What do multinational corporations need to take into account when entering foreign markets?
Oh wow. There are just so many things to consider with this. First and foremost, are the various laws that come into play. While we have plenty of freedoms in the western world, that is not the case in every country. Even trading partners like Indonesia and China have their own laws that are very very different from those in the USA, etc.. Currency exchange can be a tricky matter as well. A business that wishes to sell or trade internationally, will need to have a good bank (actually banks, plural) that can help them to buy, sell and barter in foreign currencies. Things like opening documentary letters of credit (a means of payments between companies) will be important. As will currency exchanges. International taxes can also be an issue. Believe it or not, but some countries prohibit foreign businesses from taking much of their currency out of their native country. Accounting practices and procedures can vary widely. There is GAAP (generally accepted accounting practices) that we use
