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Share Your Word File Tax consolidation is a feature of several multinationals’ decision to be headquartered in Dublin, as Ireland is known for its “business-friendly” corporate tax policy. Some of these such as foreign exchange control regulations and others have been formulated after keeping in view the national objectives and have posed certain procedural problems to exporters and importers. I’ve been speaking to business leaders and HR professionals from all over the world to find the answer to this question – beyond the obvious issues of language barriers and timezone differences. Expanding business overseas means reaching new clients or customers and potentially boosting profits. For instance, American coffee company Starbucks seriously struggled in Australia, where the demand for local, independent cafes and coffee shops vastly outweighed the appeal of the corporate giant. Although slumping sales figures in Latin America have proven to be an urban legend, the story of the “no go” car serves as a useful reminder of the importance of preparing well before launching your business in a new market. Beyond abiding by official laws, engaging in international business often requires following other unwritten cultural guidelines. When an individual buys a franchise, he or she purchases the years of experience and the proven operating system of the franchisor. This may mean switching to more local production where possible in order to better balance your outgoings and sales revenue. Airbnb ran into trouble in 2014, with a crackdown on advertised rental properties falling outside local housing and tourism regulations. What to say about supply to other nations. The company was forced to pay a €30,000 fine for a breach of local tourism laws in Barcelona. A focus on tax efficiency is often the aim of international accounting efforts. Of course, this potentially means missing out on greater profit should rates shift in your favor. Changes in governments can bring changes in policy, regulations, and interest rates that can prove damaging to foreign business and investment. Well-known companies with operational headquarters in the Republic of Ireland include Google, Facebook, and Intel. The General Agreement on Tariffs and Trade (GATT) gives out rules that govern the operation of a business that is functioning internationally. 1Department of Marketing, College of Business Administration, King Saud University Riyadh Kingdom of Saudi Arabia . Eligibility to trade is a significant consideration, as are potential tariffs and the legal costs associated with entering new markets. Legal Issues in International Business. For example, the nature of business may not be accepted openly in the targeted country because of cultural differences. Your choice of shipping method can be a major influence on your revenue and may be a limiting factor to the products you can viably sell overseas. If so, how will these teams be organized, what autonomy will they have, and how will they coordinate working across time zones? However, it can protect your sales from the risk presented by unstable currency. Some key considerations include how your production methods might impact the local environment through waste and pollution. The Ashridge Centre for Business and Sustainability at Hult researches innovative ways that organizations can develop and implement more environmentally sustainable business models. Globalization and the digital age have created new business opportunities worldwide but at the same time they have given rise to new legal issues, particularly with respect to the form of contracts and enforceability of contracts … Numerous strategic aspects must be taken into account prior to commitment at an international level, and afterwards. For instance, European countries stipulate that a minimum of 14-weeks maternity leave be offered to employees, while on the other hand, there is no such requirement for U.S. employers. Good communication is at the heart of effective international business strategy. It leads to the lop sided development in the international business. These include: low quality and coverage of infrastructure. If the situation persists it may put our price level beyond the means of our customers abroad, no matter how badly they need our export. 2021. 5 Challenges Companies Face When Doing Business Overseas Due to fast-changing market dynamics and increased competition, many organizations seek to expand their market internationally. Depending on the volume and destination of your shipments, will you send by land, sea, air, or a combination? Being aware of acceptable business etiquette abroad, and how things like religious and cultural traditions can influence this, will help you to better navigate potential communication problems in international business. Other Problems. Currency Rates • One of the most challenging international business problems to navigate. Matters related to the workforce, energy, currency and sociopolitical issues can make or break a firm. Learn more about six key factors that can influence currency exchange rates: The potential of online sales presents a huge international business opportunity for retailers in the 21st century, but finding reliable, fast, and cost-effective shipment and distribution methods can be a difficult balance in some markets. One way to protect yourself against large fluctuations in currency is to pay suppliers and production costs in the same currency as the one you’re selling in. For more details on it (including licensing), click here . National Policy of Development 6. Legal issues that mostly arise in foreign countries include protection of the intellectual property, payment issues, taxation among others (August, Mayer & Bixby, 2009). In the era of globalization and the new digital-driven era of globalization, businesses face legal issues in international business transactions. While price setting and payment methods are major considerations, currency