The Many Benefits of Running an Online Business
Let’s face it, we are living in a digital age and more and more people are enjoying the freedom and independence that comes with running an online business. We finally have the Internet bandwidth that enables business owners to manage things remotely and if you have yet to consider setting up an online business, here are a few good reasons to follow this avenue.
You can live anywhere
Perhaps the biggest benefit from online business is that you can relocate to just about anywhere, all you need is a stable Internet connection. Whether you plan to set up a business in Thailand, or are thinking of starting a Hong Kong company, seek out an established law firm that can facilitate the registration. If you have had enough of the cold European climate, why not relocate to Southeast Asia? There are good reasons why Bangkok is the number one digital nomad destination and other countries in the region are also very popular among those who work online.
Without outsourcing, you wouldn’t be able to manage your business remotely and fortunately, we have booming 3rd party service sectors that are geared up to provide a wide range of business services for their clients.
Here are some of the services that you can outsource:
- Bookkeeping & accounting
- Filing tax returns
- General office work
- Printing & photocopying
- Digital marketing
How do you make contact with such providers in a foreign land? Your legal advisor would have all the contacts you need, with qualified professionals that charge local rates, which is usually a lot cheaper. There are many kinds of lawyers, each with their own special field and for business registration, Google to find the leading company.
Minimal running costs
If you are running an online business, all you need is a laptop and a stable Internet connection, you don’t even need an office, you can work at home, in a coffee shop or in a shared workspace. Hiring people on a freelance basis is also a good idea, as you do not have the liabilities of an employer, helping to keep your running costs down.
Unlike a regular business, the online business is not tied to a physical location; you can manage your business from any location. There’s nothing stopping you from travelling the world when you manage an online business, indeed, there are many digital nomads who travel the world, living a millionaire lifestyle, supported by their online business.
Registering your business
There’s no reason to register your business in your home country, rather choose Thailand, Indonesia or Hong Kong, where you receive attractive incentives and pay minimal tax. If you love the tropical paradise that is Thailand, why not set up your business there and receive a work permit that allows you to stay as long as you wish. The Thai Board of Investment offers a lot to the foreign investor and with a low cost of living, what isn’t to like about the Land of Smiles?