Thompson Dorfman Sweatman LLP
TDS is a leading Manitoba-based law firm offering services in six languages. The full-service firm’s 90 lawyers provide services including cross-border transactions, tax law, labour/employment, immigration and intellectual property protection. TDS’ strategic partner Acumen Corporate Development helps clients with their growth strategy. As the exclusive law firm in Manitoba for Lex Mundi, TDS can help clients in 100+ countries worldwide. TDS has ten offices in Manitoba, including Winnipeg, Brandon, Portage, Morden, Winkler and Steinbach.
What can businesses do to reduce stress, save time and money before entering a new market?
> Conduct due diligence on business partners before entering into any commercial dealings
> Understand the importance of local customs and culture
> Get great advice so you understand the difference in important laws between your home jurisdiction and the new jurisdiction
What are some common errors that can be avoided when entering a new market?
> Not having a basic understanding of the laws of the foreign jurisdiction(s) you’re entering (e.g. employment)
> Not having pre-vetted, reputable legal counsel in the foreign jurisdiction to assist you
> Not protecting your intellectual property in all key jurisdictions that you are doing business in
> Assuming that doing business in another country is very similar as doing business in Canada
What are some important strategies to consider before starting to do business outside of Canada?
> Look for service providers in the new jurisdiction who are highly connected within the business community and with governments
> Try to access information on doing business in the new market in advance of making major decisions
> In situations where businesses are unclear on what approach they should take in the new market (legal, marketing, human resources, etc.), seek expert local advice from service providers in the new market, to assist with making an informed decision