Ted Hickman

Dealing with Cross-International Border Trade Regulations

The news regarding the EU EFSM being extended was initially reported to be a total, but it was later revealed that it will only be for six months. Therefore, the impact of extending the provision will be fairly minimal in the near term. The EU’s wider attempts to increase flexibility on regulation (indeed it has recently created a circular directive), are clearly beneficial to small businesses. Some may argue, however, that easing regulation is desirable, so long as it remains compatible with existing global standards. In fact, this is a question many small businesses must answer to manage cross-border trade.

The best casino online Australia has to offer doesn’t necessarily have to be located in the EU for EU citizens and residents to access it, for instance, but that’s because it’s a web based business model.

If a company operates a factory in China, however, complying with foreign, different and often counter-intuitive regulations on issues such as product registration, may prove extremely challenging. The exact ramifications of implementing new regulations are also rarely fully understood until one has the full range of trading partners to test them on. No one size fits all, even though some authorities, like the FDA in the USA, do attempt to deal with the globalisation of the market and its implications.

Navigating a particular foreign authority’s regulations is usually best achieved by consulting with a local legal firm that has experience dealing with the relevant authority. Some countries may have extensive and different regulations, which must be considered before entering. These may vary as much as 6 months following publication of a particular piece of regulation. In addition to this, some foreign regulations might be contrary to existing national regulations.

Depending on where the business operates, the regulatory requirements it must abide by may vary in scope and magnitude. The best way to manage this is to communicate with a wide range of international regulators and by doing this, a company will have an understanding of the regulations it must follow. If regulations are still unclear, it is important that the business assesses whether it is in a position to deal with the conflicting regulations. The legal implications may also be very different depending on where the business operates and its specific set of risks.

Perhaps the best advice to ensure compliance with cross-border regulations is that firms should endeavour to obtain a legal opinion from a qualified legal adviser, that defines the company’s eligibility and compliance status. This may not be readily available, however, a simple process of contacting a local law firm or one of the many online legal services provided by an online firm may yield an appropriate result.

A directory listing of online casino sites like americancasinosites.com might have different operational and accessibility implications, depending on where it is accessed from. So no matter where the business may operate, a business should be aware of the regulations it will face and take steps to make the required preparations. The time to do this is when preparing for the business to exist in a different jurisdiction. The less work is required to make this happen, the better. A business should never presume that a foreign regulatory authority’s regulations will be equivalent to the domestic regulations in a given country. If this is not the case, it is time to make other arrangements.

The main regulatory obligations of a foreign business are generally to register for tax, receive and keep accurate accounting records and, as appropriate, obtain an appropriate insurance and health and safety cover. The time to determine the best insurance policy and the regulatory requirements to satisfy is when the business has a set location and set number of employees. These may change as the business grows. By taking these steps, a business can quickly adapt to changing regulatory requirements and minimize the risk of losses.

In the longer term, a business should assess its options for complying with regulatory requirements, so as to avoid breaching the regulation, entering into a dispute and potentially incurring large financial losses. Having the knowledge to accurately identify and assess risks, and by managing compliance properly, should make a foreign business more attractive to investors and interested buyers.

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