the best places to get your gear and products. If it is the e-commerce you choose, you should consider getting the most affordable products and perfect ones that would attract your customers’ attention or make them buy from you.

You will also have to build good customer service, a website with a chatbot, and pay attention to what’s in demand. You should consider to survey your customers and employees, get powerful survey insights, and close the feedback loop to create delightful experiences. In order to do that, consider a survey tool. In addition to this, you should also consider getting gadgets that would give you optimal performance and deliver outstanding results, for instance: a laptop, phone, and even a camera of good quality toward running your daily business and service operations. If your business is multilingual, you will need translation equipment as well, such as interpreting booths for effective interpretation.

Get Ready

In this modern time, you can choose to do business from anywhere of your choice. This is a time when it is no longer required to have a definite and physical location in order to run your business. People order goods online as well as demand for services online too. However, it would help if you took care to make the right plans and follow the suitable methods to avoid limitations and hurdles while building the business.

Top 5 places for digital nomads to register their company

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It is possible to visualize the rise of digital nomads during the advent of the coronavirus pandemic. This was mainly due to remote working and different travel restrictions.

A move towards the adoption of technology was the key factor in this rise. It made digital nomadism even more flexible and free than ever before.

It is expected that the number of digital nomads is likely to rise to one billion by 2035. When you are deciding which country is best suitable for your business as a digital nomad you will have to assess the alternatives for your kind of business.

Here are some of the better options. 

1. Hong Kong: You can find many digital nomads setting up their businesses in Hong Kong. There are many tax benefits associated with doing business in Hong Kong such as 0% income tax for offshore companies as compared to 16.5% on domestic businesses. Hong Kong has also created a pro-business environment that has few barriers to entry and this makes it simpler to register the business. There are lesser restrictions on foreign companies compared to other countries. 

You will find lower audit costs, no sale tax, and there are no CFC rules you must comply with. It is also possible to use online platforms such as Air Corporate to register your business online in Hong Kong. There is an added advantage of proximity to China because of the Closer Economic Partnership Agreement between the two countries.  

China is another alternative as well. China is a country that has been on the rise for years, and it’s not showing any signs of slowing down. With so many people from around the world wanting to invest in this market due to its growing economy full of opportunity, China will be an obvious choice when expanding your business overseas. China company register services can help you establish your business there.  

2. Singapore: You can find several strong investment and trade opportunities in Singapore because of several benefits associated with registering a business in the country as a digital nomad. Firstly, Singapore offers these businessmen several tax benefits. These are a major source of attraction for the different digital nomads.

You can also find many tax incentives in Singapore for businesses such as a lack of corporate gains tax and startups are not needed to pay taxes for the initial three years of doing business.

You can also get a convenient business incorporation process, a huge market for big investors, a range of banking options, and a stable economy that has a GDP greater than developed countries.

 3. Andorra: There is a new digital nomad law in place in Andorra that provides many investment opportunities, innovation, and sustainability for digital and remote businesses.

Andorra is not only going through a big digital transformation, but it has also offered economic, political, and legal security to foreign businesses. This together with a competitive and internationally approved tax system gives the country a massive advantage over European countries. 

4. Belize: This country is widely recognized as one of the more tax-friendly countries and they also offer asset protection via offshore banking. There are many benefits associates with registering a business as a digital nomad with guaranteed confidentiality and privacy. You can also get international banking and financial stability. You can register a company in the country of Belize within just a couple of days by using a remote corporate bank account.

5. Malta: You can seriously consider registering your business as a digital nomad in the country of Malta. It is an attractive alternative for these businesses because the tax rates are liable to go down to as low as 5% if you can successfully apply for all the grants and utilize the different tax relief programs that are offered.

In addition to that these digital nomads will benefit from the trade agreement with the EU and several banking options. It is also one of the cheaper places for getting a transferable business license for the EU. There are also no exchange controls in place for these companies registered in Malta.

There are a few things you need to keep in mind while setting up a business as digital nomads in these countries. A digital nomad is a person with location-independent work that is normally conducted on the web via telecommunication technologies.

Where you register the business as a digital nomad is significant and it also depends on the kind of business you have. You have to take into account many factors while deciding where you are going to register your business as a digital nomad.