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3 Ways To Build A Community That Leads To Business Success

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Archives, Commentary, Global Trade Daily

3 Ways To Build A Community That Leads To Business Success

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In the business world, making new connections and interacting with people — commonly known as networking — is essential in achieving and sustaining success.
But Ngan Nguyen (www.nganhnguyen.com), an intelligent leadership coach and author of Self-Defined Success: You Have Everything It Takes, says taking the next step beyond networking is where some people stumble. She calls that next step “community-building” and it can only happen with consistent relationship-building.
“Networking means little if strong relationships aren’t built for the long haul, sustained, and other connections don’t spawn from those relationships,” Nguyen says. “Being open and available for when opportunities come is what positions us to move forward. But you really can’t do so if you haven’t done enough relationship-building in order to build the community you need around you.
“Weaving a wide net of connection is the essence of community-building, which provides a solid foundation of true support to help you keep moving forward in business. It’s taught to a degree in networking, but building a community requires much more than honing that perfectly scripted pitch, going to countless networking events, talking to as many people as you can and handing out your card. What is required is the ability to build, foster, and hold relationships.”
Nguyen offers these ways to build relationships and a community of support around you:
Believe in the value of you. “Inwardly and outwardly, be clear about who you are and what you offer as a person,” Nguyen says. “Fully believe in the value of you, before your product. When you embody the confidence of your message, clients will clearly see your value and be more likely to buy.”
Seek to give, not to pitch. “Giving to others genuinely creates goodwill, and as you show you care for others, you build a rapport and they naturally are drawn to you,” Nguyen says. “Scrap the elevator pitch. Be real and someone people want to know. People will refer people they like, people who had an impact on them with their kindness. It’s much more effective than the salesperson at a networking event circling the room and handing out cards.”
Be in the right place, right time. Nguyen says one needs to trust their intuition to find the right networking places where long-term relationships can spawn. “You hone your intuition so it guides you to the right place, where you can be in the perfect opportunity that will skyrocket your success,” Nguyen says. “People do business with people they know, like, and trust. To find an environment that fosters this, seek out events that are more likely to attract a culture of giving and fun so it is more likely to build friendships. Then, business can happen naturally and organically.”
“The miracles and best things in our lives are often influenced by other people,” Nguyen says. “To build influence and a community of people who support you and constantly send you referrals requires relationships that keep growing, and much of that depends on what you put into it and how sincere you are.”
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Ngan Nguyen (www.nganhnguyen.com) is the author of Self-Defined Success: You Have Everything It Takes, and the founder/CEO of Cintamani Group, an executive coaching and consulting firm. Nguyen coaches on leadership and empowers entrepreneurs as an intuitive strategist. She is partnering with Secret Knock and WeWork to bring a major networking event to Boston on Dec. 11 for entrepreneurs and business leaders.
With over a decade of business strategy experience as an advisor to Fortune 100 companies, Nguyen is also a certified master-level intelligent leadership executive coach with John Mattone and was an analyst for McKinsey & Company. Nguyen graduated with a double honors degree in biochemistry-biophysics and bioengineering from Oregon State University and completed a research fellowship at MIT in nanotechnology.
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Archives, Commentary, Global Trade Daily

4 Tips For Steering Your Business Through Tough Times

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Good times come with this certainty: They never last.

For businesses, that means formidable challenges (a weak economy, new competition, a sea change in the marketplace) are always just around the corner, and unprepared business leaders face the potential for disaster.

“You don’t have the luxury of resting on your laurels,” says Alyssa Rapp (www.alyssarapp.com), CEO of Surgical Solutions and author of Leadership & Life Hacks: Insights from a Mom, Wife, Entrepreneur & Executive.

“You have to keep battling, innovating, out-innovating, and outworking your competition.”

She knows something about that. From 2005 to 2015, Rapp served as the founder and CEO of Bottlenotes Inc., charting a course for the company through the turbulent years of the Great Recession. During her time at Bottlenotes, Rapp was named one of Inc. Magazine’s “30 Under 30” coolest entrepreneurs in the U.S. Starting in 2015, she served as the managing partner at AJR Ventures, which advised privately-held companies and private equity firms on their digital-marketing strategies.

