Doing business across borders has never been easier: we’re all global citizens, we have access to better technology seemingly on a daily basis, and our minds are open to endless possibilities. Business is no longer defined in political or geographic terms; the value of your products or services define their appeal.
You may face a finite market at home; expanding internationally opens you up to more growth. It can also help you gain efficiencies: create economies of scale by spreading fixed costs, reducing capital and operating costs, and pooling purchasing power. Make sure you take heed of geographic, cultural, legal and linguistic differences; they could cause friction and end up costing you more, not less.
Your customers are travelling the world, demanding consistent service and access wherever they are. They’re talking to people across the border, learning about other cultures and wanting to sample it for themselves. Global consumerisation is growing; your goods and services can and should follow.
Your strategy needs a formal plan for expanding reach into multiple countries – be it exporting, licensing, joint ventures, partnerships of acquisitions. Talk to experts about what best fits your immediate and long-term ambitions.
Seek a global expansion advisor with an international network. It seems like a no-brainer, but you want to make sure your strategy is being driven by people who truly know the markets you want to expand to. Ask if they have people on the ground, or whether they rely on shared service centres or a handful of offices.
While different tax regulations and employment laws are critical, they’re only the tip of the iceberg. You need to also consider double taxation treaties, exchange control regulations, different legal systems and structures, licenses you may need to trade locally, import and export regulations, BEPS, FATCA… the list seems endless. Talk to someone who understands what’s needed.
MHA MacIntyre Hudson can help you to expand internationally, including:
Get in touch to discuss how we can help you make your business an international one.
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