Every issue mentioned in this package also affects businesses in the Caribbean basin. However, some international trade agreements and agreements have made doing business in Caribbean Basin countries cheaper for U.S. companies than in the past. Speaking of taxes. Some of the biggest threats and opportunities in global trade come in the form of taxes. Especially at the level of business units. You should carefully consider whether the foreign country has a tax treaty with the United States. Plus, you want to know the tax consequences of doing business there. In some cases, tax treatment can mean the difference between the success or failure of a business. The international market is waiting to be plundered by you. It is ripe with opportunities and potential gains for anyone willing to invest time and effort more than anything else. Take, for example, the current pattern of world population growth. The population of the United States represents just over four percent of the world`s population and is growing comparatively more slowly.
The population of developing countries is growing exponentially and this huge global market is largely untapped. One statistic estimates that 85% of U.S. exports come from just 250 companies! With regard to patents and trademarks, the Paris Convention is the pioneering international agreement on international protection. Like Bern, Paris is founded on the same principle of national treatment, thus guaranteeing foreign patent holders the same protection as national patent holders. Similarly, Paris also offers independence of protection. Where a Member State grants a patent to an applicant, the other Member States are not obliged to grant a patent as well. Conversely, a patent cannot be refused on the ground that it has already been refused by another Member State. Brands are also independent. An application for trademark registration abroad cannot be refused because its registration in the country of origin has been refused or has expired. If such an application has been lodged in the Member State of origin, its registration abroad must be granted on application.
The principle of the right of priority is unique in Paris. Under this law, a patent application filed in one Member State prevails in other foreign Member States. Filing in a country creates a twelve-month grace period during which the applicant can file applications abroad. If applications filed subsequently are filed within this twelve-month period, they shall be deemed to have been filed on the date of the first initial filing. Therefore, any competing application filed by another applicant during this period will be refused as priority will be given to the first applicant. Velocity Global is thrilled that Tyler Rauert is now a guest author. Tyler is a partner at Polaris Law Group, an international law firm focused on bringing global trade to small and medium-sized businesses. Tyler advises companies operating abroad. His practice focuses on cross-border business transactions, business formation and financing, intellectual property protection, regulatory compliance, dispute settlement and international trade policy.
Tyler`s legal practice is based on a decade of foreign policy and national security experience for the U.S. government. He helped negotiate a number of agreements with European, Russian, Chinese, Arab, Israeli, Turkish, Afghan, Pakistani, Indian and Iranian partners. The globalization of your business can be both exciting and nauseating. Instead of worrying about the monsters lurking in the dark corners of international trade, a leader`s attention should focus on maximizing the impact of global opportunities. To demystify the process, here are some big legal questions that any company considering global expansion should consider: Arbitration and arbitration are two forms of alternative dispute resolution (ADR). ADR is looking for ways to resolve disputes other than traditional ones and is increasingly an attractive option as it is almost always cheaper and time-consuming than litigation and is perceived as better outcomes. Indeed, international arbitration by the ICC is particularly attractive because its awards enjoy greater international recognition than traditional decisions of national courts. Conciliation does not even rely on an arbitrator, but relies entirely on the cooperation of the parties to the dispute with the arbitrator to reach an agreement, rather than on an arbitral award. Before discussing trade-related aspects of IP, it is important to define IP. Unlike tangible and personal property, intellectual property is intangible, but like real and personal property, the name itself implies some kind of ownership. In the case of intellectual property, ownership takes the form of authorship, creation and invention.
Thus, intellectual property includes many things such as trademarks, company or company names, patents, copyrights, trade secrets, and designs. Even for small businesses, this huge global market has a relatively open field. This is a new global economy in which trade barriers are slowly beginning to collapse and technology and communications are levelling their strengths. These global demographic and economic changes make it a particularly opportune time for a domestic company or even an individual entrepreneur to venture into international trade. In 1977, the United States was one of the few countries in the world to apply a law similar to the FCPA. However, on 20 November 1997, the 29 member States of the Organisation for Economic Cooperation and Development (OECD) and five non-signatory States (Argentina, Brazil, Bulgaria, Chile and the Slovak Republic) adopted the Convention for the Suppression of Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Convention). The convention requires each signatory to adopt “effective measures” to deter its citizens from bribing foreign officials for commercial purposes. (3) Commercial Banking – It is important to establish a banking relationship with a commercial bank that is familiar with international trade, transaction structuring and transaction financing. Make sure your bank has a letter of credit service. A special consideration for companies that specialize in trading with a particular region is to develop a banking relationship with a bank in that region, as they already know that market and have open lines of communication in that region. This link between intellectual property protection and international trade is a remarkable feature of the TRIPS Agreement.
The stated objective of the TRIPS Agreement is based on the conviction that “the protection and enforcement of intellectual property rights should contribute to the promotion of technological innovation and to the transfer and dissemination of technology for the mutual benefit of producers and users of technological knowledge in a manner conducive to social and economic welfare. and a balance between rights and obligations” (TRIPS, Article 7). This link between intellectual property protection, innovation and international trade must be taken into account for any person or entity operating abroad, even if it is small. Intellectual property protection gives the owner greater control over the sale, resale, use, distribution and licensing of its products, thereby promoting technology transfer, international trade and investment, and economic development. which, in turn, fosters innovation. The Department of Justice (DOJ) has a consultative review process that allows either party to request an explanation of the Department of Justice`s current law enforcement intentions in accordance with the FCPA`s anti-corruption provisions with respect to any proposed business conduct. Under the advisory opinion procedure, the Attorney General is required to give an opinion on specific requests from a company within 30 days of the request. It is important to note that the 30-day period does not begin until the DOJ has received all the information it needs to issue the notice.
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