Rapp offers four tips for helping business leaders meet the toughest of times with a resolute attitude:

Acknowledge fear, and move through it. Fear gets a bad rap, but it’s there for a reason: to protect you from something. “Just like standing on a balance beam is scary because your life or limbs are at risk, so, too, is making business decisions that carry huge risks,” says Rapp, a former competitive gymnast who knows something about balance beams. Your job is to acknowledge the fear – to take note of its presence – and then push through it. “Fear is a normal human response,” she says. “The trick is in not letting it dominate your psyche.”

Commit to finishing what you start. You have to commit before you even begin. “If you start anything knowing you probably won’t succeed, then you won’t,” Rapp says. “You’re setting yourself up for failure. You must show up with full commitment, having faith, true grit, and belief in yourself.”

Know that all great ideas start with ‘what if.’ Never be afraid to ask what if, over and over, until you find a solution, Rapp says. She points out that most of the best entrepreneurial innovation in the United States over the past 20 years has been born out of Silicon Valley, precisely because of the constant willingness to ask and re-ask this simple question. “Some people’s responses to challenges or obstacles are to stop asking questions,” Rapp says. “If you want to solve a problem, you have to open yourself up to the possibility that change is inevitable, and reframing the problem will present an otherwise undiscovered solution.”

Remember that you have to be present to win. You can’t win a race if you’re not competing. “So before you do anything else – before you commit to finishing what you start, before you acknowledge your fear and move through it – you have to show up,” Rapp says. “Remember that saying that 80 percent of success is showing up? There’s truth to that because showing up matters.”

It’s inevitable that, regardless of how well you think you’ve planned, life will throw you curveballs, Rapp says.

“They will come at you in every area, every industry, every walk of life,” she says. “I’ve faced them as a mom, wife, entrepreneur, executive, friend – you name it. But I don’t run from them. I’ve learned to apply my brother’s advice: ‘The only way out is through.’ The truth is, I love curveballs because each one comes with a question: What are you going to do about it?”

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Alyssa Rapp (www.alyssarapp.com), author of Leadership & Life Hacks: Insights from a Mom, Wife, Entrepreneur & Executive, has been CEO of Surgical Solutions since 2018. Previously, from 2015 to 2017, she advised startups and private equity-backed companies through AJR Ventures. Prior to that, Rapp ran an e-commerce business called Bottlenotes. She has been named one of Crain’s Chicago’s “Notable Women in Health Care.” Rapp also teaches at Stanford Business School and has recently been named Adjunct Professor of Entrepreneurship at the University of Chicago’s Booth Business School.

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Archives, Global Logistics, Global Trade Daily

6 Ways to Enhance Your Logistics Efficiency and Improve Customer Relations

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For any business that relies on transferring physical goods and valuable data on a daily basis, perfecting logistics processes is an absolute must. Failing to address this important aspect can hurt both the other internal processes at a company and negatively affect the business’s relationships with customers.

When perceived from the position of a customer, this makes perfect sense. Everyone has probably had at least one bad shipping experience in their life. As it turns out that, poor shipping options and bad service can lead to alienating customers and even causing them to order goods from competitors’ websites instead.

So, what can companies do to improve their logistic efficiency and maintain the desired relationship with their customers, whether they’re loyal or new? Here are a few tested and proven ways to stay on top of the situation.

Begin with your logistics staff

Bruce Vaughn, a top paper writing services reviews contributor and a former logistics manager in a large food supply chain, testifies that many shipping mishaps and mistakes begin right at the very beginning of the route: Your own warehouse. 

It all begins and ends with your employees. You can have state-of-the-art software, best vehicles, and finest products on the market, but if you’re constantly understaffed or your employees in the logistics department aren’t properly trained, all other efforts can (and probably will) easily go to waste. Educate your staff and make sure there are always enough of them to handle the growing needs of your business.

Modernize the logistics processes

The times when inventory management and all other processes in your logistics department needed to be done by hand are long gone. Failing to modernize these procedures doesn’t only make your business appear outdated to the outside world: It also slows all shippings down, aggravating your customers as a result.

Business analysts from dissertation writing services advise investing in customizable information management systems that will allow you to handle inventory, statuses of all orders, shipping options, and all other related logistics aspects. This way, your staff will save valuable company’s time and money while also making fewer errors in the process.

