All companies, large and small, look at the possibility of expanding their business. Most companies look at international business expansion as this allows them to capitalize on the international market, promote development, attain worldwide customer outreach, and enhance partner collaboration. In a nutshell, global mobility means the ability of individual employees to travel seamlessly around the world, both for business and pleasure.
While global mobility can take time, a well-planned strategy can be the key to your international business expansion. The way the world is moving, there are many reasons why business owners and individuals are becoming more invested in building global mobility within their organizations.
Why Global Mobility Is a Goal for Many
Since the pandemic, the world has embraced digital conversion and international connections through various channels. Company policies have created a digitized, remote, or hybrid workforce. These changes have empowered flexibility, and most organizations have found that employees are even more productive. It fosters affinity and allows for developing the existing talent within their organization.
An international business expansion can help create an even more flexible environment where employees can (and want to) work from anywhere.
Challenges with Global Mobility
Unfortunately, many problems come with aiming for global mobility within a company. It requires a lot of costs, paperwork, preparation, agreements, scheduling, taxes, and dealing with external factors.
This often creates a roadblock for individuals and organizations as a visa only provides a limited travel period before applying again. You would then have to go through the process again and risk being forced to return home before the new application is approved. For organizations and individuals to thrive in global mobility, you need a second passport, preferably visa-free access to multiple locations.
Benefits of A Second Passport
Having a second passport can boost your plans for international business expansion. If you have one specifically from the Caribbean, it allows for freedom in travel and global mobility with visa-free access to several countries.
The number of available countries you can travel to visa-free depends on the country of your second passport.
For example, Dominicans have access to 144 countries, Saint Lucians have access to 146 countries, and Grenadians have access to over 144 countries. Keep in mind what your business destination plans are for the future. With Grenada, one can apply for a US E2 work visa and do business in the USA. Dominica also offers visa-free travel to China.
How Global Mobility Helps International Businesses
Global mobility provides a multitude of benefits for your international business expansion. International travel becomes as easy as buying a plane ticket, but that’s not all you’re able to do.
Many of the countries have tax benefits. Dominica, for example, offers an exemption on paying capital gains, inheritance tax, income tax, foreign income tax, wealth tax, and gift tax. Essentially, you’ll be spending next to zero taxes which leads to an exceedingly profitable business.
St Kitts & Nevis, also a commonwealth country, is committed to aiding economic development and advancing democracy and human rights.
Exceed International Business Expansion Boundaries
As you can tell, having a second passport is vastly beneficial for your business plans. You can enjoy international travel with ease and push your business boundaries, expeditions, and cultural experiences.
Your next step would be to define what your global mobility goals are as an organization. After that, you can choose citizenship by investment program that suits those goals.
At Passport Legacy, we can consult and assist you as an individual, as well as an organization, to start your journey to global mobility. To book your private and complimentary consultation, click here.