How to understand US cultural differences impacting your business: Hofstede’s 6-D model

How to understand US cultural differences impacting your business: Hofstede’s 6-D model

Business
By Sheena Liang For any international executive trying to do business in the United States, one of the main challenges is learning to navigate cultural differences between this country and his or her country of origin. They can be subtle sometimes but can have an enormous impact on multiple activities including hiring and managing employees, selling, negotiating contracts, and many others. In this article, we present one of the most widely used models for the understanding of cultural differences and use it to identify the most relevant ones when comparing the United States and several other countries. It has been improved over more than 50 years through extensive research. The 6-D model, or Hofstede’s cultural dimensions theory – describes the relationship between culture, society, and individuals. This model was originally developed…
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What does your company do? How to make an effective elevator pitch

What does your company do? How to make an effective elevator pitch

Business Development
By Sheena Liang An elevator pitch is a professional introduction that will hopefully lead to a deeper dialogue about the value of what you and your company can offer. Why is it called an elevator pitch? The term comes from the idea that if you ended up in an elevator with someone, what would you say about your company on the elevator ride to start a conversation with them? In the United States, an elevator pitch is essential because people expect to learn about your company in a short amount of time. A successful elevator pitch should spark your audience’s interest and make them want to hear more.  In general, you can use an elevator pitch anytime when someone asks you, “What does your company do?” An elevator pitch can…
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Do you know form 5472? Ignoring it could cost you $25,000… or a lot more!

Do you know form 5472? Ignoring it could cost you $25,000… or a lot more!

Laws and regulations
INTRODUCTION Creating a company in the US is extremely easy compared to other countries, it is a process that we explain in detail in our free guide. However, there are some details that must be taken into account. Ignoring them can be extremely costly. An example is form 5472 of the US tax authority, the Internal Revenue Service or IRS, which, with few exceptions, must be completed annually by foreign companies doing business in the US, as well as US companies that have more than 25% of its capital in the hands of foreign persons (individuals or legal entities), directly or indirectly. WHAT IS FORM 5472? This form is used to inform the IRS of the activities in the US of foreign companies or activities of US companies with more than 25%…
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Incorporate in Delaware? Myths, realities and the Delaware flip

Incorporate in Delaware? Myths, realities and the Delaware flip

Business
Introduction Delaware is a small state on the East Coast of the US, not far from major metropolitan areas (Washington DC, Baltimore, Philadelphia and New York), with less than 1 million residents. Its largest city is Wilmington, with a population of around 71,000. Apart from being the home state of President Biden, a proud Delawarean, it is famous for some advantages offered to businesses. When establishing a subsidiary in the US, one of the main decisions that international companies need to make is which state to choose. There are many implications that need to be analyzed carefully. Unfortunately, there is quite a bit of misinformation regarding pros and cons of the different options. A lot of it is connected with the alleged advantages derived from setting up the business in…
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3JIT and Anzen Engineering select Markentry USA as partner for US market entry

3JIT and Anzen Engineering select Markentry USA as partner for US market entry

Business
3JIT, Anzen Engineering and Markentry USA today announced the signature of a strategic collaboration agreement. Thanks to this agreement, Markentry USA will act as local partner in the United States for market analysis, strategic planning and business development support in order to optimize the development of Anzen Engineering’s business in the US market, initially in the area of RAMS engineering for the Urban Air Mobility (UAM) market. Through this partnership, Markentry USA will use its strong background in US market entry and the aerospace business to help Anzen Engineering design and implement a successful strategy to increase its portfolio of international customers and serve new clients in the United States, a country that currently offers massive opportunities and growth in UAM.  3JIT is a consulting company with the purpose and firm commitment to the added…
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The US approves a $1.2 trillion Infrastructure Plan, creating huge opportunities for international companies

The US approves a $1.2 trillion Infrastructure Plan, creating huge opportunities for international companies

Government Contracts
After eight months of negotiation in the US Congress, finally the House of Representatives approved late on Friday the 5th the “Infrastructure Investment and Jobs Act”. With 228 votes in favor and 206 against, the decision had the support of most members of the Democratic Party (all its representatives except 6 voted in favor) and the rejection of the majority of the Republican Party, although 13 of its representatives also gave their approval. Given that the law had already been approved by the Upper House or Senate in August by a wide majority (69-30), it only awaits the presidential signature to become effective. This is a cornerstone of Biden's legislative agenda. It is an essential element of the “Build Back Better” plan, one of the pillars of his electoral program.…
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End of US travel ban for vaccinated passengers

End of US travel ban for vaccinated passengers

Blog
The White House announced on September 20th that the travel bans to the United States, which we have reported on previous articles in our blog on June 2020 and July 2021, will be eliminated "at the beginning of November" for vaccinated travelers. These bans were progressively imposed by the Trump Administration between January and May 2020 and have had an immense impact on the activities of international companies and executives with interests in the country. The head of the White House COVID-19 Response Team, Jeff Zients, said foreign travelers must show proof of vaccination and a negative COVID-19 test (made three days before boarding the plane) upon entering the country. Zients said the US Centers for Disease Control and Prevention (CDC) will determine which vaccines will be accepted. These are long-awaited…
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Biotech: The American El Dorado

Biotech: The American El Dorado

Business
By Juan Rivera-Mata, Ph. D. Markentry USA Partner. Pfizer in the first 6 months of 2021 obtained US $1,330 million in profits (+62% compared to the first half of 2020). This was mainly due to the sale of more than 1 billion COVID-19 vaccines. But the discovery of the vaccine came from BioNTech, a German company of 2 Turkish researchers. In the same period, BioNtech got 2,800 million euros in profit, while in the first 6 months of 2020 it had losses of 141.7 million euros; it was the first time they have had a profit. With the current contracts and the expected recommendation of a third booster dose, BioNtech will probably end 2021 as one of the world's leading pharmaceutical companies, similar to Biogen, Teva or Novo-Nordisk, a company…
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Keys for the Commercialization of Medical Devices in the US

Keys for the Commercialization of Medical Devices in the US

Laws and regulations
By Maria Jose Lopez Barragan, Ph.D. Markentry USA Partner and Juan Rivera-Mata, Ph. D. Markentry USA Partner Many companies plan their entry into the American market without a good understanding of the legal requirements that govern their products in the US. The FDA (Food and Drug Administration) regulates the consumption not only of drugs and food, but also of veterinary products, cosmetics, tobacco, and so-called “medical devices”.About one-fifth of what American consumers spend is, in one way or another, regulated by the FDA Under the category of medical devices there is a wide variety of products that ranges from complex devices that assist robotic surgery or even artificial organs, to objects that accompany our daily lives and whose perception can be very different from what anyone would consider a medical…
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Immigration and Travel to the US: Update

Immigration and Travel to the US: Update

Blog
End of immigration suspension Unsurprisingly, quietly and with little media attention, the restrictions on the issuance of nonimmigrant visas H-1B, L-1 and J-1, which had been in force since June 24, 2020, expired on March 31st. Since then, US consulates around the world have restarted the issuance of H-1B, L-1 and J-1 visas without the need for an additional request for a national interest exception. This joins the elimination of the suspension on immigrant visas or 'Green Cards' ordered by President Biden on February 24 and that we already discussed in our article Important news about immigration to the US.Therefore, US consulates have restarted the processing of visas that had been blocked and have started accepting new visa applications. It is expected that it will take some time before consular activity…
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