{"id":46939,"date":"2024-12-19T08:39:01","date_gmt":"2024-12-19T08:39:01","guid":{"rendered":"https:\/\/www.worldfirst.com\/uk\/?p=46939"},"modified":"2024-12-19T08:45:58","modified_gmt":"2024-12-19T08:45:58","slug":"international-business-risk-factors","status":"publish","type":"post","link":"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/international-business-risk-factors\/","title":{"rendered":"6 international business risk factors to consider"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46939\" class=\"elementor elementor-46939\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-48ef266e e-flex e-con-boxed e-con e-parent\" data-id=\"48ef266e\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1a03ef0 elementor-widget elementor-widget-text-editor\" data-id=\"1a03ef0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><a href=\"https:\/\/www.worldfirst.com\/uk\/\">Home<\/a>\u00a0 &gt;\u00a0\u00a0 <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/\">Blogs<\/a>\u00a0 &gt;\u00a0 <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/\">Online risk management<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7d4528 elementor-widget elementor-widget-heading\" data-id=\"f7d4528\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">International business risk factors to consider<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-30a8e866 e-flex e-con-boxed e-con e-parent\" data-id=\"30a8e866\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-57f25d3b elementor-widget elementor-widget-text-editor\" data-id=\"57f25d3b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: center;\">Learn how to prepare against the international business risk factors awaiting you and discover how you can start mitigating them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4c919b6c e-flex e-con-boxed e-con e-parent\" data-id=\"4c919b6c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-152526b4 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"152526b4\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"473\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/220270153.jpg\" class=\"attachment-large size-large wp-image-46940\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/220270153.jpg 900w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/220270153-300x177.jpg 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/220270153-768x454.jpg 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/220270153-360x213.jpg 360w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-650a8e2b e-flex e-con-boxed e-con e-parent\" data-id=\"650a8e2b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-14ce75c1 elementor-widget elementor-widget-text-editor\" data-id=\"14ce75c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>After a disruptive 2020,\u00a0<a href=\"https:\/\/www.icaew.com\/insights\/viewpoints-on-the-news\/2021\/aug-2021\/global-trade-hits-record-high\" target=\"_blank\" rel=\"noopener\">global trade exceeded record levels in 2021<\/a>\u00a0\u2014 and confidence in business is gradually resuming. Coupled with the recent (re)unveiling of the UK\u2019s \u2018GREAT Britain\u2019 export campaign and SME support, small businesses across the UK are eyeing lucrative opportunities in international markets.<\/p><p>However, business isn\u2019t always plain sailing. If you\u2019re considering expanding into new markets abroad, it\u2019s wise to consider the various international business risk factors that may affect you.<\/p><p>Luckily, you\u2019re in the right place. In this article, we\u2019ll outline some of the factors that could make an impact on your business\u2019s total risk exposure, so you can get a feel for what to expect before you set up shop in a new territory. We\u2019ll also explore how businesses can limit the international risk factors outlined below.<\/p><ol><li>The usual suspects: market and economic forces<\/li><li>Cultural differences<\/li><li>Extreme weather events and natural disasters<\/li><li>Legal challenges<\/li><li>Political risk factors<\/li><li>Purchasing power parities<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28428439 elementor-widget elementor-widget-heading\" data-id=\"28428439\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. The usual suspects: market and economic forces<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4da7b1d0 elementor-widget elementor-widget-text-editor\" data-id=\"4da7b1d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As an entrepreneur, you\u2019ll be familiar with the typical business challenges of supply and demand on your own turf. You may even have achieved a resilient system and only ever run into problems infrequently.<\/p><p>However, entering into a new market is a whole different story. You might have spotted a complete or partial gap in the market, but you\u2019ll be entering a new business environment where you\u2019ll face new competition and different consumer preferences. Local suppliers will probably have a more established foothold in the region, so you\u2019ll need to break through existing brand loyalty.<\/p><p>You\u2019ll need to carefully manage this new business risk factor with thorough market research and advertising to build up brand awareness and trust \u2014 especially if your goods\/services are price-sensitive.