Our tour of Germany is nearly complete. Of course you ‘ll need a solution that can handle at least two currencies (dollars and Euros), two languages, and three accounting systems (U.S. GAAP, German GAAP and tax books).
Step #9: Be flexible to fulfill local law, regulations and practices. Keep the control of your company by selecting a system that can easily link other systems and software. Your German affiliate may use a different infrastructure so you need a solution that can operate across different platforms.
Step #10: Make sure you understand local requirements and enforcement. Before opening operations in Germany, make sure to get the advice of a local attorney and accountant who are familiar with the regulations of the German Financial Reporting Enforcement Act (Bilanzkontrollgesetz or BilKoG), which established a two tier system of enforcement in Germany. It combines elements of private and public law.
That wraps up our take on doing business in Germany. As with the countries we ‘ve previously profiled, some of the tips can be applied to other countries where you ‘re considering expansion.
Watch for our next blog in our Going Global series, “Doing business in Australia.”
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