Two Ways to Become a Multinational Company from Alina Mark's blog

So you small business has grown out of its small office block and has enough money to go multinational. Congratulations! This is a step in the direction considering you can now venture into new markets and get more profit. But do you know the basic options for fledgling multinational corporations to expand into other countries? If not, read on to unearth some of the criteria your small business must meet before being considered a multination company (MNC).

Branches

Truth be told, there is no way your small business can graduate into an MNC in Singaporeyet it does not have branches in other countries. Fortunately, this is something you no longer have to worry about as long as you enough cash. All you have to do is choose your country of choice, acquire the pertinent business licenses and hire a localization team. It is then that you can setup your business branch in a foreign country.

For you to stand the chance of achieving business success, it would be better to have the branch in a busy location. The main intention of doing this is reach out to a huge customer base while also paving the way for future local partnerships. Keep in mind you may have to make do with more rent and taxes if you choose a busy, international location.

Turn Key Projects

Chances are you already know about turn key projects. Just in case you do not know, these projects tend to be common in businesses that need precise technological expertise such as oil drilling platforms.  With turn key projects, your business is expected to setup its technological know-how to a foreign company.  The company then pays you to build a modified copy for your plant in line with their specifications. This is, of course, from scratch until the operational stage.

As soon as you’re done building the plant, you’ll hand over the keys to the fully functional plant to the foreign company. To get started, they simply have to ‘turn the key.’ Despite the fact that selling factories is profitable, you’ll no longer worry about expanding in the country. After all, another firm already holds the license to your technology.

There are so many ways of becoming a multinational company. Be sure to understand how each one of them works before you can finally move on to the next step.