Taking Your Business International: A Business Expansion Checklist

Where do you start? What questions should you ask? How should you evaluate potential new locations? When your company is in the early stages of considering international expansion, you want to be as prepared as possible before taking the next step.

International business expansion is an exciting but complex adventure, which is why it’s important to understand all the steps involved. When devising your relocation strategy, it’s worth ensuring that all your boxes are checked before making the big move.

We’ve created a Business Expansion Checklist to help you identify the steps needed to successfully set up your new space in a new location.

Here are some of the key areas to consider:

1. Site Selection: First, you want to find and secure your ideal location. You’ll want to explore rent, lease and purchase options for your business – and consider both long- and short-term solutions. Make sure you also collect market rate data so you can make an informed decision.
2. Hiring Talent: Identifying a reliable source of entry-level, highly trained talent is important for every expansion. To build your team in your chosen location, you’ll want to collect data and make connections. You can access wage rate data, identify recruitment agencies and platforms, connect with post-secondary schools and familiarize yourself with HR laws and policies.
3. Accounting and Tax: Expanding to a foreign location often means navigating new systems of taxation. To ensure compliance, consider consulting local tax and accounting experts. Local experts can help you devise a tax structure strategy and identify tax filing and reporting requirements.
4. Banking: Get your accounts in order by setting up Canadian accounts, planning inter-company financial transfers and exploring available loan programs.
5. Incentives: Every potential location offers different incentives for your business. Your company can apply for federal and provincial grants and credits, as well as R&D incentives. For example, in Waterloo, businesses can apply for Canada’s Scientific Research & Experimental Development (SR&ED) Tax Credit and Ontario’s Tax Credits and save up to 66.5% on research, development and innovation.
6. Legal: Be sure to consult legal experts to help incorporate your business into the local and national ecosystem. Get legal support for immigration, understand IP laws and retain legal real-estate support.
7. Utilities: Expansion decisions are all about data. It’s important to find a space that fits your company’s needs. Before moving to a new location, be sure to collect relevant utility infrastructure data by identifying providers, capacity and rate information.

We can help

If you’re considering expansion in Waterloo, Waterloo EDC can guide you through these steps.

We’ve helped companies such as EPAM Systems, Meta IT and Novocol Pharma successfully expand in Waterloo Region.

We can make introductions to businesses and community leaders, connect you with legal and tax experts, help you build a network in Waterloo and identify government incentives that can help your company grow.