We are, by nature, creatures of habit and if you have decided that you need to make a life-changing move, the digital nomad lifestyle is a very attractive proposition. Work when and where you like, with no one to tell you what to do or how to do it; the truth is, you’ll never get wealthy working for someone else, and we have the technology for you to create an online business or freelance your IT skills.
What can you do?
Making a living online can be achieved in many ways.
- Run an e-commerce website
- Write web content
- Paid online surveys
- Delivering virtual business services
- Setting up an online brokerage
- Online language teaching
These are just a few of the ways that you can earn a living online and like everything in life, you have to start at the bottom. Learning new skill sets is always a wise investment and how long would it take to obtain language teacher certification? A few months of intense online studying is all it takes and there’s a huge market in China for online English teachers. If you fancy relocating, there is company registration in Malaysia from a leading law firm with extensive experience in helping foreigners to set up a business.
Shopping cart websites
Many people run e-stores and with the right product line and good digital marketing, this can be a profitable business. Choose products that are in demand and organise your logistics with a 3PL provider and never forget that digital marketing needs to be ongoing, even when you have reached a degree of success.
Stay legal
If you are going to travel, make sure you obtain a visa that allows you to work; there are digital nomads in jail because they thought working online was allowed; always check with the government of your chosen country about working. Never overstay your visa and always have decent medical insurance, especially when travelling to 3rd world countries. Make sure you have a valid international driving permit and don’t drive uninsured, as this could be very costly!
The world is your oyster
When you work online, you can live wherever you choose; all you need is an Internet connection and with 5G satellites, you can work from a Malaysian beach! The seasoned digital nomad spends 3 months in Thailand, then moves into Malaysia and Singapore and might spend the year in 2 or 3 locations, staying with the nice weather. Of course, you might find the perfect place and base yourself there all year round, and why not? You are now liberated and can live wherever you please.
Registering a business in a foreign country
Let’s say you fell in love with Malaysia and want to set up your business there, consult with a local law firm that has experience setting up businesses for foreigners and they can inform you of the various options and can submit the paperwork and advise you accordingly. It is important that you fully comply with local laws when a guest in a foreign land and by using the services of a local law firm, you are assured 100% compliance. Your legal partner can also help you acquire a working visa, which you will need and if other family members are joining you, they will also require visas. Here is an informative article on choosing the right location for your business premises.
Southeast Asia
This is the part of the world that is most popular with digital nomads; Thailand, Cambodia, Malaysia, Indonesia and Vietnam are all great places to live. Start with a short holiday to get the feel of the place and when you find a culture that works for you, set about enquiring into long stay options and business registration. The low cost of living is one reason, and the tropical climate is friendlier that cold northern Europe and with great Internet connectivity (in most places), you can enjoy the millionaire’s lifestyle all year round.
Taxation
While the digital nomad had it good for a few years, this is no longer the case and sooner or later, you will have to pay tax on your income. The best solution is to register your business in the country of your choosing and the tax you pay will be lower than at home. If you are one of those folks who thinks you can outwit governments and not pay tax on your earnings, be aware that this is a fine line to walk and if you get caught, expect a heavy fine!
Outsourcing
This is the key to an efficient business; give all your IT needs to a managed IT services company, while bookkeeping and accounting can also be done by 3rd party providers. The type of services you will need depends on the kind of business you run, and Google can help you find any service, wherever you happen to be.
Enjoy the freedom & independence
Once you are working online, you are longer tied to geographical location, or indeed time, as long as you meet your deadlines; there is a degree of self-discipline and you need to be driven and apply yourself to your work, whatever that may be. Thanks to VoIP communication, you can stay in touch with colleagues, customers and suppliers and you won’t be charged by the minute when you use Zoom or Skype. For too long, we were held ransom by the telecommunication corporations, now we have Internet-based real-time video communication and for free as well! Here is some Indonesian government information about doing business in their country, which might come in useful.
The more you look into the digital nomad lifestyle, the more you realise that this is a great way to live and with the right planning and some hard work, you can free yourself from the daily grind. Start with the desire to change your life for the better and take a look at the available options for making a living online and then create a plan.
