Going global? We can help you expand safely

When a firm pushes to expand overseas, going global poses challenges, including finding business partners, protecting intellectual property and complying with different employment laws. Planning and communication are critical especially in a foreign country where terms such as "audit" and "compliance" may have entirely different meanings.

Many U.S. companies go abroad for fairly straightforward reasons,and each presents its own set of challenges upfront:

• A company entering new markets to sell its products to local customers needs to lease, buy or build facilities; develop sales and distribution networks; and secure licensing and other agreements.
• Firms expanding overseas to lower production costs must select the right market, evaluate set-up alternatives, and handle associated human resources issues at the new site and at home.
• Businesses moving overseas to meet the needs of a key customer are often venturing outside the United States for the first time and may need basic international know-how.

Midsized companies typically get their first taste of international business by exporting their products to customers overseas. Many of these companies ultimately decide to establish a sales presence abroad to meet customer needs and more effectively penetrate the market. As business grows, the logical next step may be overseas manufacturing. At any one of these stages, security is of the utmost importance.

Joint ventures. A joint venture involves two parties working together in the form of a partnership, corporation, limited-liability company or contractual relationship to pursue a business undertaking. It is usually subject to local legal restrictions similar to a wholly owned subsidiary, and it benefits from the contribution of capital, experience and local support by the foreign partner. Performing the proper amount of due diligence of a potential partner is critical, lacking the information that you'll need could potentially cost you everything.