Post-Brexit and the pandemic, many businesses are looking to set up offices abroad, or even relocate entirely. There are no doubt several reasons for this, including benefits such as lower operating costs, local financial incentives, and a more agreeable lifestyle.
Despite this, it’s still important to do thorough research before making any big decision. Choosing appropriate office space is the first major step.
How to Find the Perfect Office Space Abroad?
Location
A key consideration to ensure the success of your business. Transport links will be important as will local amenities. Low crime and political stability are also important considerations.
Whether your office is utilitarian, or the public face of your business will determine whether or not you need that more expensive city centre location. In the light of global warming, it is also worth considering the likelihood of extreme weather events.
Skilled employees
STEM graduates in Lisbon will cost around a third less than they will in Berlin. Judicious choice of location could help grow your business in the same way that Silicon Valley has a created symbiotic relationship with Stanford University.
The local cost of living
This will have an impact on running a business, but it will also prove an incentive or disincentive to your workforce. Northern Europe, Norway, and Iceland for example, have a very high cost of living and very high wages.
They are safe, politically stable environments in which to live, but not easy ones for a foreign company to start doing business. In Europe, the countries with the lowest cost of living are the Balkan countries, Greece, and Portugal.
Office costs
The average annual cost of prime office space, per square metre, in London, as calculated for the last quarter of 2021, was 1492 euros, making it by far the most expensive office space in Europe.
By contrast, office space in Paris was 930 euros, in Berlin 516 euros and in Lisbon a mere 300 euros. Clearly, a European relocation creates the opportunity for huge savings and a more spacious office environment.
View virtually
It’s not like buying a house, you don’t need that emotional engagement, you don’t need to go there. By viewing an office space virtually, you can probably see all that you need to see. Use Google Earth to get a sense of the surrounding area and if it looks good, book a flight.
Fast internet
Good internet is important to your business and is going to be another factor which helps you decide on location. Iceland currently has one of the fastest broadband speeds in the world, but the Netherlands is also in the top ten, which is perhaps one of the reasons why so many British firms have chosen it as their European base.
Hire a bilingual legal expert
Of course, it’s obvious. Business law is complex, and it differs from country to country, European MiFID legislation is particularly challenging, don’t get caught out.