Manage supply and demand

One of the most important lessons every retail business owner needs to learn is how to assess the inventory and keep everything neatly stored. This is especially challenging for small businesses, as lack of storage space often prevents them from keeping large amounts of goods close and ready to ship at any time.

Even if your business can’t afford to store thousands of items at the same time, nothing prevents you from educating your staff on how to make the best use of space you do have. Additionally, tracking and analyzing orders can give you a good overview of when your customers typically order more, so you can prepare adequately and in time.

Cut the costs by going green 

As consumers are becoming more aware of our impact on the environment, the time has come for retail and other businesses to start seriously considering going green to cut shipping costs and respond to the wishes of their customers. Thesis help and grademiners analysts assess that more than half of people ordering goods online care about social or environmental benefits, and the results of a study conducted by Cone in 2017 support these claims.

Reducing the consumption of fuel, streamlining driving routes, and investing in eco-friendly packaging are only some of the ways for your business to contribute to saving the planet and strengthen the bond between your brand and its customers.

Partner with reliable shippers

If your company doesn’t ship the goods but instead partners with other shipping services, make sure that your partners are professional and serious when it comes to their end of the business. Your customers expect the entire experience, from ordering to receiving, to be error-free, and if your shipping partners fail to do their job, it’s the image of your company that will suffer as a result.

One of the factors businesses often put in focus when choosing their shipping partners is the price, and this should come as no surprise. However, price should never be the only one, let alone the decisive aspect. Take time to inquire about your potential partner’s delivery and delay rates, insurance, and statistics about their customer support. 

Rethink your refund policy

Even when everything is done right, mistakes can happen. More often than not, however, errors will not affect your business’s reputation as much as your actions to take care of them and prevent similar mishaps in the future.

Remember that trust is what bonds you and your customers as much as the quality of your products. Uk-dissertation.com and essayshark reviews business expert Christina Green emphasizes that designing a respectful refund policy is one of the most important aspects of your retail business. 

Logistics management is one of the crucial components of business operations. Fixing mistakes and maintaining these processes always begins with creating a sustainable plan that should serve your company at the given moment and in the future.

Don’t hesitate to invest time, money, and other resources to make logistics processes work optimally, and your business will soon experience the benefits. Customers will appreciate your efforts, rewarding you with their trust and recommendations, while many other internal processes in your organization will also take a turn for the better.

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This guest post is contributed by Kurt Walker who is a blogger and college paper writer. In the course of his studies he developed an interest in innovative technology and likes to keep business owners informed about the latest technology to use to transform their operations. He writes for companies such as Edu Birdie, XpertWriters and uk.bestessays.com on various academic and business topics.

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Archives, Global Trade Daily, Stories

A 4-Step Business Plan That Will Have You Looking Forward to the Next Recession

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The following is adapted from Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns.

The highest-performing companies don’t fear recessions—they look forward to them.

The idea sounds counterintuitive, we know. What possible reason would a business leader have to want an economic downturn?

The answer is simple. A recession, properly planned for, can present opportunities for growth that would otherwise take a decade or more to pan out, like mass purchasing expensive assets for cheap, acquiring other companies, and convincing top-shelf talent to join your team.

By following the four steps outlined below, you can plan ahead and set your company up to not only survive the next recession, but use it to fuel your growth.

Create Uncontested Market Space

Rather than struggling to beat the competition and exploit existing demand during a recession, the more strategic route is to create uncontested market space (read the book Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne for more on this topic). Doing so, of course, is easier said than done and requires creativity and drive, but if you can successfully pivot to a new market, the payoff of a less-crowded space will be worth it.

Research shows that “companies that successfully adapt can emerge stronger than ever,” while those that do not “face a Darwinist reality” (Journal of Business Research). Why fight the competition when you can make them irrelevant?

The best way to create uncontested market space is to adopt new technology and use it to differentiate your service from your competitors’ before they get the chance to do the same. Find a way to solve a problem for your customers that no one else has solved. Embrace technology as a way to both create a better user experience on your clients’ end and to save labor on yours.

You’ll be able to integrate new tech into your company with fewer hiccups if you follow the next step and look ahead to your end goal.

