If you're going to be expanding your business into the international market, you need to be prepared for the changes that will take place. Competing in the international market isn't just about expanding your reach. It's also about doing business in multiple countries, all of which have different laws and governing requirements. Here are five questions you need to ask yourself before you venture into international trade.
1. Do You Have the Right Attorney?
If you're going to enter the global market, the first thing you need to do is hire the right attorney. You may have an attorney that handles your domestic legal issues. However, now that you're expanding to the global market, you're going to need to hire an international trade attorney. They'll ensure that you're entering the international market with a firm legal foundation.
2. Have You Retained Your Registered Agents?
If you plan to do business in multiple countries but you don't plan to have offices in each of those countries, you'll need to retain registered agents. These registered agents will act as your point of contact for any country you plan to do business from. Your international trade attorney can help you establish the appropriately registered agents throughout the world.
3. Do You Understand the World Trade Organization?
If you're going to do business globally, now's the time to familiarize yourself with the World Trade Organization. The WTO is responsible for handling, regulating, and monitoring business affairs throughout the world. Understanding the World Trade Organization, and the way they conduct international business affairs will help you remain in good standings throughout the world.
4. Have You Familiarized Yourself With Treaties and Regulations?
If you plan to conduct business on a global scale, it's crucial that you familiarize yourself with the treaties and regulations that the United States has established with the countries you plan to do business with. Failure to understand and recognize existing treaties could put you at risk for serious violations of international law. Before you enter into business agreements outside of the United States, discuss potential treaties and regulations with your international trade attorney.
5. Do You Understand the Customs of the Countries You'll Do Business With?
If you've entered the international business market, take the time to understand the customs of the countries you'll be conducting business with. Failure to respect international customs can cause serious problems for your business. In fact, even a minor cultural mistake could put an end to potentially lucrative international business deals.
Learn more about international trade from a lawyer at a firm such as the Braumiller Law Group.Share