rate fluctuation is one of the most challenging international business problems to navigate. From the U.K.’s unprecedented decision to leave the European Union to the historic and divisive U.S. presidential election, 2016 was a year of large-scale change and uncertainty. However, global economic volatility can make forecasting profit especially difficult, particularly when rates fluctuate at unpredictable levels. Developed counters are equipped with sophisticated, technologies capable of transforming raw materials into finished goods on a large scale. Defining an effective business strategy that can scale and evolve with time is paramount for a profitable venture eager to stay ahead. While the global marketplace becomes more interconnected and accessible, the risks involved in doing business abroad are not to be taken lightly. Every business has its difficulties and presents is own challenges in when it comes to operating it successfully. One of the first questions you must answer is whether your business is actually suited to succeed in international markets. It helped me gain perspective towards people from different countries such that I can go to any country and start working without any culture shock.” –Mayur Chimurkar, MBA Class of 2014. Effective communication with colleagues, clients, and customers abroad is essential for success in international business. Monitoring exchange rates must therefore be a central part of the strategy for all international businesses. inconsistencies in tax assessments and excessive penalties. Researching the prices of direct, local-market competitors can give you a benchmark, however, it remains essential to ensure the math still works in your favor. However, this strategy leads the international business to face multiple issues and challenges such as cost-effective strategy, qualified employees and effective management teams, high competition and downsizing. 6.Product Safety7.Fair Price8.Following Local Laws9.Impact On Local Social Institutions10.Fair Return On Investment 7. Or will you have offices and representatives “on the ground” in key markets abroad? While Coca-Cola is a vast international brand, the structure of your business and the number, nationality, and level of expertise of your team will vary depending on your industry, product, and the size of your business. Determining acceptable payment methods and ensuring secure processing must be a central consideration for businesses who seeks to trade internationally. And it’s often more than just a language barrier you need to think about — nonverbal communication can make or break business deals too. Come in the way of free trade and unfettered flow of foreign business. Regulatory Measures 3. 1, Aftab Alam. Privacy Policy3. Sometimes culture can be one of the barriers or one of the issues with international business and MNC might face. For instance, the cost of production and shipping, labor, marketing, and distribution, as well as your margin, must be a taken into account for your business to be viable. Challenges Faced By Managers When They Are Operating in Foreign Countries. There are also country-specific regulations and shipping requirements to take into account. This can prove especially challenging in emerging markets with ill-defined regulations or potential corruption. Nevertheless, the global business scene can expose companies to a wide variety of issues and complications. Beyond a legal or ethical incentive to be more eco-friendly, establishing environmentally conscious business practices can attract new, forward-thinking consumers to your company. Lop Sided Development of Developing Countries 4. Every country wants to export its surplus natural resources, agricultural produce and manufactured goods to the extent, it can and import only these goods and products which are not produced or manufactured within the country. Just because you think your product or service will thrive in a new country doesn't mean it actually will.Diego Caicedo, co-founder and CEO of OmniBnk, which operates in multiple Latin American countries, said scaling across borders is complicated and expensive regardless of a compa… The global environment provides opportunities for the international business to sell their products and services globally. 3 . Small practical considerations can also be easily overlooked, such as creating quality translations of product and marketing materials, and even ensuring your brand name works well abroad. Other considerations to address according to your company’s products and your target markets include customs fees, the need and cost of storage, and local methods of distribution. Nowhere, perhaps, was it felt more keenly than in the world of international business. Law And Management: Ethical Issues in International Business Structured around real-world cases that simulate the challenges of today’s domestic and global markets, the course equips students to manage and integrate the differing perspectives of lawyers and managers. You must consider costs to remain competitive, while still ensuring profit. Some of the most common ethical issues in international business include outsourcing, working standards and conditions, workplace diversity and equal opportunity, child labor, trust and integrity, supervisory oversight, human rights, religion, the political arena, the environment, bribery and corruption. Other Problems. One franchisee expressed it this way, “What I have learned from the franchisor was worth ten times what I paid for the franchise.” In any new business, much time and money are spent in trial and error, but a proven franchise may eliminate many of those start-up problems, allowing one to open a franchise with little or no previous experience in a give… There are some unique challenges UK companies may face when doing business in Ethiopia. But the international community also has a role to play by working together to deal with the cross-border issues. However, it also brings about new challenges for business