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The Key to Successful International Expansion
Whether you’re expanding organically or through an acquisition, doing business internationally requires up-front planning in order to be successful. CT’s Head of Global Managed Services, Bobby Paulus, reviews what’s needed when expanding and how to avoid the serious consequences of international non-compliance.
I’m Bobby Paulus. I’m head of Global Managed Services at CT Corporation. I’ve been with CT for 12 years. When expanding internationally the most important thing, whether organically or acquisition-wise, is that you plan accordingly upfront and all throughout the process.Be sure to do an audit.When dealing with an acquisition, first and foremost, get out ahead of the entities you’re going to be pulling into your portfolio before they come into your portfolio. Check them out. Make sure they’re healthy. Go through audit processes to ensure that you understand everything there is about those entities.Understand the country requirements.When setting up a new entity, understand the country requirements, what your business wants to do in that country, and get the right advice about what type of entity to set up. The rest will cascade from there.Select a partner that can support your short and long term strategies.Think about your short and long term strategy, and match the right partner up with that strategy. Is it a local, regional strategy? Pick that right partner. If it’s a global strategy, pick that partner who can grow with you on a global basis.Non-compliance can have serious consequences.The consequences when it comes to international, they can seem a bit fake, but they’re not. If you miss things, there are serious consequences, and not only financial penalties. In some countries a consequence of being non-compliant can mean that the local director gets arrested. That director gets a visit from the authorities at his home. So it is a serious concern to make sure everything is in line because the risks are far greater than what U.S. companies are used to.Constant changes means having to stay on top of compliance and regulatory updates.When clients ask me or anybody asks me about what’s going on in the marketplace, it’s really about change. The world and countries are constantly evolving and changing. That change means compliance, means regulatory things, means we have to be on top of it.
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