INTERNATIONAL BUSINESS ATTORNEY

Domestic business law focuses on the legal regulations of businesses within a single country. It covers areas specific to the US legal system, such as contracts, company formation, employment law, and consumer protection.
International business law, on the other hand, deals with the legal issues of conducting business across borders. It involves navigating different legal systems, international treaties, and trade agreements. International business law addresses issues like import/export regulations, foreign investment laws, and international dispute resolution.

Whitcomb Selinsky, PC’s international business lawyer, provides expertise in navigating diverse legal frameworks, ensuring compliance with tax compliance regulations, and mitigating risks associated with cross-border transactions. We offer strategic counsel, negotiate terms that align with applicable laws, and draft contracts that withstand legal scrutiny in various jurisdictions. Here's how we can help:

Understanding Legal Nuances: We understand the legal differences between jurisdictions and can advise on clauses that might be interpreted differently.

Drafting Clear Contracts: We can draft contracts that are clear, concise, and enforceable under the relevant legal systems.

Choice of Law: We can advise on the best legal system to govern the contract, considering factors like enforceability and familiarity.

Dispute Resolution: We can help establish efficient dispute resolution mechanisms, such as international arbitration or litigation in a specific court.

Here are some key considerations for international business law in cross-border transactions:
Jurisdiction: Determining which country's laws will apply to the transaction.
Contract Law: Understanding the governing contract law and potential legal differences.
Intellectual Property: Ensuring proper protection of intellectual property rights like patents and trademarks.
Taxation: Understanding tax implications in both countries involved, including potential double taxation.
Regulatory Compliance: Meeting import/export regulations, customs laws, and other relevant regulations.
Currency Fluctuations: Managing the risks associated with fluctuating exchange rates.

International business laws significantly impact cross-border trade and taxation:

Trade Agreements: These agreements can reduce tariffs and other barriers to trade, facilitating cross-border transactions.

Import/Export Regulations: These regulations control the movement of goods across borders, impacting trade flow.

Tax Treaties: Treaties can prevent double taxation on business income earned in another country.

Transfer Pricing: International tax regulations govern how companies price transactions between subsidiaries in different countries.

Compliance with tax regulations, such as FATCA and FBAR, is crucial for taxpayers engaging in international trade to avoid penalties and legal ramifications.

Both FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Report) are regulations aimed at preventing tax evasion by US citizens and residents holding financial accounts abroad.

FATCA: This is a US law that requires foreign financial institutions to report financial information about US account holders to the US Internal Revenue Service (IRS).

FBAR: This is a reporting requirement for US citizens and residents with financial accounts exceeding a certain value outside the US.

Determining your FATCA status involves assessing whether you meet the criteria set forth by the Internal Revenue Service (IRS). Generally, individuals, foreign corporations, and other entities with foreign investment or financial accounts meeting certain thresholds must comply with FATCA reporting requirements. Consulting with international business law and tax attorneys can provide clarity on your FATCA status and ensure compliance with U.S. tax regulations.

There are a few categories that might exempt you from FATCA filing requirements. However, it's important to consult with an international tax lawyer, like those from Whitcomb Selinsky, PC, for specific advice on your situation. Here's a general overview:
Below the Threshold: If the total value of your specified foreign financial assets is below the IRS reporting thresholds (usually $50,000 or $100,000, depending on your filing status), you likely don't need to file.
Account Type: Certain account types are exempt, such as accounts held at US branches of foreign financial institutions, foreign branches of US financial institutions, and some foreign subsidiaries of US corporations.
Exempt Beneficial Owner: You might be exempt if you qualify as an exempt beneficial owner under FATCA regulations. This can include specific categories like foreign central banks or certain retirement funds.
Lack of Knowledge: For beneficial interests in a foreign trust or estate, you might be exempt if you are unaware and have no reason to know of your interest. However, receiving distributions from the trust or estate would disqualify you from this exemption. Feature Testimonials to build trust and showcase the positive experiences of others who have used your services.