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Video: How A Medium-sized German Company Successfully Established Itself In The USA
In Germany there is a widespread assessment that business life on the other side of the Atlantic has strong parallels to European or German. However, a closer look reveals that there are strong differences and that the “leap across the pond” is a particular challenge for medium-sized companies that do not have a large business development department. But this challenge is worth it.
After all, with 324.3 million consumers and a gross domestic product of around $ 18.5 billion, the United States is still one of the largest domestic markets in the world. In addition, many Eisele customers are already active in the American market. So it makes sense to offer them the familiar and familiar Eisele quality there too. Birgit Klohs, CEO of the business development association "The Right Place" summarized the US challenge as follows: "It's not better, it's not worse, but it is different!" The Right Place is the leading business development organization in the West Michigan region After an in-depth analysis of the possible locations in the USA, it turned out to be the optimal choice for Eisele.
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Find a competent partner
The Right Place provides business development in the classic sense and supports companies with the establishment in the region. Above all, it is about arranging the necessary contacts with lawyers, tax consultants, insurance companies, banks, recruiters and warehouse service providers, or to support you in finding suitable premises. Having partners who know your way around is one of the first prerequisites for building a successful business. This help was very valuable for Eisele to overcome the hurdles for entering the market. For example, extensive documents must be submitted to obtain the required work visa. Without the support of an American lawyer, the successful application is virtually hopeless. If you finally hold the work permit in your hands,all further steps can be taken.
Banks, law and taxes
The Social Security Number, which is assigned to every American at birth, is the personal identification parameter for any professional and financial activity in the USA. As a foreign professional who is only registered via his international tax number, you do not have a social security number, which makes many bureaucratic processes, registrations or contracts very complicated or impossible in the first step.
You won't find a uniform banking and payment system in the USA with sort codes and simple transfers. Normal bank transfers are therefore expensive. The main media for all types of payment transactions are credit cards, which are also used, for example, to debit business premises and classic checks. The creditworthiness is assessed on the basis of the credit history, which is linked to the social security number. This means that as a company founder from abroad, you start from scratch here and don't easily get a credit card, even if you want to invest larger sums. With legal changes in the banking system, it can happen that the bank terminates the account at short notice, because a customer group, e.g. Germans, who found a company in the USA is no longer rated as lucrative enough.
Then there is the completely different patent and legal system. Patent disputes, in particular, can become very expensive and quickly lead to an economic end without expert support. The same applies to product liability.
German tax law may be complex, American tax law is special. Large differences between many of the 51 states have to be taken into account and sales are taxed where they are realized. So in addition to the tax return at the company location, others in other states may be required. It is not uncommon for three different taxes to be shown on one invoice.
The examples show that the devil is in many places in the detail and you have to overcome many small hurdles in order to be able to do business in the USA at all. Without the appropriate contacts to local experts, it is hardly possible for a medium-sized company.
Content of the article:
- Page 1: How a medium-sized German company successfully gains a foothold in the USA
- Page 2: Think fluently in other standards
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