Do you know how to expand to the US?
As part of the NRW-USA Year, our information event How to expand to the US took place for the second time on Monday, November 13. Participants listened to exciting presentations on the support available from the US embassy and the US states, the legal challenges and the best-practice example of the company Numaferm.
The first presentation was given by Christin Mechler from the US Embassy. She presented the SelectUSA program, which promotes and facilitates corporate investment in the US. As a central point of contact, the representatives inform and advise companies of all sizes about their entry opportunities in the US. The info-tools provided by the Embassy assist in accessing the market. One example is the tool clustermapping which helps to identify the right region, industry-cluster and subcluster.
David Moock, representative of Pennsylvania, highlighted the opportunities that Pennsylvania has to offer with its central location in the most densely populated part of North America. Pennsylvania and North Rhine-Westphalia share a history as a “coal and steel region” as well as strength in the life sciences.
The GreenbergTraurig attorneys, Wayne H. Elowe and Dr. Viola Bensinger, provided information on the legal aspects and options for expanding into the US. Topics to consider include tax structure, IP ownership, regulatory requirements and data protection structures.
Lastly, Dr. Christopher Klein reported on Numaferm‘s approach to entering the market. As a young company, Numaferm opted for a medium-term solution in the form of an Employer of Records, who works full-time for Numaferm, is on site in the US and can assist with visas, work permits and background checks. This approach provides a secure first step towards globalization. In addition, Employer of Records can recruit and hire in multiple countries through the same HR system.
Image source: BIO.NRW