The time has come to pursue new horizons: you’re taking your business to the U.S. of A! It’s an exciting time, but you know there will be a lot of work involved as well. For one thing, you’ll have to make sure your company is compliant with U.S. law.
That’s no easy feat—but we’re here to help you get started. Here are a few things to pay attention to as you’re thinking about business compliance.
Don’t wait to become compliant
One of the biggest mistakes companies often make is worrying about compliance only after they’ve grown their business in a new market. Rather than waiting to develop a compliance program until after your business has put down some roots, try to build a compliance program while growing your company.
You may reason that you’ll be better able to afford a compliance program once your business has taken off. But if legal issues arise before then, it could cost you significantly, which is why it’s always safer to take care of it upfront.
Set up a compliance program—and use a consultant
The easiest way to ensure your company’s legal safety is by setting up a compliance program. This will formally lay out your company’s policies and procedures in accordance with U.S. law.
If you can, it’s worth putting together a compliance team to build this program, ensure it’s followed, and make updates as necessary. At the very least, consider hiring a legal consultant to help you with the process of developing a company legal policy.
Train your team
Many business managers make the mistake of assuming business is the same everywhere. It’s not—and that mistake can cost your company dearly.
In the U.S., for example, it’s expected that companies perform due diligence when dealing with third parties. But in Italy, where privacy is highly valued, that’s simply not a requirement.
If you’ve built a compliance team, now is the time for company-wide training. Have the compliance team give your other employees a crash course in U.S. law regarding business. If you don’t have a compliance team, consider bringing in a legal consultant to teach your managers the basics.
Expanding or relocating your company always comes with risks. But by preparing upfront, you can protect your business venture and ensure that all your hard work pays off—and all your excitement is fully justified.
Interested in learning more about compliance? At eMazzanti, we’ve got both the business sense and the legal know-how to help your company stay compliant as it grows. To learn more, contact us today.