As business owners fight to operate in the tight economic conditions that continue to dominate the international corporate landscape, taking your business abroad is often a source of consideration.<\/p>\n
As a business owner, perhaps you\u2019ve been thinking about relocating temporarily, opening an overseas branch, or wondering about the mechanics involved in selling a product halfway around the globe.<\/p>\n
Whatever your reasons for making the move may be, there are a few salient issues involved in relocating your business to a foreign destination that you ought to start looking into.<\/p>\n
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Stopping by your regional department of commerce and industry should be the first item on your agenda whether you\u2019re just considering doing business overseas or you\u2019re half way through the process. Serving as your local arm with a global reach, this official panel of advisors will be able to give you solid business advice concerning overseas agents, tax law, and issues that will determine whether your cross-border business venture is a success or not.<\/p>\n
If assessing the market is the corporate version of \u201cdoing your homework,\u201d then consulting your local department of commerce is a good place to gain insight into the foreign logistics of moving your business.<\/p>\n
Most businesses owners are aware of the importance attached to becoming acquainted with the customs of their new locale. The obvious reasons for this include being able to build a rapport with the clientele in these alien surrounds, and to avoid causing offence during business dealings; but there are a number of other benefits to consider.<\/p>\n
Understanding the foreign customs of your chosen corporate destination will allow you to weigh up whether your logo and brand translates well in terms of language and culture. It will also help you gauge the best way to market your brand\u2019s story within this new space.<\/p>\n
Becoming accustomed to an overseas market is critical to establishing your business. Liaising with competent advisors who can counsel you on local laws, real estate, banking and on-the-ground practicalities, is your one-stop solution to getting set up. Burton Landy, chairman emeritus of the international practice group at Akerman Senterfitt, gives the example of using a law firm with international contacts that will be able to refer you to a lawyer situated where you hope to do business. \u201cIt\u2019s critical to obtain good, local legal advice. You\u2019re not only dealing with a different legal system, you may be dealing with a different language and culture as well.\u201d The same advice can be applied to navigating the commercial real estate and banking scene.<\/p>\n
If the profitability of your business hinges on a genuinely unique product, or even a recognisable logo, it will be essential for you to investigate the necessary trademark protection within the country you\u2019re considering. You will want to circumvent any intellectual property theft, which will be as painful as a physical security breach if it compromises your business.<\/p>\n
Whether you\u2019re selling products overseas in absentia or starting up a new business by moving to a new country, you can save considerable money by making certain that the contracts you draw up contain a locally binding arbitration clause to settle any dispute that may arise. Resolving a problem via arbitration is a doorstop to prevent lengthy trips and legal costs incurred by messy litigation cases. Most importantly, arbitration is the best way to keep your business disputes private.<\/p>\n