To grow globally, think differently. Sounds simple, doesn't it?
We all get caught up in the ways that have worked so far. But in the meantime, time and technology marches on, and cross border differences make a difference.
Increasingly American companies are looking to overseas markets to do business. In this ever-evolving landscape of internationalized business, it is important for U.S. businesses to carefully consider the legal implications associated with their international business dealings. The best strategy, of course, is to be well-informed about the key legal considerations for a local business entering the international marketplace and to identify advisors who take a holistic approach.
No distinct body of law governs all international business. Rather, international business law is an amalgam of private contract law, U.S. and foreign domestic law, and international treaties. An evaluation of the effect of these various laws, and the ability to reach private agreements that incorporate or offer an alternative to these laws, is critical to optimizing a company’s ability to act globally.
Naturally, it is important to seek the assistance of legal counsel who has a keen understanding of how to best structure private international agreements and the ability to call upon a network of advisors who can provide particularized knowledge. Among those areas in which specialized expertise is advised are intellectual property, business formation, tax, employment and dispute resolution.
It is critically important to assess the intellectual property regulations and enforcement mechanisms in force in the country in which one plans to do business before engaging in any activity that may jeopardize a company’s intellectual property.
Identifying the proper corporate entity and structure for an international business venture is vital for limited liability, capitalization and tax reasons. Advice of foreign counsel with knowledge of foreign corporate requirements, the nuance of foreign bureaucracy, and the relevant timelines for formation and compliance is crucial in these areas.
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