When testing the waters of a new market, businesses often anchor themselves by entering into limited liability partnerships (also called LLPs) with local parties. LLPs can reduce investment risks and expansion costs by distributing them between partners, limiting liabilities to the amount of money they’ve invested, and protecting them from loss of assets. This arrangement requires great mutual understanding and trust.
But suppose your new partners and market are from a different country, speak a different language and follow a different set of customs. Would hiring a translation service agency help foster their trust?
In this case, the best translation service agency you can hire should have customizable business services integrated into the language translation services traditionally expected of them. They should operate more like another department within your company, rather than an outsourced service.
They should be close at hand through every important meeting or documentation involving your foreign investors or partners, even prior to the formal signing ceremony for the LLP. The hand-picked translators and interpreters should be experienced, professional, and discreet, as they will be privy to many details of the business. They should take the time to understand how your business works.
The most ideal translators are those who have undergone legal training or are familiar with the laws in the both your country and the country you are investing in. A technical translation agency can provide you with these professionals. They should still, of course, be fluent in both English and the languages of your prospective partners, and have first-hand experience of both cultures the way a native would.
The ultimate goal here is to ensure that all aspects of the partnership be managed with smooth, coherent communications between all parties, regardless of any language or cultural divide.
After the partnership is signed, the real work begins.
Be prepared to keep the services of translators and interpreters on a long-term or intermittent basis, even after you’ve hired new bilingual or multilingual employees.You need to mount a well-researched campaign presenting your products or services to a new market. You need to set up a proper distribution or delivery system; perhaps you need to set up or expand manufacturing operations, and find local or regional suppliers.
All these, while working closely with your new partner corporation. The steep learning curve you would have to achieve would be nearly impossible without the help of your cross-cultural experts, the translators.