Begin With the End in Mind

Look at your business goals from a strategic perspective by beginning with the end in mind. In other words, look ahead to what would happen in an exit situation.

Consider, for example, how an acquirer might pay seven to eight times earnings for an annuity service business, but they would only pay book value, or at most two to three times earnings, for a one-off project business. Use these predictions to plan how you want to diversify or grow your business to maximize its value.

Growing your company in a good economy will make you more likely to survive a recession because, in general, bigger companies tend to fare better. By looking ahead, you’ll know where to invest your money and efforts to reach the goals you have in mind.

This step naturally ties into the next, which involves bridging the gap between your beginning and end states.

Bridge the Gap

Once you have an end goal in mind, you need a plan to bridge the gap between where you are now and where you want to go.

For example, if you aim to go from $25 million to $100 million in revenue, and want to enter different markets, but don’t have the in-house talent to do it, then what you have is a “talent gap.” One way to close that gap could be through acquisitions.

Similarly, if you want to adopt continuous improvement practices within your company but don’t have anyone on your team who is an expert—that would also be a talent gap. Hire a “lean” expert.

Identify your gaps and come up with a timely, actionable plan to fill them.

Create Your “To-Buy” List

You have your market, your goal, and your plan. Now you just need to seize the opportunity created by a recession and acquire assets while the price is low.

As a general rule, everything is cheaper in a recession. Talent is cheaper. So is the competitor you want to acquire. And when banks are looking to dump assets that they’ve already written off—assets they just want to get off their books—that’s when you can score some of the best deals.

By planning out what you want to acquire—and maintaining enough liquidity to buy it—you can strike as soon as the recession hits, giving you first pick of assets while your competitors scramble to find the capital. 

Hopefully, being armed with this four-step plan will turn your recession fears into anticipation. Start creating market space, setting goals, laying out actions to make them happen, and writing your to-buy list, and you’ll be well positioned to experience enormous growth when the recession finally hits.

For more advice on recession planning, you can find Rock the Recession on Amazon.

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Jonathan Slain and Paul Belair founded Recession.com to give entrepreneurs a free tool to assess their recession readiness at Recession.com/Ready.

Jonathan Slain spent the Great Recession huddled in the fetal position on the floor of his office. He borrowed $250,000 from his mother-in-law to survive. Jonathan paid his mother-in-law back and is now a highly sought-after consultant (and, yes, he’s still married!). Jonathan leverages his experience in investment banking and as an entrepreneur on the keynote speaking circuit because he doesn’t want anyone else to have to borrow money from their mother-in-law in the next recession.

Paul Belair wasn’t scared when the Great Recession hit. He invested $1 million to purchase a business and just five years later sold it for over $70 million dollars. He achieved an American dream exit by using the Recession Gearbox model outlined in this book to create an intentional recession preparation plan. Paul is a CPA and an MBA, and currently serves as chair of the Young Presidents’ Organization Construction Industry Network.

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Archives, Global Trade Daily, Special Reports

