THIS CLASS IS: INTERNATIONAL BUSINESS Finnish Schools is attempting to move to t
ID: 361999 • Letter: T
Question
THIS CLASS IS: INTERNATIONAL BUSINESS
Finnish Schools is attempting to move to the United States.
www.finnish.school
(1) Legal: Are there legal restrictions or regulations that your client must follow in new proposed market? Is there a need for certification?
(2) Finances: What is the best way to collect payments and move money across border when doing business in the proposed market, particularly with respect to transaction fees, currency exchange, and taxes?
(3) HR: Would it be necessary to hire sales representatives, agents, managers, or other personnel? If so, what is the best way to recruit them, what compensation level and system will ensure the optimal balance of motivation, retention, and cost? Other personnel management tips?
Explanation / Answer
Legal: Are there legal restrictions or regulations that your client must follow in new proposed market? Is there a need for certification?
Yes, because it is an educational entity it needs to obtain permission to operate in the US from the United States Department of education, it needs to pass certain examinations in order be certificated as a superior educational entity.
Finances: What is the best way to collect payments and move money across border when doing business in the proposed market, particularly with respect to transaction fees, currency exchange, and taxes?
The best way is to open local bank accounts in the US and then wire the money to Finland, you can also use operators like MoneyGram or use online providers like PayPal that is becoming more successful because is charging you less money per transaction.
HR: Would it be necessary to hire sales representatives, agents, managers, or other personnel? If so, what is the best way to recruit them, what compensation level and system will ensure the optimal balance of motivation, retention, and cost? Other personnel management tips?
Yes it would be necessary to hire personnel and the best way to recruit them is by outsourcing this process to a firm who specializes on this.
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