Law and business Law:
Laws are formulated in any society to set forth the rights, obligations and privileges of citizens living in a specific country. Law gives protection to its citizens in every matter and the individuals living in a society know that if they committed any wrong act, for which the law doesn’t permit, they would be taken to task and the sufferer would be redressed. The people involved in business activities know that laws and regulations set by the government affect all business activities. There are laws available for each and every business activity that is conducted on behalf of an enterprise. To a certain extent, every government gives protection to the employees working in a company. There are hiring and firing rules, rules for providing a safe working environment to the employees and also laws for carrying out business transactions and manufacturing or marketing goods. With the present trend of investing in foreign countries, companies need to have a thorough knowledge about the business rules of that country. Another thing a foreign investor needs is translation/interpretation services to be carried out for him.
Why is it necessary to hire translators through translation companies?
Lack of knowledge about the business rules of a country can land you into trouble. Many business documents, NOCs and other legal paperwork need to be signed before a foreign company begins to set up its enterprise on a foreign land. Here the need of professional translators arises to translate important business documents from one language to another. It needs special expertise to carry out a legal translation. We would advise our readers to approach translators through well-reputed translation service companies, instead of contacting freelance translators themselves. A translation service company could be held accountable to any flaws in the translation. Whereas there are no guarantees about the kind of work a private translator would do. A translation company is very particular about professionalism in translation and cares about its reputation. There are companies that take pains to provide guaranteed good work to their clients like the Houston Translation services company and the New York translation services company.
Ethical and Legal considerations when conducting business abroad
As ethical issues arise when people belonging to different cultures and religions carry out business dealings with each other, similarly there are legal conflicts when people from another country operate in the business environment of another country. It is the ethical responsibility of a company to monitor the employment practices of foreign suppliers. Often in the developing countries the labor force is paid unethically low wages, and if the corporate watchdogs know about such dealings, it usually brings bad publicity to the corporation. Here translators/interpreters would have to play a positive role in letting the corporations know about any such practices going on in their countries. Another legal consideration in international business dealings is that it has often been noted that the developed countries bribe the government officials of another country to obtain business contracts on favorable terms. In the past few decades, however, the developed nations have formulated laws for their corporations to put an end to this off the record bribery. The US congress passed a Foreign Corrupt Practices Act (FCPA) and there are also anti-bribery laws formulated by Germany. It is also incumbent upon the developing nations which invite foreign investors in their countries to have knowledge about their laws against foreign corrupt practices. Here they would have to take the help of translation companies, to get the relevant legal acts of these countries translated in their own languages. This will help in smooth business dealings between the concerned parties without having to lose face and being humiliated due to ignorance about legal issues. There are strict penalties for the violation of this Act passed by the United States. The business companies that would violate these laws would have to pay heavy fines. The business companies are fined up to $2 million and individual perpetrators can be fined up to $100,000 and the fine may follow an imprisonment of five years.
It is evident from the above discussion that to have knowledge of the legal ramifications during business dealings is very important. It will avoid many complications for the executives of business companies and result in reliable and trustworthy business alliances.
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