Scaling businesses that aim to expand into multiple new territories also need to consider barriers such as unfamiliarity with local laws, registration and filing requirements and lack of cost-effective legal advice. It’s important to select the right partners that can grow with you just as quickly.
Looking into scaling up internationally? This is what you should do:
1. Plan ahead – if you think you will eventually expand overseas, keep in mind optimal structures from the start to avoid costly reorganisations late
2. Connect with other organisations – who have done it at a similar time in their life cycle. If you don’t know any, ask your advisors to connect you
3. Work with your local law firm and accountant – who know your business and can connect you with the best legal, accounting and other advisors for your particular business abroad
4. Carrying out effective due diligence and market research – is essential