leaders. There is an increasing tendency among nations to form small groups of Economic Unions which help them to negotiate terms for the business with other countries. The following points highlight the seven main problems of International business. This includes staying up to date with legal changes and technological advancements, aligning global mobility policies to evolving business needs, and developing and managing the organisation’s present and future global talent pool with commercially viable incentives. Part of this task falls to individual countries. Share Your PDF File As the environmental risks and effects of climate change are becoming better understood, sustainability is high on the agenda of many major global corporations. Current Issues in International Business contributes a great deal to the field and presents all the important issues that will propel international business research into the 21st century.’ – Leo A. Giglio, Business and the Contemporary World It considers key up-to-date developments in both the theory and practice of international business. When it comes to sourcing products and services from overseas, managing suppliers and supply chains can also be a tricky process. This is inevitable. In this connection, there are heightened demands for international business research to provide guidance for … Wherever you’re looking to launch your product or service, here are four useful strategies to help you find the right price: The proliferation of international e-commerce websites has made selling goods overseas easier and more affordable for businesses and consumers. Ethical Issues in International Business ... Read Full Source The following points highlight the seven main problems of International business. Mitigating the risk of multiple layers of taxation makes good business sense for any organization trading abroad. Request a Brochure Apply Now Free GMAT Test. For instance, if your company is paying suppliers and production costs in U.S. dollars, but selling in markets with a weaker or more unpredictable currency, your company could end up with a much smaller margin — or even a loss. Major fluctuations can seriously impact the balance of business expenses and profit. In October 2015, the UK passed the Modern Slavery Act in response to this often-hidden human rights violation. To learn more, take a look at our blog Hult scores in top 20 in The Economist’s Which MBA? International business has to deal with the business patterns among the various countries of the world. Dispersed resources, varied cost structure, cultural differences and governmental factors all provide international management obstacles. With the complexity involved in foreign trade and employment laws, investing in knowledgeable and experienced corporate counsel can prove invaluable. Unfortunately, the length and complexity of supply chains increases the chance of working with suppliers who have unethical — and even illegal — business practices. (iv) Poor business ethics is also responsible for our international business. As the research team continues to bring their findings to light, developing and supporting ethical and sustainable business practices remains a focus in the Hult classroom. For this purpose regulatory measures like tariff barriers (custom duties) non-tariff barriers, quota restrictions, foreign exchange restrictions, technological and administrative regulations, consulter for­malities, state trading and preferential arrangements, trade agreements and joint commis­sions etc. Accounting can present a challenge to multinational businesses who may be liable for corporation tax abroad. Regulatory Measures 3. Even the challenges that are related, by definition, are of a different character. But the negative side effects must be acknowledged—and addressed. The international community is confronted with a new set of challenges, the scale and complexity of which is virtually unprecedented. Economic Unions 5. Local market insight is key, and there are a number of successful brands whose business models simply weren’t viable in overseas markets. An obvious risk for international business is political uncertainty and instability. The country desirous of achieving self-sufficiency, follows a strategy of importing capital goods equipped with latest and sophisticated technology and restricting imports of less important consumer goods with a view to lowering down its import bill. Monitoring political developments and planning accordingly can mitigate political risks of doing business abroad. How are you preparing to make the most of the opportunities of doing business overseas in 2017? Despite all the uncertainty of 2017 and the challenges that have yet to reveal themselves, there are some guidelines for conducting business on a global scale that you should always consider before leaping into new international operations. (i) Business and industry have not recognised the importance of international business. While developing countries on the other-hand lack technological knowledge and latest equipment. Along with getting your company structure in place, gaining a comprehensive understanding of the local laws and regulations governing your target markets is key. Before considering expansion into a new or unknown market, a risk assessment of the economic and political landscape is critical. Accounting strategy is key to maximizing revenue, and the location where your business is registered can impact your tax liability. Different Trade Patterns 2. In the midst of significant uncertainty, there are four things we can do: boost confidence in trade and global markets by improving transparency about trade-related policy actions and intentions, keep supply chains flowing, … Remain comfortable in your position and competition will steal your most valued customers. Originally from Michigan in the U.S., she relocated to the U.K. in 2010 to pursue a master’s degree at Hertford College, Oxford. Written by Hult contributing blogger Katie Reynolds who is a