When The Creative Light Bulb Flips On, Here’s How To Make Your Idea Take Off

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Smart business ideas can pop into someone’s head just about any time and anywhere: While walking or jogging, when driving, before going to bed, while doing housework, or during a brainstorming session.
The idea is usually triggered when the person notices a problem or need. The exciting moment the idea springs to life may seem like an epiphany, akin to a light bulb flipping on brightly in the brain. But that doesn’t mean it’s always a good, viable business idea, and discerning whether it will work doesn’t happen nearly as easily as the idea originally came.
“Getting a business idea from zero to reality requires numerous steps, lots of important details, and diligence,” says Deni Sciano (www.ScoreGameDayBag.com), the founder of Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas.
Sciano got her business idea to design clear handbags when waiting in a long security line at a professional sports event. Her products are now sold in 100 stores across the U.S.
“When you have that ‘a-ha!’ moment of discovery, your passion for your idea can take over, but that passion doesn’t give you the pragmatic side of business that you’ll need to properly investigate its potential and make it work. Having said that, by taking the right steps, being persistent and figuring it out, your idea might really take off.”
Sciano offers five ways to turn your idea into a business reality:
Do your homework. “The idea person who’s basically new to marketing and selling really needs to self-educate as much as possible,” Sciano says. “Read books on sales and marketing. Learn the importance of trade shows and networking as well as online marketing. Research the market; you need to carry out a full analysis of your idea by investigating the target audience and its demographics.”
Plan to spend money. The dream-big side of a new idea is countered by — and sometimes ended by — the reality-check side of having enough money to invest in the project. “You have to ask yourself early-on, ‘Can I afford this?’ ” Sciano says. “That’s the No. 1 thing that can stop you. There are many money factors to consider — for a lawyer, an accountant, to hire staff, to get trademarks, do the marketing, etc. There’s a lot that goes toward building your brand and your market.”
Find mentors. “It’s crucial to form relationships with entrepreneurs who had an idea, believed in it, and made it happen,” Sciano says. “You need the knowledge and inspiration gained from them and their successful experience.”
Keep the faith. “The grinding day-after-day part of pursuing your idea and turning it into a business reality can be drudgery, overwhelming, and discouraging at times,” Sciano says. “Fear is a huge factor that stops people from following through. It’s like a chain on your ankle. But let your adventurous spirit and your continuing curiosity shine through. Keep the faith in yourself and your product.”
Learn how to juggle. Sciano says that if it’s done properly, dedicating oneself to a product investigation and launch is extremely time-consuming. The person with the idea needs to weigh whether following through on it is worth the personal sacrifices they must make. “You have to go all-out, and the first couple of years you have to give up some of those things you enjoy — spending time with friends, hobbies, etc.,” Sciano says. “Figure out what kind of work-life balance you need.”
“After you come up with a great idea, trying to make it work can seem like hitting a wall over and over again,” Sciano says. “You learn how to go over the wall, and going for it is worth it.”
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Deni Sciano (www.ScoreGameDayBag.com) is the founder of Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas. A former teacher and marketing director, Sciano’s created her company and products with today’s heightened security issues at sports stadiums and arenas chiefly in mind.
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Archives, Global Trade Daily, Special Reports

How to Benefit from Multichannel World for Your Global Business

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When running an international business, your company needs to have a versatile marketing strategy. There’s no way out of it if you want to remain relevant and competitive. 

Global businesses around the world employ multichannel marketing strategies to target their international audiences, which, in their turn, are getting more and more demanding. To comply with the needs of their target audiences, international businesses diversify their business promotion strategies by exploring the world of multichannel marketing. 

Here are some stats to prove the rising demand for the multichannel world:

–95% of marketers recognize the importance of multichannel marketing and the role it plays in targeting

-73% of marketers already have a multichannel marketing strategy in place

-Businesses that employ multichannel marketing achieve over 90% year-to-year customer retention rates. 

Consumers support businesses that have an active multichannel marketing strategy, giving their preference to the companies that have several social media channels with customer support chatbots, a variety of content, and a branded app in addition to the desktop and mobile versions of a company website. 

So, as you can imagine, achieving all these objectives puts a lot of financial pressure on your company. Running a global business already involves substantial investment, so putting extra money and effort into a multichannel marketing strategy may seem like something secondary. 

In reality, however, your multichannel marketing efforts have a huge influence on the success of your international business. The way you run your marketing strategy affects the relationship with your target audience. Hence, if you don’t have this relationship, you won’t have success in the international market. 

So, let’s take a look at how your global business can benefit from the multichannel world (with tips and examples of how to implement a multichannel marketing strategy). 

Localized Social Media Accounts

According to Hootsuite, 40% of digital consumers use social networks to research new brands and products. When looking for a product, consumers go on a research hunt, digging as much information about a brand as possible. 

But if you’re running a global business, you need to make sure that all the information about your company can be accessible to your international audience in their native language. Thus, if you want to benefit from the multichannel world, you need to take your marketing strategy a step further and create localized social media accounts. 

You have definitely already seen many examples of this strategy in action. IKEA, for instance, runs several Instagram accounts in different languages. Here are the examples of their Instagram accounts in French:

… and in Polish:

Image credit: IKEA Polska

If you visit IKEA’s international Instagram pages, you’ll see that all their content is localized, including stories, hashtags, and, of course, image descriptions. 

Having a localized social media marketing strategy helps your global business:

-You create personalized connections with your international audience

-You help them reach your business faster, which gives you a competitive advantage

-It increases your website traffic on the local markets

On top of that, having localized social media profiles helps you diversify your multichannel marketing strategy and strengthen your global presence. 

