While making a decision to expand your business into a new market can be a demanding task in itself, the process by yourself without consulting an expert can be costly. Europe, with over 500 million consumers spreading across 28 countries, and with an ever-improving, well-defined free flow of goods, provides a market that’s difficult for a small growing business to ignore.
If indeed you have a viable business idea, a growing business, or an already established business somewhere outside the continent Europe, you will probably have a viable market in Europe.
Below are three key considerations you should make before you expand your business into the European market.
Use valuable online research tools and resources
While thinking of opening a new business branch in Europe, you should consider using trusted online foreign exchange services to handle your currency conversions. Most online FX services offer relevant resources as well as helpful tools, and on top of the list are free online currency conversion and 24/7 customer service.
With affordable markups and absolute transparency, you will always know where your funds are at as far as the payment process is concerned.
Consider all European rules, regulations, and guidelines
Even though you can do business freely in Europe once you set it up, it’s important to know that EU has a broad range of regulations with which your company must comply. In addition, if you’re a british company, the implications of Brexit means you might have to think about EU regulations for international businesses
For instance, most of the products destined for Europe must have a CE marking to indicate that, a product -regardless of its size or value, meets all the EU safety, health, as well as environmental protection requirements. And if your company intends to sell chemicals or pharmaceuticals, you must register it under and comply with the European Union REACH (Registration, Evaluation, Authorization, and Restriction of Chemical substances) regulatory guidelines.
Moreover, whereas some European countries have introduced requirements such as filing annual tax returns, other countries have a value-added tax. Most of these countries will also require that you combine an annual audit or annual filings and quarterly filings with regional authorities.
And as a prospective European Union entrepreneur, you will have to learn about the continent’s foreign tax obligations as well.
Register your business with a development agency
Once you have identified your ideal business country or region in Europe, you will have to contact regional or national development agencies to get relevant information regarding to local regulations and requirements to guide your operation in the E.U
The European market is more than open to businesses from other continents now than it has ever been. It’s now upon you, as a business owner looking to go international, to take a step forward and expand your business.