Breaking Into the Global Market and the 6 Legal Points You Need to Consider First

Thinking about expanding your product offerings overseas? With the right approach, your business can find its rightful place in the global market, but it’ll take some careful research and planning. You should consider your global expansion from both a legal and business perspective.

1) Overseas intellectual property laws

Many global jurisdictions have strong legal safeguards in place for intellectual property rights like copyrights, trademarks, and patents. You should first investigate the laws and courts in your target country to make sure they offer enough protection for your IP. Because United States patent and trademark rights are only valid in the US, you may also need to apply for registration in the other country, depending on the nature of your business.

2) Prospective customers

Of course, your potential customers are integral to your global expansion. Have you looked into your intended international markets to research the local culture, assess consumer interest, and locate customers? You’ll need some solid data and thorough analysis to help you predict how your products or services will sell in particular locations.

3) Your professional support network

If you have trouble with the legal side of things, you should strongly consider hiring a competent attorney to help you go over international laws and regulations. Accountants, bankers, and other specialists can also make all the difference in your expansion.

4) Regulations that favor local businesses

If your target location aims to support business within its local communities, it may present you with some added challenges. The laws and regulations in that country may impose tariffs and limitations on foreign businesses like yours, making it more difficult to stand up against the competition. You’ll want to ensure you either avoid these areas or adapt your strategies to overcome any added legal limits on your business.

5) Your terms and conditions

Since you’ll be dealing with entirely new customers, you should ensure you have a strong set of terms, conditions, and other financing options. Make sure any legal documents and statements you use are enforceable in your target jurisdictions.

6) Your competition

You should absolutely scope out your overseas competitors before you start expanding. A thorough understanding of your competitors can help you adapt your strategies to the new market, compete with similar products and services, or avoid that market entirely, if need be.

There’s plenty more to think about when you’re breaking into the global market. As a business owner, you’ll want to make sure you’ve assembled the right team to help you through the transition. The attorneys at BRADFORD, LTD would be honored to be a part of that team. Contact us for skilled and insightful legal representation in matters of intellectual property, litigation, and general counsel. You’ll be glad you did.

Share this on...Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Email this to someone
The following two tabs change content below.

BRADFORD, LTD

Our national law firm works closely with clients in all sectors of technology, healthcare, and hospitality to develop effective and efficient strategies for dealing with litigation, corporate, regulation, and the competitive market.