Mobile App, Available Worldwide

Running a multichannel marketing strategy presupposes the launch of mobile app as well. Desktop Internet usage is falling, mobile internet usage is rising, and hence, the demand for apps keeps growing. 

There are three main reasons why your international brand needs an app:

-Better user experience – when targeting a foreign market, you need your target audience to perceive you not as a someone alien and unknown but as a trustworthy brand that caters to the needs of its target audience;

-A more personalized approach – having an app allows you to analyze and better understand each user’s individual session, understand their needs, and create a more personalized user experience;

-Creating a direct marketing channel – with an app, special offers and promotions will be right at your target user’s fingertips. 

For international business, having an app also presupposes app localization for every country, where the business operates. For instance, Flatfy, an international real estate company, has translated its app Korter to cater to the needs of their audience in Kazakhstan, Romania, Georgia, and Azerbaijan. 

Having a localized app helps a global business build brand recognition and cultivate customer loyalty by improving customer experience. 

Multilanguage Customer Support

Internet users often contact brands through social media. Thus, the need for accessing customer support through social media keeps growing. The growing demand for chatbots shows how traditional marketing and customer support can benefit from a digital twist and improve the brand-customer relationship. 

From the standpoint of multichannel marketing, a chatbot is another channel for the customers to access your brand. For global businesses, however, creating a chatbot that can speak different languages is a must since, for the seamless customer support experience, your audience needs to feel confident when communicating any issues with your customer service. 

Sephora is one of the brands that run their Facebook chatbot in the world’s most spoken languages, including English and Spanish:

Having a localized customer support channel is another step to establishing a strong and long-lasting relationship with your international audience. 

Localization is Key

If you take a closer look at all the three above-mentioned points, you’ll notice that localization is a prerequisite of running a multichannel marketing strategy on an international scale. 

Since multichannel marketing involves a variety of channels, which (unlike in omnichannel marketing) operate individually, you need to make sure that all these channels have high quality in order to perform to their full capacity and bring value to your international audience. 

So, take your global business’s multichannel marketing strategy to the next level and start speaking the languages of your foreign audiences. This way you’ll ensure the success of your marketing efforts and remain competitive on the global market. 

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Ryan is a passionate writer who likes sharing his thoughts and experience with the readers. Currently, he works as a digital marketing specialist, you can check his website https://flatfy.ro. He likes everything related to traveling and new countries. 

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Archives, Foreign Trade Zones, Global Trade Daily

How to Move to a Tax Haven

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 In today’s hyper-competitive global market with rising costs and increasing challenges, saving on taxes can make or break a business and can mean the difference between a secure financial future or just “getting by.”

Increased tax burdens and unfavorable tax laws have left many individuals (perhaps even yourself) seeking what are known as “Tax Havens.”  As the name so blatantly suggests, “tax havens” are those countries or places with extremely low “effective” tax rates that foreign investors can take advantage of.

Seeking the citizenship of any of the tax havens can significantly reduce one’s tax burdens. However, in the process, moving to or partially residing in the country is often required; this might be seen as a downside for many investors who don’t wish to leave their home country. However, this is not always the case as there are many citizenship by investment programs that don’t have a minimum residency requirement. 

Below, we’ll help you explore several tax havens and understand how will they benefit you and your family in the process of tax planning. 

Which Tax Haven Countries can Business Owners Move to?

Business owners are often hit hard by heavily taxed countries, making tax havens an attractive option. If executed correctly, there are a number of legally viable ways, such as offshore accounts and shell companies, that business owners can reduce tax their liabilities. 

For example, investing through a company or trust that has been organized in a tax haven is perfectly legal as long as all compliance and regulatory requirements are met. Yet not all countries are a good fit for business owners.

Popular Tax Havens Often Cited Include: Luxembourg, The Cayman Islands, Isle of Man, Jersey (the island NOT the city), Ireland, Mauritius, Bermuda, Switzerland, Monaco, and the Bahamas 

Although the aforementioned countries tend to get most of the spotlight when it comes to tax havens, they are by no means the only options. In fact, a number of other countries provide measurable tax benefits while also providing other opportunities such as second citizenship and passports that allow investors to enjoy greater freedom of travel, especially for those from Middle Eastern countries where travel restrictions may be an issue.

