Despite growing uncertainty due to increased protectionism, political instability and, most recently, pandemic fears, a new report shows U.S. and U.K. tech firms remain steadfast in their plan for international expansion. In fact, more than four in five tech companies said they plan to open operations in at least one new country over the next 12 months. But with these plans for growth come a whole host of regulatory compliance issues.
The 2020 State of Global Expansion Report, commissioned by Velocity Global, the leading provider of global employment, found that the challenge of regulatory compliance represents a major concern to both U.S. and U.K. tech firms. A key finding from the report shows that a quarter (25 percent) of the businesses surveyed highlighted compliance as an issue, a dramatic increase in the past 12 months, up from just 14 percent last year.
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