Business in Cuba

‘Tripping Over Wires’: The Risks of Doing Business in Cuba

This article was published today on the EinNews website.

Dorothy: “Toto, I’ve a feeling we’re not in Kansas anymore.”

There are always risks for businesses when the decision is made to do business in a foreign country. Educating yourself on new laws, different rules, culture, labor issues can make the move to a foreign country an easier process.

With Cuba poised to open up to U.S. investment, it may be tempting for companies to jump in without testing the water.

But first-mover advantage will not guarantee success —in fact, according to a group of risk management experts who spoke at the recent Cuba Opportunity Summit, it could lead to disaster if firms do not have strong compliance programs in place.

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“Like any emerging market or any new market that a company wants to go into, there’s always opportunity and there are threats for businesses,” said Glenn Ware, partner and practice group leader for anti-corruption, corporate intelligence and strategic threat management at PwC. “For example, there are labor issues, there are political issues, there are corruption risks and supply chain risks.”

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