Legal Mistakes You Shouldn’t Be Making When Taking The Business Overseas
Taking any business international and setting up in another country is a challenging move, there’s no other way to put it. Without the right preparation, things can go pretty disastrous and one of the easiest way to see that happen is to not know the legal requirements of the business. Here are four mistakes that you shouldn’t be making when it comes to adapting to the laws in new countries.
Don’t do it without a lawyer
There are all kinds of ways that the new country you’re looking to work in might be different in terms of the legality of certain processes. There are going to be different employment laws, different regulations around forms of industry and products, different marketing laws, and so on. As such, it is crucial that you make sure you’re working with an international lawyer who knows the specific of both the laws in your country and the laws of the country you’re moving the business to, so they can tell you how, exactly, it is different and what changes you should make.
Be careful with any contracts or marketing
You should have that same international lawyer take a look over the terms of any existing contracts you want to port over, as well as advertising, to make sure that how you’re doing things right now isn’t going to break any regulations over there. However, when it comes to making that transition, you’re going to need to change it to the local language and you need to be careful to work with certified translation services. There may be plenty who can translate the text of a contract for you, but certified services will make sure that the language carries the same legal meaning so you’re not accidentally crossing the line into non-compliance.
Not working with a health & security advisor
A good overseas business lawyer will be able to keep you informed and on the right track when it comes to all matter of policy in the business. However, when it comes to the day-to-day of managing the right health & safety practices, it’s a good idea to work with a local agent who can audit the workplace, and help you see where the line of compliance really lies. They can also help you put together the H&S policy that your team can work on.
Know your tax situation
How you have to pay taxes can depend on both the nature of your business, the country you are moving it from, the country you are moving it to, and whether you’re running one business in two countries, or two separate business entities. Either way, make sure that you’re working with an accountant that specializes in helping businesses move overseas so they can help you untangle who, exactly, you should be paying taxes to.
There is no place in the world where there aren’t going to be some legal requirements and regulations that your business has to follow. Keep the tips above in mind and make sure you do your prep work before you make the leap overseas.