If you long for the day when you can walk out of the office for the final time, have you ever thought about setting up an online business and working for yourself? There are many ways that you can derive an income from the Internet and once you become a working digital nomad, the world is your oyster.
The list is long and includes:
- Content creation
- Virtual services
- Tech start-up
There are many developing nations where you can set up your business and with company formation in Cambodia facilitated by a leading local law firm, you are good to go! Developing countries are very keen to attract foreign investment and offer some great concessions, which is one reason that many digital nomads frequent Southeast Asia.
Of course, you will need a visa that permits you to work, regardless of your chosen destination and the best way to go about obtaining a work permit is to hire a local lawyer. The legal expert can facilitate your business registration and make sure that you have the right visa; the best advice will ensure that you formulate the right business, which might be a representative office or a private limited company and with the help of the lawyer, you will always be compliant with local laws.
Outsource everything- a Digital Nomad
From web management to logistics, you can outsource almost all of your processes and if you need any help finding reliable local services, your legal advisor is the person to talk to. You can effectively run your business from your laptop if you are smart with your outsourcing and live the high life in a country like Thailand or Cambodia. Use VoIP for your communication, which is much cheaper than using regular cell phone networks that charge by the minute.
Do your research
Prior to deciding where to base yourself, carry out some research and start with a short holiday and if that feels right, you can think about business registration. Of course, you want to base yourself in a country with a stable government and strong economy and Southeast Asia is a favourite destination for digital nomads. As we are still in the midst of a pandemic, there may be certain entry requirements and you can find out by visiting the country’s embassy in your home country. Learn about the history and culture, which will help you when you try to establish yourself and if you are from a non-English speaking country, enrol in a language class prior to arriving.
Wherever you decide to go, make sure you have at least some emergency health cover; it can be very expensive if you need emergency care due to an illness (or accident) and with the right insurance, you can relax. It is worth taking a look at the World Health Organisation website regarding Covid-19.
If you choose well, you will pay a minimum of tax and hiring a local English-speaking law firm is the key to sourcing local services like bookkeeping and accounting. It is obviously very important to file your tax returns in good time