Have you always enjoyed traveling with a suitcase and backpack? If you get the travel bug again, you will certainly come into contact with many new ideas. Why not just use the input for a business idea?

Every year more than a million people leave Germany. Some go abroad to look for a new job. On the other hand, as a founder, you are drawn to the distance? With a certain affinity for travel, does the term digital nomad suit you very well? As a travel blogger or virtual travel guide, you can simply set up your own business.

If you want to be more and develop a real start-up abroad, the challenges quickly increase. If you don’t want to be one of the more than 1.5 million people who, according to the Federal Statistical Office, moved to Germany in 2018 because of a failed start-up, you need to meticulously prepare the start-up.

Formalities: That’s how it works simply

Emigration is an issue for you. Finally, a change of scenery and work where the rest of the republic is on vacation – what sounds very exciting at first, can become stressful. It’s now relatively easy within the EU, as the idea of ​​freedom of movement makes it easier to set up a start-up abroad.

In the USA, Australia, and South America in particular, however, nobody has been waiting for you as a founder. Anyone who thinks that a young entrepreneur from Germany is being carried away urgently needs to work on their own attitude. In the end, the same laws, rules, and regulations apply to you as to all other founders abroad.

Visa and Co. – observe the legal framework

So what should you watch out for? Before starting the first practical preparations for setting up a business, find out which legal framework conditions have to be met. The USA is one example. There is a widespread view that setting up a company can be very easy here.

For some aspects, this may even be the case. Because a special visa is required to stay in the USA as a founder – for which very strict rules apply – setting up a business in the United States is a tough one.

Do you actually want to go abroad Starting your own business doesn’t just need a clever business idea? Every entrepreneur informs himself at home about the formalities and papers that are needed for the start-up. Often it is about:

• the business plan
• the targeted investment amount
• formalities for the visa etc.

Many countries want founders not only to be able to feed themselves. One of the goals of the government is to create jobs – which can put the financial effort to the acid test.

Just research online – prepare to start a business

Founders can read the rules for In the meantime, inform sole proprietorships or the GmbH online. The same now applies to setting up a company abroad. Before the suitcases are packed, it is imperative to research online. Many pitfalls and hurdles cannot be explored in Germany in this way – and perhaps already cleared out of the way.

Nothing would be worse than sitting in the USA or New Zealand and letting weeks go by – simply because completely unprepared the suitcases were packed. In this way, you not only find out which rules have to be observed for the formation or which type of company is particularly suitable.

Forms can be filled out online – which can significantly shorten the start-up phase. Attention: There may be jobs that you are not allowed to do abroad without an official permit. Designers or IT consultants are unlikely to have any problems. Working as a lawyer abroad should be much more difficult.

Now you need an account

Preparing for a foundation also includes thinking about payment transactions. In Germany – with a few exceptions – there is no obligation to open a separate business account. The situation can be different abroad. You can estimate what a business account has to bring with you using the account models from Penta.

Access is easy online, there is the option of using payment cards and connecting to accounting software. Such features in particular prove to be very helpful when setting up the business.

Background: Data from banking can be transferred very quickly via such an interface, which considerably simplifies bookkeeping. In addition, all payments can also be linked to receipts.

Whether you can still open a business account in Germany or only when you set up your own account depends on the bank’s terms and conditions.

What else should be considered?

It happens again and again: Founders have an idea while on vacation and spontaneously take action. Business in the holiday paradise will be raised within a few weeks. A very risky way. Keep a few basic points in mind.

• Foreign language and mentality

If you start a business abroad, you will always be confronted with a foreign language and a foreign mentality. Wanting to set up a business in Spain without speaking a bit of Spanish is more than just sporty.

• Business plan

As in Germany, a detailed and well-founded business plan is the figurehead for success. The concept can convince financing partners and will help you considerably in the start-up phase.

• Finance with a buffer

Something can always go wrong when setting up a business abroad. Don’t sew the plan too closely. Otherwise, without a buffer in the financing, serious difficulties could arise.

Conclusion: Establishing abroad is not a gut feeling

One of the other TV formats suggests that establishing a business abroad is very easy is. Do you have your own bar on the beach in mind or maybe a food truck? Setting up a business abroad offers potential – in both directions. With the right business idea, you can be successful or fail massively.

The latter is likely if you don’t prepare the start-up well enough. Which rules apply to your industry? Do you maybe even need a permit for the new business? Properly prepared and financed with a small buffer increases the chance of actually becoming a successful founder with the start-up abroad.