One of the fastest and cheapest mechanisms to expand your business or products into other territories is by appointing an agent within the territory or properties that you seek to launch into. Through well-thought-out agency arrangements, there is no limit to the number of territories you can cover and the amount of opportunities you can unlock.
By appointing an agent to market and sell your products on your behalf in the territories, you can, by stroke of contract, avoid significant capital expenses and delays associated with registering and setting up a business entity within such territories, and the costs associated with complying with the various legislations that may be applicable to business.
For example, if you are a car manufacturer, mobile solar-powered food storage maker, or footwear maker, and you seek to sell your products in other markets outside of the country of origin of your product, with little or no hassle, you can simply appoint an agent who is familiar with your preferred territory of sales to promote and sell your product in that market.
Who is an Agent?
In the Black’s Law Dictionary, 8th edition, page 68, an agent is defined as “one who is authorized to act for or in place of another; a representative”. In other words, an agent is a person who has been legally empowered to act on behalf of another person or entity (known as the “Principal”).
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