The business environment in international business is quite diverse as compared to conducting business locally. This is mainly because these businesses often work in cultural environments that are different from their home country. The cultural values across geographies are different and the firms have to conduct proper research before entering the foreign markets. The firm has to formulate their policies in line with the local ethics and values.
Operations – The businesses that are planning to extend its operations to foreign markets should check if they have to localize their operations as some of the businesses that are legal in the domestic markets may be banned in the foreign markets. They have to look to implement processes that are aligned to their consumption patterns.
Freedom of Speech – Some conservative countries have austere measures on public speaking and promotions. Certain forms of communication are forbidden in a few countries. So they have to pay special attention while marketing their products.
Bribery – In many countries accepting favors for providing business is completely legal. Companies looking to enter the foreign market are often required to pay huge sums as bribe in few countries. This might also cause damage to the company’s reputation. They have to be cautious while dealing with such situations and understand what is legal and what is not as per the local laws.
Marketing – The marketing tactics should also be in line with the local guidelines. They should also partner with local legit channels of marketing.
Taxes – Many companies eye taxation benefits when they move into new markets. Some countries have low tax jurisdictions. So they make use of the low tax jurisdictions to earn more profits. So the companies will declare high profits and pay low taxes in the foreign economies and declare low profits at the home office to evade high taxes. This is most times considered illegal and unethical. Companies have to decide how to distribute the revenue and costs across their home and foreign markets by keeping in mind both the local and home country legal considerations.
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