Forbes Column Quotes Spencer Griffith on Challenges for Overseas Companies Operating in United States
Spencer Griffith, a partner in the international trade practice at Akin Gump, has been quoted in “Regulatory Labyrinth Can Trap Foreign Companies Doing Business in U.S.,” a column published by Forbes that looks at the challenges confronting foreign companies seeking to do business in the United States.
Failure to prepare for America’s many regulatory challenges, the article warns, could leave international companies in a position where they never realize their full U.S. potential. For many companies, the article explains, it is crucial to recognize that in some ways the United States is not one market, but rather 50 different markets, each with different laws and methods of enforcing them.
Griffith, who often advises Asian companies seeking to enter U.S. markets, said, “the U.S. is a heavily rule-bound and complex market, with both federal- and state-level regulation. Highly regulated industries, such as healthcare, pharmaceuticals, financial services, real estate, and others, face even more regulatory challenges given the patchwork of overlapping regulation.”
Continuing, Griffith added, “U.S. trade controls, including controls relating to customs, immigration, tax, export controls, and related areas, all impose exacting requirements that must be strictly complied with. Foreign companies investing in the U.S. that are not familiar with these dynamics face particular challenges.”