<\/p><p>If the local economy of your new overseas market is in (or heading towards) a recession, certain customer demographics may have less disposable income to make purchases. In addition, the wider economic health of the country might not last long enough for you to set up properly. While you can\u2019t eliminate this international business risk factor entirely, you may be able to reduce it to some extent \u2014 and that will take time and planning.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b10be1f elementor-widget elementor-widget-heading\" data-id=\"b10be1f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. Cultural differences<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d5e0928 elementor-widget elementor-widget-text-editor\" data-id=\"5d5e0928\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Much more obvious international business risk factors include language and cultural barriers.<\/p><p>Practically speaking, businesses must be able to communicate with their customers and\/or suppliers \u2014 at a bare minimum. If you\u2019re expanding into a market where there is a dialect or language barrier, therefore, it\u2019s important to make sure your language skills are passable.<\/p><p>Fortunately, e-commerce businesses can use freelance translators on platforms like\u00a0<a href=\"https:\/\/www.upwork.com\/\" target=\"_blank\" rel=\"noopener\">Upwork<\/a>\u00a0or\u00a0<a href=\"https:\/\/www.fiverr.com\/\" target=\"_blank\" rel=\"noopener\">Fiverr<\/a>\u00a0for product description and marketing material translations. In contrast, physical stores may need a more \u2018boots on the ground\u2019 approach, \u2014 and that can be costly, unfortunately.<\/p><p>If you\u00a0<i>do<\/i>\u00a0have a functional familiarity with the local language, understanding the finer points of your new cultural environment is even more crucial. While your communications might be grammatically correct, a taboo turn of phrase can quickly spoil a business relationship. The same principle applies to behavioural conduct, meaning you\u2019ll need to keep up proper appearances to sell effectively.<\/p><p>Business cards and etiquette, for example, are important elements of doing business in China, while inviting contacts for meals during the daylight hours of Ramadan may be considered insensitive in Saudi Arabia. Even accepted business attire in\u00a0<a href=\"https:\/\/www.nytimes.com\/2021\/08\/04\/world\/as-wall-street-workers-return-to-the-office-longstanding-dress-codes-ease-up.html\" target=\"_blank\" rel=\"noopener\">New York<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.ft.com\/content\/3a3f2178-980a-11e9-9573-ee5cbb98ed36\" target=\"_blank\" rel=\"noopener\">London<\/a>\u00a0(our own backyard, relatively speaking) is changing.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f2fa5c elementor-widget elementor-widget-heading\" data-id=\"2f2fa5c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. Extreme weather events and natural disasters<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff9e3a8 elementor-widget elementor-widget-text-editor\" data-id=\"ff9e3a8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Globally connected supply chains mean you may need to relinquish total control over every logistical step. Although there are perfectly reputable and reliable manufacturing and shipping partners available, mother nature can be a hindering force at times. For this reason, extreme weather events and natural disasters present a sustained business risk as entrepreneurs expand internationally.<\/p><p>While the UK itself is increasingly facing the\u00a0<a href=\"https:\/\/www.metoffice.gov.uk\/about-us\/press-office\/news\/weather-and-climate\/2021\/climate-change-continues-to-be-evident-across-uk\" target=\"_blank\" rel=\"noopener\">effects of climate change<\/a>, the British Isles have historically been a safe haven from natural disasters and extreme weather because they don\u2019t sit on tectonic fault lines, and because they benefit from a generally\u00a0<a href=\"https:\/\/www.theguardian.com\/world\/2021\/jul\/29\/extreme-weather-will-be-the-norm-and-uk-is-not-prepared-report-warns\" target=\"_blank\" rel=\"noopener\">mild climate<\/a>.\u00a0<\/p><p>Unfortunately, this isn\u2019t the case everywhere. Damage to Japanese infrastructure after the 2011 tsunami was estimated at\u00a0<a href=\"https:\/\/www.washingtonpost.com\/world\/japan-earthquake-and-tsunami-caused-up-to-235-billion-in-damages-world-bank-says\/2011\/03\/21\/ABtzwn4_story.html\" target=\"_blank\" rel=\"noopener\">$235 billion (USD)<\/a>, while more recent storms in\u00a0<a href=\"https:\/\/www.bbc.co.uk\/news\/world-us-canada-58417442\" target=\"_blank\" rel=\"noopener\">New York<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.washingtonpost.com\/world\/2021\/07\/16\/europe-flooding-deaths-germany-belgium\/\" target=\"_blank\" rel=\"noopener\">Berlin<\/a>\u00a0are predicted to cost similarly large amounts.<\/p><p>On a practical level, your business may have to account for increased business insurance premiums and operational challenges should your premises or goods be affected by extreme weather events.