By Karen G. Timmermans, CPA
“For the only way in which a durable peace can be created is by world-wide…economic activity and international trade.” – James Forrestal (1892-1949), former U.S. Secretary of Defense
Although international trade has been making headlines in recent months, it is not a new occurrence. Cross-border commerce has been taking place since ancient times, and international business has truly helped to define the modern world. Aided by enhanced communication technology and advances in transportation, global trade is now open to businesses of all sizes.
But that does not make entering international markets with your company’s products or services any less daunting than it was for the early Phoenicians who set sail across the Mediterranean in a flimsy boat laden with purple die and wine.
Entering international markets carries with it significant regulatory, tax and business issues. It is essential to have the assistance of a guide who has walked the path before, who possesses a familiarity with the requirements and processes for successful commercial activity both domestically and in foreign lands, and who understands the financial complexities of dealing with currencies whose value fluctuate daily.
Gray, Gray & Gray established an International Business Practice Group to provide specific services related to global trade. We serve the needs of U.S.-based companies who want to expand their businesses internationally, as well as foreign-based businesses seeking entry into the North American market.
Our international accounting and tax professionals help clients in a wide range of industries to establish a solid foundation for global growth by managing all federal, state and local issues. This includes such details as structuring a branch or foreign partnership in the most tax-efficient way, ensuring compliance with complex international accounting and auditing standards, and helping companies navigate complicated regulatory requirements while effectively addressing cultural differences.
We do this through our extensive contacts and relationships with local business, financial and accounting professionals in multiple countries across several continents, including Great Britain, Germany, Italy, and Canada. We can help identify and overcome legal, language, cultural, and management challenges in order to open channels for cross-border trade. We even help Americans working overseas to cope with the complexities of expatriate tax returns.
If your business conducts business internationally, or if you are interested in learning more about what it takes to enter the global market, please contact our International Business Practice Group at (781) 407-0300.
Karen G. Timmermans, CPA is a partner with Gray, Gray & Gray, LLP.