Thinking of growing your business abroad? When you plan to take your business to another country, you should carefully take into account and plan how to deal with the differences ahead of you, especially: culture, rules and structure.
It is important to avoid the pitfalls by thoroughly researching your market. Logistics, politics, currency issues. Do you build, buy or ally? What are the cultural differences and how can you deal with them? The importance of and interpretation of the rules of the country you want to deal with.
What you will learn
When you have decided whether to build, buy or ally, then consider in that context (and be prepared to run backwards and forwards through this list in your thinking – stay flexible!):the cultural differences and how to deal with them;
- the importance of “rules” and whether they are applied consistently – which is interpreted differently from one country to another. Cultures at various levels;
- the importance of planning – getting ready for all the differences in:
- tax (especially taxable presence);
- corporate structures;
- finance – and funding for any venture; and
- repatriation of funds.
- export businesses will want to consider:
- traditional export, or
- appointing local agent / distributor, or
- franchising model?
- Outward investment models, which can include:
- Representative office;
- Branch office;
- Subsidiary; and
- Joint venture.
What you will achieve
The viewer should have:
- a better overview of the planning process for cross-border trade, especially if they are considering some form of “on the ground” business presence in another country – enabling them to allocate resource to the required steps and form a view of reasonable expectations;
- greater confidence in deciding what issues to deal with themselves and where they might prefer (and possibly – need) to factor in time and cost of obtaining external advice, whether from lawyers, accountants, tax advisers, market entry specialists, inward investment agencies, current business contacts or others.Stuart Miller (co-founding) partner of ebl miller rosenfalck, a niche cross-border business law firm. Head of the Creatives & Tech team. Solicitor since 1989. Based in the eblmr head office in London. ebl also has offices in Frankfurt & Düsseldorf.
- LinkedIn: https://www.linkedin.com/company/miller-rosenfalck-llp?trk=company_logo
- Twitter: https://twitter.com/MillerRosenfalc
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