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-25d43d82 e-flex e-con-boxed e-con e-parent\" data-id=\"25d43d82\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6060fa95 elementor-widget elementor-widget-template\" data-id=\"6060fa95\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"45097\" class=\"elementor elementor-45097\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c252ce e-con-full e-flex e-con e-parent\" data-id=\"c252ce\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3d0dfaa8 e-flex e-con-boxed e-con e-child\" data-id=\"3d0dfaa8\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c260cf4 elementor-widget elementor-widget-heading\" data-id=\"c260cf4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Open a World Account for free<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cfe13b9 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"4cfe13b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Open 20+ local currency accounts and get paid like a local<\/li><li>Pay suppliers, partners and staff worldwide in 100+ currencies<\/li><li>Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify<\/li><li>Save with competitive exchange rates on currency conversions and transfers<\/li><li>Lock in exchange rates for up to 24 months for cash flow certainty<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4bf1e215 elementor-widget elementor-widget-button\" data-id=\"4bf1e215\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/portal.worldfirst.com\/register?region=GB&#038;lang=en-GB\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1371de4f e-flex e-con-boxed e-con e-parent\" data-id=\"1371de4f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-102a5842 elementor-widget elementor-widget-spacer\" data-id=\"102a5842\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-732cdf7c elementor-widget elementor-widget-heading\" data-id=\"732cdf7c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4. Legal challenges<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f928430 elementor-widget elementor-widget-text-editor\" data-id=\"1f928430\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As if overcoming cultural and language barriers wasn\u2019t enough, your business must also become familiar, and comply with entirely different legal systems.<\/p><p>Businesses are subject to fines or further legal consequences if they don\u2019t comply with their relevant local authorities, for instance. Because of inevitable regional legal differences, we advise that you seek advice from a qualified solicitor and an accountant to make sure you\u2019re not violating local legislation.<\/p><p>To illustrate this point more effectively, we\u2019ve broken down the main legal challenges you may face into three distinct areas: tax, operations, and contracts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2590b184 elementor-widget elementor-widget-heading\" data-id=\"2590b184\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tax compliance<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eb99082 elementor-widget elementor-widget-text-editor\" data-id=\"3eb99082\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Almost every nation has some form of tax requirement (although\u00a0<a href=\"https:\/\/www.businessinsider.com\/tax-havens-for-millionaires-around-the-world-2019-11?r=US&amp;IR=T\" target=\"_blank\" rel=\"noopener\">some<\/a>\u00a0have a lower threshold than others). Regardless of the actual payments to the governing bodies in question, the local governments you deal with\u00a0<i>will<\/i>\u00a0require your business to file some form of tax return paperwork \u2014 even to report a loss, or no net profit. Each of these obligations will come with deadlines and workloads that will need managing on top of your business\u2019s existing operations.<\/p><p>Differing tax rates can also impact your growth strategy in each new location: it can be very difficult to implement a unified strategy across your enterprise if you have fewer resources for one location versus another.<\/p><p>Fortunately, thanks to globalisation, certain legal elements are coalescing \u2014 like the\u00a0<a href=\"http:\/\/www3.weforum.org\/docs\/WEF_Corporate_Tax_Digitalization_and_Globalization.pdf\" target=\"_blank\" rel=\"noopener\">corporate tax rate<\/a>, for example \u2014 which can help your business budget with consistency. An accountant qualified in your chosen market can help you understand your tax obligations more clearly.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9dc18 elementor-widget elementor-widget-heading\" data-id=\"0a9dc18\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Operations compliance<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95431fa elementor-widget elementor-widget-text-editor\" data-id=\"95431fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Operational requirements are a far more diverse and less standardised element of international business than our tax example above. Different countries regulate their business macro-environment more intensely, and certain industries within each country are more heavily regulated than others. Depending on quite how \u2018free\u2019 your new country\u2019s market is, you may have to acquire permits for certain business activities before you can operate legally.