5 Ideas to Start a Business in the New Year

The business world is wide and complex. From jurisdictions to taxes, from reporting to maintaining, from operations to incentives, there is a lot to consider when you first think of ideas to start a business. A field like this can be wide and even immense, this is why sometimes it's important to present some points that might help us figure out what we still don't know, and organize what we do know. These five ideas to start a business are focused mainly on those who are planning to open corporate structures abroad. Everything this entails should be considered cleverly and efficiently.

Five Ideas to Start a Business and Go International

Ideas to start a business #1: Set Up Your Objectives

At first, the business person must establish what is the exact goal of the business. Having a holding company is not the same as having a structure that needs to produce, buy materials, pay providers, and issue invoices. If the product needs distribution, this requires a whole logistics strategy. On the other hand, you can establish a business to provide, for example, services. This can be financial services, advice, tuition, software, and so on. The logistics will obviously be very different and so will the opportunities available. 

Ideas to Start a Business #2: Choose the Product or Service

If you're going for a product or a service, it's time to choose it. In general, people who have ideas to start a business, or people who are willing to open a company, know the field they're trying to conquer. If you decide to produce ice cream, candy, or coffee, it helps if you have previous experience, for example, if you have worked on similar projects before, or if you have acquired this experience from your family. Finding a partner with the right knowledge can also be a plus.

If you lack such knowledge, then it's advisable to conduct all the necessary research even if it takes two or three years. That is, if you want to sell ice cream, go to Italy and learn from the best Gelato masters. The same works when you're in the field of soft skills, or services such as consultation, advisory, or tuition.

Ideas to Start a Business #3: Choose the Structure

Now that you have defined your product or service, it's time to choose the structure. There can be different ideas for a business, but when your project is international, there are two main structures to consider: the IBC and LLC. They both perform excellently but they have key differences.

IBCs are what was formally known as offshore companies, a term that is now outdated. IBC stands for “international business company” and its essence lies in being registered in one country and operating in a different one. What would somebody do this? The answer is simple: in general, these companies don't tax income from foreign activities, this means that they become very cost-efficient.

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What uses do they have? For instance, you can offer financial services or manage an import-export business. Moreover, when it comes to specific fields, some countries offer special benefits like Panama and its free zones.

At this point, it's worth wondering what the difference is with what was known as offshore companies. In the past, some people would misuse these structures using such companies for money laundry or tax avoidance. However, now there are BEPS regulations, which is another word for substance. Now, every international company must prove its substance. In other words, that it’s actually operating according to the law and is not a mere ghost.

An LLC has similar benefits but with a different approach. In a way, they are a hybrid between an international company and a partnership. Instead of shareholders, the LLC has members, and there's no corporate profit. Instead, the profit is handed out between the members according to the amount of their contribution, and this becomes personal income. Among other things, this helps simplify tax filings.

It's important to understand that, according to your line of business, you should choose the structure. If you will be operating in the same country as the country of incorporation, then you should look at jurisdictions with low tax rates on local activities such as Panama. 

Ideas to Start a Business #4: Choose the Jurisdiction

In the modern world, there are several countries that offer special benefits for companies operating abroad. We can mention places like the Seychelles, Hong Kong, the BVI, Nevis, Panama, the Cayman Islands, and Singapore. Even with substance, these countries have managed to create a healthy financial environment for businesses, especially those with activities abroad. If you have ideas to start a business in 2025, then you should definitely look at some of these, especially the ones we consider that performed best in 2024. 

Ideas to Start a Business #5: Plan Accordingly

Beyond your ideas to start a business and the structure you choose, there are other factors to consider like personal taxation, accessibility, and lifestyle. Can you manage your company from abroad? If that is the case, you can look at residency in other places. Do you need relocation? If so, where to, and what are the options?

With a second passport, for example, you can travel more easily and, in some cases, access benefits that you wouldn't have in your home country. With a Grenada citizenship, you can travel visa-free to China and Russia with the option to acquire an E2 visa for the US. Also, here you can access excellent tuition opportunities at very convenient costs.

In Antigua and Barbuda, we can find another inspiring example. You can get citizenship by investment, and it allows you to apply with 5 generations, that is, adding virtually all your family.

Disclaimer: these five ideas to start a business are merely opinions from the Mundo editorial team. Hence, this article should not be considered financial or legal advice. Before setting up a business in your home country or abroad, make sure to conduct proper research and consult with certified professionals.

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