#How to Do Business in Another Country During Quarantine

Expanding business abroad might be harder to achieve during quarantine. Let’s see what steps you can take to ensure success.

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How to Do Business in Another Country During Quarantine

Every country was affected by the COVID-19 pandemic, and in most places, there have been quarantine measures. Governments have restricted entry to citizens coming from specific countries at risk or mandated them to quarantine for a particular number of days. This has caused significant issues to businesses that have employees working abroad or employ foreign citizens. Nobody can deny this is a delicate period if you want to do business abroad, but it is still possible. Let’s take a closer look at the impact of taking your business abroad during the quarantine.

Prioritize Health and Security

COVID-19 poses a risk to humans, and we need a human response to keep it in check. We need to take care of our employees and ensure their safety, and the questions below can help you assess the current situation.

Did your business implement the best possible practices to keep your employees safe?

If your business abroad can still operate, you need to stay up to date with the practices imposed by the country you are doing business in. The goal is to halt further transmission, and we can achieve that by adding proper distance between workers, plexiglass barriers, and other measures.

Can you Accommodate Remote Work?

Having your employees work from home as often as possible or permanently will minimize contact while keeping social distancing. Are your products viable to be sold online? Are you providing services that are suitable for remote delivery? It’s paramount that you keep up to date with the remote working requirements imposed by the country you are doing business in. Depending on the country, you can expect them to change often and erratically, so you must stay ahead of the curve.

One industry that really nailed remote work is iGaming. Especially in developed countries with broad access to the internet, like Sweden, for example, most online casino workers were able to maintain their daily activity without too many issues. If you’re not familiar with the industry or you want to learn more about the Swedish iGaming environment, check out casino topplista right now.

Develop Contingency Plans for Employees in Quarantine

Do you already have a plan in the eventuality that an employee needs to quarantine and won’t be able to come to work physically? Do you have other employees that are capable of replacing them? If you cannot replace them, you should consult the employment market and other business abroad programs that might be available. Try to split your employees into teams to lower the risk of having your whole crew in quarantine. Remember, prioritize solutions that ensure enough revenue that will allow you to keep both your employees and clients safe.

Tax Relief

Countries like Germany and China don’t usually adopt tax relief programs. Along with France, they made public their intention to offer “tax holidays” – removing tax payments while the countries are in mandatory quarantine or allowing for installments for the already applied taxes. Poland, for example, has implemented a program through which entrepreneurs can deduct losses caused by the pandemic in 2020 from the 2019 profit. If you are still trying to figure out how to move your business abroad, you won’t have any means of qualifying for the Polish program. However, other countries offer incentives, so marketing a business abroad can be a good starting point if your product matches the new market.

Government funding programs have been getting more and more common in most countries. They are there specifically to support international expansion, and you must verify if your business can receive government support. When conducting business abroad, you will need to fully assess the political and trade risks to secure your business better. We recommend looking into insurance solutions.

Exciting Achievements Despite the Pandemic

China

You might face a few challenges when entering the Chinese market, but it’s more than worth it considering we are talking about the fastest growing business environment in the world. They rank 31st by the ease of doing business and 5th by the ease of contract enforcement, but the insane development of the Chinese economy is by far the main advantage. The COVID-19 pandemic will surprisingly aid China in overtaking the GDP of the USA. It is expected that China will pass the USA by 2028. Cybersecurity and doing business abroad mix well with the Chinese private internet, an aspect worth considering.

China already has the fastest-growing consumer market globally, with an impressive disposable income increase of 13% compared to 2020. The retail industry is exploding, and more and more multinational corporations are successfully expanding into China. One of our most valuable doing business abroad tips is focusing on countries with highly skilled professionals. There are a lot of highly trained professionals in China; nobody can deny that. International business hubs like Shanghai and Beijing are desirable due to the insane density of highly qualified professionals.

China has another huge advantage; they have managed to eradicate COVID-19 and fully recovered economically. As early as March 15, 2021, citizens of 23 countries can now travel to mainland China. While the rest of the world is still dazed by the COVID-19 caused economic halt, China has resumed all activities and opened its borders. Initially, it was rumored that they would only allow business travelers vaccinated with the Chinese variant Sinovac; the Chinese Embassy in the US has confirmed that most vaccines are accepted.

Conclusion

Moving your business abroad during the COVID-19 pandemic might seem like a risk at first glance. However, most business owners will be hesitant to take such a risk, meaning that some of your competition will remove itself from the race. If you put together a coherent strategy and you take all things into consideration, such a bold move could prove to be very rewarding.

Also, if you’ve shared a similar experience and would like to add anything to this article, you’re welcome to visit the comments section. Let’s continue the discussion and deliver valuable info to all readers.

Author’s Bio

Edward is enthusiastic about assisting businesses, especially local firms, in developing a more personal online relationship with their consumers and prospects. While trading and market research is his strong USP, his expertise in finance works like an added charm to his credentials! He is a finance genius!

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