<\/p><p>Agriculture and fisheries businesses, for instance, have to cope with environmental legislation, while manufacturers often have to abide by rigorous safety product standards when they produce children&#8217;s products. Certain business activities, like playing copyrighted music or handling food, may also need a license.<\/p><p>If you make or import goods as an e-commerce business, specific regulatory requirements will depend on the product category. Alcohol vendors, for example, may have to secure a licence or permit \u2014 and may have to promise not to sell to minors \u2014 while tech businesses may have to make sure their products meet electrical safety standards.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cad0e75 elementor-widget elementor-widget-heading\" data-id=\"cad0e75\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Contract compliance<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ada371f elementor-widget elementor-widget-text-editor\" data-id=\"ada371f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Whether you\u2019re hiring staff to fulfil orders, or liaising with local businesses for support or supplies, it&#8217;s essential to create ironclad contracts.<\/p><p>Certain agreements between businesses and their employees or suppliers may be considered unreasonable and unenforceable, leaving you open to lawsuits or unfulfilled obligations. Specific legal principles, like time-centric clauses or what might constitute a \u2018good faith\u2019 agreement, can vary wildly between two nations\u2019 legal systems. Adding a language barrier on top of this can make securing reliable contracts difficult.<\/p><p>Consult a locally qualified solicitor to make sure you\u2019re not left exposed to this risk factor.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90aff50 elementor-widget elementor-widget-heading\" data-id=\"90aff50\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5. Political risk factors<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9387424 elementor-widget elementor-widget-text-editor\" data-id=\"9387424\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As factors affecting business risk go, politics is arguably the most astounding. Given the power they wield, some politicians don\u2019t need to do very much to heavily affect market performances. Stock markets can be spooked when political leaders give impassioned speeches about\u00a0<a href=\"https:\/\/www.theguardian.com\/business\/live\/2019\/aug\/02\/trump-fresh-300bn-china-tariff-threat-spooks-markets-business-live\" target=\"_blank\" rel=\"noopener\">trade tariffs<\/a>\u00a0(never mind actually delivering them), while currency values can tank or swell along the lines of certain\u00a0<a href=\"https:\/\/www.ig.com\/uk\/financial-events\/brexit\/value-of-the-pound-since-brexit\" target=\"_blank\" rel=\"noopener\">political outcomes<\/a>.<\/p><p>Even if your business isn\u2019t yet publicly traded, as an aspiring international business, it\u2019s worth paying attention to the shifting political scenes of your target market(s). Unfortunately, this isn\u2019t the only risk factor from politics that affects international businesses. There are far less salacious examples that come from emerging legislation that your business should pay attention to.<\/p><p>First and foremost are\u00a0<i>changes<\/i>\u00a0to existing laws (for example, in tax rates, employment wage minimums or mandatory licences). We touched on these points above, but we haven\u2019t yet mentioned that politics make this a\u00a0<i>dynamic<\/i>\u00a0challenge for businesses. Being compliant with the law means\u00a0<i>staying<\/i>\u00a0compliant, even as new governments tweak or overhaul entire pieces of legislation. Simply put, changes to the law can upend existing compliance efforts and move business strategy back to square one.<\/p><p>International businesses, importers and exporters also have to stay abreast of trade deals. The introduction (or removal) of lucrative international trade arrangements affects small businesses heavily, and can almost entirely determine their viability outside their original domestic market. With already thin margins in some product categories, small businesses can benefit from free trade agreements or lax tariffs on goods between nations.<\/p><p>When these arrangements are changed, removed or even expanded to a third-party nation, the business landscape can alter very quickly. As you\u2019re reviewing your expansion efforts, take note of developments in government performance and legislation to ensure your business is viable.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a94e815 elementor-widget elementor-widget-heading\" data-id=\"a94e815\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6. Purchasing power parities<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a328cd elementor-widget elementor-widget-text-editor\" data-id=\"2a328cd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It won\u2019t surprise you that financial factors affect your business\u2019s risk exposure, but understanding exactly how is important. As you\u2019re expanding internationally, you may find that your budget stretches less than in the UK.