Lawyer Monthly Magazine - March 2020 Edition

13 MAR 2020 | WWW.LAWYER-MONTHLY.COM idea that has simplified a somewhat complicated process to save business owners a lot of time. He tells us that he has created a method that enables companies to use their nationally issued licence to be recognised in other jurisdictions. This will enable that particular licence to potentially become a worldwide licence – quickening the process behind expanding internationally. He states: “No longer do you have to obtain licencing in one jurisdiction to then repeat the same process when you want to expand elsewhere. When your business grows, you usually have to re-do the same licence application for the other jurisdiction(s).” Royce dubs this as his “Genius Formula” which now potentially allows his clients to use the original licence to be recognised in other jurisdictions. But is there such a demand for multi- jurisdictional licences? The globe is becoming one centralised place, so a uniform process has the potential to be positively welcomed. In his field of expertise, Royce tells us how he foresees the day where there will be an international licencing body (ILB), which, he says “would be a portfolio held perhaps by the United Nations, where licences that are duly recognised by this body could automatically be used within that recognised jurisdiction, worldwide." “Today we have a variety of jurisdictions, and, let’s say, you need to obtain different authorisation from the USA and Canada. Tomorrow, with the rise of globalisation, the two jurisdictions may just be the Earth and the moon – this may sound farfetched, but, after all, residential rights are already being sold on the moon. “My formula for an international licence has simply brought a possible eventual act, more forward in time.” Front Cover Feature Royce Lane The main challenges of going global are: Exchange rates International company structure Pricing strategies Political Risks Labelling and Packaging Foreign laws and regulations Supply chain complexity Payment methods 1 Perform due diligence to understand the full impact of the international expansion. 2 Prepare an international business plan to evaluate needs and identify goals. 3 Conduct foreign market research and identify the target international market. 4 5 Begin the recruiting process for the permanent leadership team. 6 7 8 Initiate patent, trademark and intellectual property reviews. 9 Develop policies, procedures, and handbooks that comply with local requirements while maintaining balance with overall company policies. 10 Develop a suitable information technology infrastructure.