What are MENA Tax Havens? 

MENA Tax Havens refer to those countries or locations that are open to accommodate the needs of those from Middle East and North African regions. The term MENA covers a vast geography stretching from Morocco to Iran and includes all Maghreb and Mashriq countries. The term is also synonymous or may alternatively be referred to as the “Greater Middle East”.

Popular MENA Tax Havens Include

Saint Kitts & Nevis

Since 2008 there has been a global crackdown on offshore finance and the secrecy that is often associated with tax havens. Political pressure and threats of sanctions from major world powers have forced many countries to open up their books, but not this little dual-island nation.

Investors in Saint Kitts and Nevis can unlock countless business opportunities by being able to open offshore bank accounts and companies while maintaining absolute anonymity and privacy of ownership. Furthermore, Saint Kitts and Nevis’ tax climate imposes 0% tax on global income, inheritance and gifts which makes the island a perfect investment destination for tax planning.

Also, it is worth mentioning that Saint Kitts and Nevis is an island with magnificent nature and climate that draws thousands of tourists each year. Dotted with golden beaches and ringed tropical volcanoes, Saint Kitts and Nevis is an attractive option for citizenship by investment. 

Saint Lucia

A premier destination for those seeking offshore banking and financial products. The diversity of its financial offerings and incentives has made St. Lucia an attractive option for many businesses and wealthy individuals. Options include offshore bank accounts, trusts, corporations and more.

Best of all, the island touts the “absolute” confidentiality of client details and the security of all companies formed in the jurisdiction. As an added benefit, the islands have a long-standing, good reputation and have never been blacklisted or placed under international scrutiny from foreign governments to disclose details of its operations.

In addition to anonymity, the island promotes an easy incorporation process, low yearly fees, flexible share structures, no minimum share capital requirement, ZERO or low tax (1% if elected), absence of tax treaties, English Common Law System, and more.

Antigua & Barbuda

The Caribbean is known for its lucrative tax havens, and Antigua is no exception. Antigua, the largest of the Leeward Islands and its neighboring island Barbuda are often favored among businesses looking to legally reduce tax liabilities. 

Antigua is a vibrant tourist destination, celebrated for its immaculate beaches and tropical weather. What many individuals may not realize, however, is that Antigua has developed a strong reputation for being a favorable tax haven. Local services include international business incorporation, the formation of trusts, offshore banking and more. Regulated by the Antigua Financial Services (AFSR), the island boasts a very favorable tax regime with a fifty-year local tax exemption on capital gains tax, estate tax, inheritance tax, and local income tax for revenue earned outside of Antigua.

Grenada

Over 2 million years ago the little island of Grenada was actually an underwater volcano. Today, the nation, comprised of around 340+ square kilometers and inhabited by an estimated 110,000 people, is known as the “island of spice”, with exports ranging from nutmeg and mace to ginger, cloves, and cinnamon.

Although tourism is the leading industry for Grenada, the nation is also known for being a favored tax haven among savvy business owner. Grenada is favored for its corporate privacy and Citizenship by Investment Program, providing numerous tax benefits. Furthermore, the country offers no withholding tax, no transfer tax, no tax on capital gains, no inheritance or estate tax, and a 20 years’ tax exemption for offshore companies among other benefits.

Other Prospective MENA Tax Havens

Other prospective tax havens worth mentioning include Malta (although it isn’t straightforward) , Dominica, Cyprus, Portugal, and Greece.

Personal Tax Benefit of Making the Move 

The appeal of making the move to a tax haven isn’t only due to corporate benefits. Individuals invest in a tax haven in order to reduce personal tax liability on interest, personal income, inheritance, capital gains and more. Those wealthy enough stand to save millions of dollars by leveraging these legal loopholes and incentives.

Corporate Tax Considerations

Although the primary focus of most corporations is to save on taxes by reducing tax liability, there are a number of other considerations that must be taken into account. For example, what is the process like? Does your corporation qualify? What types of fees are involved? Is residency required? What will the ongoing costs of maintaining your corporation’s status in the haven look like and what will this cost you? Are there any regulatory, political or socioeconomic dangers or risks in the region? 