<\/p><p>This is known as\u00a0<a href=\"https:\/\/data.oecd.org\/conversion\/purchasing-power-parities-ppp.htm\" target=\"_blank\" rel=\"noopener\">purchasing power parity<\/a>, where international buyers (you, in this instance), need to pay\u00a0<i>more<\/i>\u00a0for the same amount of goods as someone who lives there domestically. If this is the case, your initial investment and growth strategy will need to account for this acute business expense. Luckily, this isn\u2019t always the case. If your budget forecast shows that your money goes much further, it\u2019s essential that you maximise this advantage as much as you can, as it can help you fund a more aggressive growth strategy than your domestic competition.<\/p><p>Vitally, parities in purchasing power aren\u2019t consistent across the board; no one nation is able to access goods cheaper than another every single time. Try to take a blended approach, purchasing domestically (within the UK) and\/or importing goods to your new operational location to maximise your access to price differences.<\/p><p>Purchasing powers don\u2019t usually remain static over time. The fluctuating nature of economies and currency markets (caused by the combined effects of changes in market forces, perceived stability in policymakers and business leaders, political direction, and more), cause the purchasing power of nations to change. Famously,\u00a0<a href=\"https:\/\/www.imf.org\/EXTERNAL\/PUBS\/FT\/ISSUES8\/INDEX.HTM\" target=\"_blank\" rel=\"noopener\">China<\/a>\u00a0has enjoyed some of the most enduring and impactful economic development in human history, and now the luxury goods market is poised to\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2020\/11\/22\/china-is-headed-to-be-the-worlds-largest-luxury-market-by-2025-but-american-brands-may-miss-out\/\" target=\"_blank\" rel=\"noopener\">centre on China<\/a>\u00a0as consumers buy high-quality brands with their increased disposable income.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-033bf06 elementor-widget elementor-widget-heading\" data-id=\"033bf06\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to limit international business risk factors with WorldFirst<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a494ba1 elementor-widget elementor-widget-text-editor\" data-id=\"a494ba1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Currency transfer providers like WorldFirst offer businesses innovative solutions to limit international business risk factors while conducting cross-border transactions by limiting their FX exposure. And with a faster and more flexible approach to currency transfers, you can improve access to your consumers and suppliers.<\/p><p>By using WorldFirst, your small businesses can access fast and affordable transfers. With\u00a0same-day payment options to ensure your transfers reach their destinations in\u00a0<i>hours,<\/i>\u00a0not days \u2014 all you have to do is meet the\u00a0<a href=\"https:\/\/www.worldfirst.com\/downloads\/payment-cut-off-times-utc.pdf\">cut-off times<\/a>.<\/p><p>Find out more about WorldFirst\u00a0and learn how they can limit your international trading risks or call us on 0207 801 1065 and start saving today.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38b1f74d elementor-widget elementor-widget-image\" data-id=\"38b1f74d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"160\" height=\"160\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240327031331810.png\" class=\"attachment-large size-large wp-image-32122\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240327031331810.png 160w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240327031331810-150x150.png 150w\" sizes=\"(max-width: 160px) 100vw, 160px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54448ffc elementor-widget elementor-widget-heading\" data-id=\"54448ffc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">WorldFirst<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6dfae639 e-flex e-con-boxed e-con e-parent\" data-id=\"6dfae639\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-729f664a e-flex e-con-boxed e-con e-child\" data-id=\"729f664a\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4db77040 Last3Articles elementor-widget elementor-widget-shortcode\" data-id=\"4db77040\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"blogs_container\">\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/how-to-manage-foreign-exchange-risks\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/currency-exchange.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/how-to-manage-foreign-exchange-risks\/\">Managing foreign exchange risks<\/a>\n                <\/h1>\n                <p>Foreign exchange risk management is vital to e-commerce brands. This article offers tips to help with foreign exchange risk.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/financial-crime-support\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/closeup-view-metal-handcuffs-dollars_181624-17914-1.