DOING BUSINESS INTERNATIONALLY
BRIDGEWATER, NJ – The Somerset County Business Partnership, in cooperation with PNC Wealth Management, PNC Bank, Norris, McLaughlin, & Marcus, P.A., and WithumSmith+Brown, PC, recently presented a business education panel discussion, “Doing Business Internationally: Promises & Perils.”
The presentation was directed to business owners, financial planners, human resource professionals, accountants, and others responsible for business operations. Overall, the session provided insight into how to be successful when marketing products and services in the global marketplace.
“Technology is making the world smaller, allowing businesses of any size to consider entering the global marketplace,” commented Rich Cohen, Senior Vice-President of PNC Wealth Management.
The session provided the basic information to consider when entertaining a decision on going global. Further discussion centered on the development and execution of a plan ffor success.
The workshop opened with an overview of the general considerations that should be taken into account when assessing the viability of entering an international market. Among the key factors are restrictions on foreign business, export and import controls, technology export concerns, customs and immigration, labor and employment, ownership and control issues, asset and profit management, and foreign currency and exchange issues.
Addressing international banking issues, panelists discussed letters of credit as a method to facilitate payment as a buyer of commercial goods and services, as a seller of commercial goods and services, and as a performance or contract guarantee.
Among the risks to be considered when operating in an international market are decisions on remuneration in US or foreign currency, quality and delivery of purchases from overseas vendors, and paying or receiving overseas dividends or royalties.
Panelists also reviewed foreign compliance requirements, criminal issues including fraud and evasion, and implications of an IRS audit and the IRS collection processes.
Presenters included Michele Stacey, Vice-President of International Banking Group at PNC Bank, Robert C. Gabrielski, Esq., Norris, McLaughlin & Marcus, Jeffrey Placido, Director of Foreign Exchange for PNC Capital Markets, and Kimberlee Phelan of WithumSmith+Brown.
For further information contact the Somerset County Business Partnership may be found at www.scbp.org or by calling 908-218-4300
The Somerset County Business Partnership serves as central New Jersey’s regional Chamber of Commerce. Members and investors represent public, private and community organizations, working in partnership and dedicated to maintaining and promoting economic prosperity and quality of life in Somerset County. The Somerset County Business Partnership is an essential partner for doing business in Somerset County, and as such is the premier regional business organization in New Jersey. The Business Partnership seeks to achieve four key outcomes; public leadership, advocacy, economic and community development, and value/engagement, providing LEADERSHIP, OPPORTUNITY, AND RESULTS to the Somerset County Business Community.