These are just a few points to consider before taking the plunge.

How Will Making the Move Affect US Citizenship?

Generally speaking, US citizens and permanent residents are taxed by the IRS regardless of where they are physically residing. While the Foreign Earned Income Exclusion does offer a bit of relief, anyone earning over $105,900 in active income per year won’t be able to avoid taxation. 

Moving to another country will not impact US Citizenship. However, those seeking to pay zero or close to zero taxes may find it useful to obtain second citizenship in any tax haven of their choice while also renouncing their US citizenship.

Bear in mind that the USA is the only country that enforces taxation based solely on the citizenship of the individual in question.

Closing Thoughts on Moving to a Tax Haven

There are many misconceptions regarding what it means to move to a tax haven, however, with the help of professional services that deal with these transitions you can largely avoid all of the potential pitfalls while reaping the many rewards.

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Rasha Seikaly, an IMC member, is Bluemina’s Head of Marketing. Bluemina provides families, individuals, and investors with the best and most expedited Citizenship and Residency by investment programs

Charlotte
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How Small Steps Can Drive Big Results For Your Business

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In business, it’s the major leaps that people notice and remember.

Apple introduced the iPhone and the methods in which we communicate and gather information were changed forever. LEGO took some audacious steps over the last couple of decades and expanded its toy franchise into video games, TV and movies.

Big steps. Big results.

But not every move you make with your business or in your personal life needs to be of earth-shattering significance, says Shawn Burcham (www.shawnburcham.com), founder and CEO of PFSbrands and author of Keeping Score with GRITT: Straight Talk Strategies for Success.

Sometimes, it’s the small steps that eventually lead to big rewards.

“One example with my own company is that there was a time when I didn’t believe in meetings,” Burcham says. “I thought they were a waste of time, probably because most of the meetings I had been in had indeed been a waste.”

But as his business grew, Burcham realized meetings are a necessity for communicating within a large organization. So, PFSbrands took the “small step” of instituting regularly scheduled meetings, which he says have been critical to accomplishing personal, departmental, and company-wide goals.

Burcham offers a few more examples of small steps that can pay big dividends for you and your business:

Make a habit of setting goals. “It may seem like a basic thing, but setting goals is crucial to success both personally and professionally,” Burcham says. “Everyone in your company should be setting goals, and regularly reviewing those goals and checking their progress.” Sounds easy enough, but this is one small step that many people don’t take. “That’s why just the act of setting goals already gives you a competitive advantage,” he says.

Write down those goals. Setting goals is a good first step, but don’t just memorize them, Burcham says. Write them down because studies have shown that people who do that are more likely to achieve what they are after than people without written goals.

Build an accountability system. One of the best ways to make sure you follow through on your goals is to create a network of people who will hold you accountable, Burcham says. If no one knows you set a goal, it’s easy to let it slide. But if there are people who know about your goal, and better yet are depending on you to accomplish it, then you are more likely to follow through. In a business, it’s good for everyone to know everyone else’s goals and every department’s goals. That way, Burcham says, you can all hold each other accountable.

Stop trying to do everything. Burcham suggests asking yourself what duties you can pass on to others because those activities are not a productive use of time and energy for you or for the company. “I’ve often made the mistake of hanging onto responsibilities far longer than necessary; everything from accounting, to email management, to sales management,” he says.  As a company grows, Burcham says, that small step of finding things you can stop doing will be crucial to success.

“While each of these individually may be a small step, they are all important for personal growth and your business’ success,” Burcham says. “If you don’t set goals, write them down, and work to improve, you’ll likely be the exact same person 12 months from now. There’s nothing necessarily wrong with that. Being who you are is okay, but the question is: Are you content with being the same? Or do you want to be better?”

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Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, is the founder & CEO of PFSbrands, which he and his wife, Julie, started out of their home in 1998. The company has over 1,500 branded foodservice locations across 40 states and is best known for their Champs Chicken franchise brand which was started in 1999. Prior to starting PFSbrands, Burcham spent five years with a Fortune 100 company, Mid-America Dairymen (now Dairy Farmers of America). He also worked for three years as a Regional Sales Manager for a midwest Chester’s Fried chicken distributor.