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/financial-crime-support\/\">We\u2019re taking the fight to financial crime<\/a>\n                <\/h1>\n                <p>Find out how our team tackles financial crime and what businesses can do if they think they\u2019ve fallen victims.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/pros-cons-receiving-foreign-payments-local-currency\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/12\/230033283.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/pros-cons-receiving-foreign-payments-local-currency\/\">Receiving foreign currency payments in local currency<\/a>\n                <\/h1>\n                <p>Learn about the pros and cons of local currency payments.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4146fdf8 e-grid e-con-boxed e-con e-child\" data-id=\"4146fdf8\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7e459504 e-flex e-con-boxed e-con e-parent\" data-id=\"7e459504\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-19eb8a01 elementor-widget elementor-widget-template\" data-id=\"19eb8a01\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"45101\" class=\"elementor elementor-45101\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6d900fac e-flex e-con-boxed e-con e-parent\" data-id=\"6d900fac\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-36c1eca9 e-flex e-con-boxed e-con e-parent\" data-id=\"36c1eca9\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c238113 elementor-widget elementor-widget-heading\" data-id=\"4c238113\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">You might also like<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7f9ec2 elementor-widget elementor-widget-text-editor\" data-id=\"b7f9ec2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>WorldFirst articles cover strategies to mitigate risk, the latest FX insights, steps towards global expansion and key industry trends. Choose a category, product or service below to find out more.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6457b31 e-grid e-con-boxed e-con e-parent\" data-id=\"6457b31\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-27fa6f1 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"27fa6f1\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/uk\/for-online-sellers\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Accounts for online sellers<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6712d69 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"6712d69\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/uk\/for-importers\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Accounts for importers<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0d3516 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"e0d3516\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Exploring new markets<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5c09e4 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"a5c09e4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/business-with-china\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Doing business with China<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cea8463 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"cea8463\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/global-insights\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Global insights<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cacb43 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"6cacb43\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/international-transactions\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">International transactions<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77e016d elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"77e016d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a 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2004<\/li><li>Your money is safeguarded with leading financial institutions<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-658bb0a0 elementor-widget elementor-widget-image\" data-id=\"658bb0a0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"271\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240326104849999-1024x347.png\" class=\"attachment-large size-large wp-image-32123\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240326104849999-1024x347.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240326104849999-300x102.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/15\/2024\/05\/20240326104849999-768x260.png 768w, 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After a disruptive 2020,\u00a0global trade exceeded record levels in 2021\u00a0\u2014 and confidence in business is gradually resuming. Coupled with the recent (re)unveiling [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":46940,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 international business risk factors to consider | WorldFirst<\/title>\n<meta name=\"description\" content=\"It\u2019s not always plain sailing, so here\u2019s how to mitigate FX risks in business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.worldfirst.com\/uk\/blogs\/online-risk-management\/international-business-risk-factors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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