Building the right team to support your global business

One of the most important requirements for any business expanding outside its own jurisdiction is selecting the people they are going to work with.

There is no substitute for either you or another of your team spending time in the country you are considering launching into. Establishing local links to get your business set up is paramount. This is because it will be fundamental to have people who…

1. Understand the local business environment

2. Understand the local customs

3. Decipher the business opportunities and markets in the country

4. Knowhow on local regulations and taxation

5. Understanding the way business' are generally conducted

All these things can differ greatly to here in the UK. Look for local partners who know all about your chosen market and industry. They can help you to understand different language and cultural differences and things like purchasing habits. A local partner can advise you on how to customise your offering to better suit the local market.

Here at Barnes Roffe, we are members
of international networks that give our
clients access to people we know and
trust in countries all over the world for
both local accounting and legal advice.

Credit someone here…

With many industries, a high percentage of business is built on relationships, so having someone local in the area that already has the types of contacts you need, can also be valuable to kick start your business within that country.

Using experienced partners both here in the UK and the country or countries you are looking to expand into is crucial. For example, working with both a UK accountant and an accountant that is familiar with local tax and accountancy legislation is crucial.

It may be worth considering banking with a financial institution that operate both here in the UK and in the chosen country you are expanding to. Not only can you profit from their experience, but the bank may be able to do some additional due diligence and offer you advice about the local business environment. They may also be able to secure funding for your expansion.