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What to Know Before Taking Your Business International  

2024-05-05 – BE&O A&B

Before taking your small business international, there are some important items to check off your list. 

Ty Shea, the Chief Financial Officer for Circle City Broadcasting, says it is best to follow some basic accounting tips when it comes to international business. According to Shea, one of the most important things is ensuring you have the right professionals on your team to help guide you through an international expansion. This includes an accountant who works in international business and knows international laws. 

Shea also says it is important to keep very detailed records and to make sure those records are held longer than you would typically keep documents for domestic transactions. Since each country has a different set of laws, it can be tricky knowing how long certain jurisdictions require you to hold onto your business records.  

In addition, Shea says it is critical to do your research and due diligence, such as checking international trademarks or patents. “It certainly can be a complicated field to jump into,” he says. Shea also says business owners should be aware of any cultural issues that might interfere with their business. Just because a company performs well in America doesn’t mean it will easily translate to an international market.   

While it’s never too early to look ahead to international expansion, Shea says to ensure your business is solid at home first. Expanding too fast and far can easily set you back as a business owner.