What are some of the risks and challenges for overseas business transactions?
Minneapolis international law attorney, Richard Weiner, reflects on risks and challenges for overseas business transactions.
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There are lots and this is something that a lot of American business people forget. This isn’t doing business in Kansas this ain’t Kansas anymore. This isn’t doing business in California and this is a whole different ball game, a whole different set of rules. And so when you send your goods to Colombia or South Africa or wherever, you need to worry a couple things. You need to worry about, of course, getting them into the country, making sure your technology isn’t ripped off, and making sure you know how you’re going to get paid because in a lot of countries there are regulations on sending money out of the country. So I would say distribution of goods and services, making sure your technology is secure, and how are you sure you’re going to actually get that money back in your US bank account.