A joint venture is when 2 or more companies come together for a project. They remain separate entities but share costs, profits and losses as set out in a joint venture agreement.
Before starting a joint venture think carefully about:
- cultural differences
- the terms of your agreement
- how you might protect your investment
- if your management styles and skills are a good fit
Get legal advice to draw up an agreement that clearly defines roles and responsibilities. Make sure you have a level of control you are happy with and protect your intellectual property.
Joint ventures or partnerships are the only way to operate in some countries. Start your research with our exporting country guides.