Middle East Business Essay Example | Topics and Well Written Essays - 500 words

Middle East Business - Essay Example The paper tells that there are various things that companies do wrong when they try growth into the Middle-East. For example, they overlook the culture of the people in such countries. Most nations in the Middle East have conservative cultures that do not accept some forms of conducting business that is prevalent in the West. Additionally, there are issues of tax policies and compliance that differ in most nations of the Middle East. Therefore, when companies ignore such grave matters of significance then there is bound to be the failure. Alternatively, due diligence is paramount in nations in Asia. This is through the transparency of tax and financial tax records in order to allow the effective transaction. In other words, nations in the Middle East require accountability when dealing with foreigners. Furthermore, another greatest undoing of most companies is the transfer concerned with pricing documentation. This is whereby there is the general transfer of pricing audit in the busi ness environment. On that note, organizations that do not comply with transfer price audits are destined to fail. Apart from the aforementioned factors, there is also the issue of complete understanding of labor contract law in order to avoid the contravention of the stipulated contracts. This is meant to set up labor relationships that would be beneficial to the business instead of being a source of losses. However, there are other most important things one is supposed to do when conducting business in the Middle East. For example, it is imperative to respect the culture of the peoples living in those nations in order to avoid simple violations of customs and traditions. Another fundamental issue is to study the tax policies and compliance rules of the countries in that continent in order to encourage transparency and accountability. In the same prospect, it is critical to study the corporate governance of the market of such nations. This suggests that the financial reporting shoul d work in conjunction with internal controls.