freelance writer based in London. (iii) Our internal economy is being managed very badly in recent years. Being aware of tax treaties between countries where your business is trading will help to ensure you’re not paying double taxes unnecessarily. Equally valid for small enterprises and large corporations, staying ahead of the game is fine art for any organization out there. The rise of globalisation posits a number of important challenges to a business seeking international presence. However, payment methods that are commonly accepted in your home market might be unavailable abroad. Do your research and know how different cultural values and norms — such as shaking hands — can and should influence the way you communicate in a professional context. Uncertainty in the global economy, uncertainty in the credit markets, uncertainty in how new regulations will affect business, uncertainty about what competitors are doing, and uncertainty about how new technology will affect the business—these are just the start of a never-ending list. Economic Unions 5. From tax implications through to trading laws, navigating legal requirements is a central function for any successful international business. For a quick check of costs and compliance, UPS International has created an online tool called TradeAbility to help businesses and individuals manage the movement of good overseas. International firms have access to a larger workforce and a bigger customer base. In the European Union, companies may benefit from the Common Consolidated Corporate Tax Base proposal, whereby companies with operations around the EU can limit tax liability to one corporate center. Even though it sounds like there are endless of opportunities; international business has many challenges. Discover how Hult’s unique global Masters, One-Year MBA, and EMBA programs are designed to prepare globally minded professionals to overcome the pressing problems of doing business on the international stage. Managing cross-cultural challenges in the international business management is akin to the "Hygiene" factor of the "Dual-factor Motivation" … Procedural Difficulties 7. Of the main legal areas to consider when it comes to doing international business, tax compliance is perhaps the most crucial. Thanks to the Internet and the globalization all boundaries started to disappear in the trading and business world. To raise awareness and help local and international businesses respond more effectively to this issue, their published research report presents case studies of businesses who have implemented practices at the leading edge of the fight against modern slavery. The company is organized into continental groups, each overseen by a President. Another option for mitigating the risk of unpredictable currency rates can be setting up a forward contract and agreeing a price in advance for future sales. 2, Kamisan Gaadar. Download a brochure or get in touch today to find out how Hult can help you to explore everything about the business world, the future, and yourself. A growing trend towards economic nationalism also makes the current global political landscape potentially hostile towards international businesses. Starting a business venture in a foreign country is an exciting prospect, but you must be prepared for the multitude of challenges that come with operating in a vastly different environment. ranks 111 out of 177 on the corruption index. Pricing can also come down to how you choose to position your brand — should the cost of your product reflect luxury status? Countries and emerging markets that may offer considerable opportunities for expanding global businesses may also pose challenges, which more established markets do not. (ii) Inflation, high prices and black marketing are starting us in the face. Global business commerce must take on the challenges and risks at various parts. Ethical Issues In International BusinessThe Common Ethical Issues are:1.Employment practices2.Human rights3.Work Environment4.Bribery and Corruption5.Moral obligation of multinational firms 6. Different countries have evolved different procedures, practices and documents in order to regulate the export trade. Risk too much and you’re running at loss. Make the most of what your career has to offer with a Masters in International Business from Hult. Procedural Difficulties 7. In the video below, Dr. Mark Esposito discuss the global business and societal benefits of the circular economy: As we see what the first months of the new year will bring for international business, new opportunities, challenges, and uncertainties will continue to arise. • One way to protect against fluctuations in currency is to pay suppliers and production costs in the same currency as the one we’re selling in. Becoming an international company opens doors to new marketplaces and revenue streams. Lop Sided Development of Developing Countries 4. A Case Study “Challenges and threats for international business" Mohammad Almotairi. Constant flexibility is required to adapt to changing patterns at local, regional and international levels. Today, she writes on topics including business, higher education, healthcare, and culture. The impact of these challenges on firms, governments, international organisations and civil society, invites the research community to intensify its efforts to supply useful insights, answers and innovative ideas. Swedish furniture giant Ikea, known in Europe for its low-cost value, struggled initially in China due to local competitor costs of labor and production being much cheaper. Discover the subtle nuances of body language for different countries and nationalities you may be doing business with: “Hult gave me an opportunity to open my mind towards the world. Market challenges. 2Researcher Department of Marketing, College of Business Administration, Issues such as ill-defined or unstable policies and corrupt practices can be hugely problematic in emerging markets. 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