One of the many pivoting possibilities that many businesses are increasingly considering is global expansion, especially as the digital world continues to encourage globalization. Global expansion has proven to be successful for companies of all shapes and sizes around the world and helps them to establish and solidify strategic business relationships that span for miles and continents.
Before taking your business global, you need to make sure that you are prepared and know what processes you will need to adopt and apply for such expansion. While the benefits of expansion can be great for your business, you need to understand and be aware of potential challenges that you may face in making this happen and be prepared so that you are not missing closings and deals due to a failure to plan or take proper precautions on your end.
Global Preparation
One of the first things to consider when you start to make the transition to global expansion is to know where you are looking to do business beyond your country’s borders. Not all travel, business or financial laws or ways of doing business are the same or even similar in many countries, so a signficiant level of research is required. This is true even between countries that seem as similar as Canada and the U.S. – the reality is that buying real estate and doing business in these neigbouring countries is actually extremely different – just look at the different ways in which the two countries approached COVID19!
When you are setting up an international presence, you will need to acquire the appropriate documents to conduct business such as appropriate business visas and passports for you and any team members that may be transversing borders with you or on behalf of your company. Any documentation that is required by local governments must be specifically considered or pursued and obtained in advance.
Taxes and Financial Obligations
Before you start conducting business with clients in a particular country, you will need to become familiar with the business and tax laws of that country. Consult with our team to explore the need to consult with local counsel and/or accounting professionals to cover your ass…ets as you go beyond borders.
Prepare for the Process
When you start gathering the required documentation, be aware that this process will involve several steps. Unfortunately, it is not as simple as hopping on a plane and heading over to the new country into which you are seeking expand, ready to open your doors on day one. The preparation and application process that goes with obtaining the proper Visa and Passport if you and your team members is critical and can take anywhere from a few weeks to several months for approval and delivery – to be “at-the-ready” to execute on your plans.
We have the connections with professionals and local governments in most countries. Keep in mind that these applications could also take several months or longer for processing, preparation, and delivery – much of which is dependent on you and your level of preparation and organization. If you will be traveling to more than one country for business, this process will need to be conducted for each such country.
Do You Have Everything You Need?
If you pursue global expansion without having the right strategy and appropriate documentation, you could find yourself being prevented from conducting business with your global clients and maybe even being detained when traveling for business. Before you start your journey to your intended country of business, you want to ensure that you have packed all documentation and credentials that you will need as you travel. Lacking the proper identification and credentials could put you and your business in a downward spiral of business, financial and legal challenges that will impact your global expansion.
Do not risk missing out on the real estate opportunity or business deal of your career by being stalled at the Customs border. Get harmonized legal and business guidance from experts who are familiar with domestic and international laws and regulations, as well as business customs and culture. At e-Council Global, we are happy to assist you to ensure that you have the right credentials and documentation so that you can focus on your business’s global expansion with no major inconveniences – stay in your lane while we look after the rest. Give us a call today or request more information online. We look forward to speaking with you soon.
e-Council Inc.com’s website, newsletter and other forms of communication contain general information about legal matters. The information is not legal advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.