The world is changing faster than we realise and the Digital Revolution is well underway, so much so that we all use the Internet on a daily basis and almost every Aussie adult has a Facebook account. The Internet of Things is on the horizon, powered by the 10x speeds of 5G and with global high speed Internet connectivity, it is possible for many professionals to deliver their services online.
Setting up a business abroad
While there are business loans service in Sydney for Australian businesses, registering a business in a foreign country might offer many benefits, especially with taxation and tariffs. It has never been easier to register a business in a foreign country, indeed, with the invention of the Internet, the registration process can be completed online with the help of an international business lawyer.
Digital nomad professions/trades
The list is indeed long and includes the following:
- Software developers, coders, cyber-security professionals, web and graphic designers.
- Bookkeeping & accounting, general secretarial work and call handling.
- Architects, civil engineers, product designers and forms of surveying.
- Teaching of all kinds, life coach and mental health counsellors.
- Traders, stocks & shares, crypto and real estate agents.
- Personal trainer, sports and yoga instructors.
- E-commerce, online shopping cart sites, drop-shipping and other online sales platforms.
- Journalists, writers and music composers.
- Legal help, lawyers and solicitors use Zoom to communicate with clients.
- Digital marketing, SEO technicians and social media marketers.
Digital entrepreneurs can live wherever they please and their business interests can be global; all you need is a laptop and a stable Internet connection to manage your business from any location.
Popular digital nomad destinations
The growing number of digital entrepreneurs tend to flock to the following regions:
- Southeast Asia – Thailand, Malaysia, Cambodia and Vietnam.
- Indonesia, Bali
- Mexico, Costa Rica & Belize.
- Southern Europe – Greek Islands, Italy and Portugal
- Asian Pacific region
- Australia & New Zealand
Bangkok, for example, is a popular hub for digital nomads to visit neighbouring countries and many digital nomads own real estate in Thailand, typically condo units.
Cheap living
Most digital nomads prefer to live in countries where the cost of living is low, which makes complete sense. Nomads report that living in Southeast Asia allows them to save money, something they could not achieve living in Europe or the US. Some digital nomads stay in one country for most of the year, perhaps returning home for the summer, while others move every 2-3 months, depending on seasons.
Meeting your deadlines
Of course, being a digital nomad isn’t about lounging on the beach all day; time management is important and a nomad’s routine would revolve around work. You might have to attend Zoom meetings in the middle of the night and the general rule is, do whatever it takes to meet your business deadlines.
Many Australians are digital nomads, registering as self-employed and filing tax returns on an annual basis, while hiring a bookkeeper to manage their accounts.