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Partnership No partnership agreement can be drafted by lawyers and accountants and be made to work without a firm commitment from the people involved. There must be a consensus between the partners and they must be able to resolve differences as they arise. People from different cultures can work together in our Nigerian joint venture, the partners are Nigerians, Hong Kong Chinese and Canadians. The venture works well, one reason being that the partners continue to need each other. This is a necessary characteristic of all joint ventures. We expect a partner to be an participant in the business, not merely a businessman interested in investing money alone. You will, of course, need your own lawyer in the host country and you should ensure that your interests are represented in the company's Board of Directors. Financial considerations Before making a foreign investment, you ensure that your domestic finances are in order. The foreign investment, particularly in the early years, may require more funds than initially anticipated. The partner should therefore have a strong financial position also. It is important for you and your partner to agree on the action plan for the early years of operating performance. You must respect the foreign exchange policy and regulations of the host country and have them in mind when raising a portion of the equity in local currency. Using a portion of local currency reduces your foreign exhange risk. Canadian banks are valuable advisers on the matter of financing. Attention also should be given to the host country tax laws and regulations. Advice should be sought on corporate tax rates, withholding taxes, sales taxes, the taxing of export income, tax incentives for new business and tax treaties between Canada and the host country so that your return on investment does not suffer from double taxation. Legal and other fees The host country rules on the treatment of legal and other professional fees should be understood. In general, reasonable remittance of special service fees is permitted though some countries are reluctant to allow the remittance or such fees as those for computer programs. Some countries resist or delay approval of royalty agreements. Thus a Canadian company can supply 100 per cent of the technology but can share only the income from the investment portion. Some countries have shown a reluctance to allow the remittance of director's fees. The dividend policy of the government should be clearly understood. Some countries limit the amount of dividends that may be declared. In other cases, a declared dividend has to be converted into, or initiated as, a stock dividends that in fact locks the funds into local currency. Some countries take one or two years to register a conversion of dividends to stock. This delays subsequent remittance of dividends to Canada of the increased stock holdings. Remittance can be made only from the date of approval or registration. Operations You must determine the host country laws on industrial relations and minimum wages and should allow for low rates of productivity during the early stages of development. During the planning stages, attention must be given to the cost of building the manufacturing or resource development facility in the host country, the government policy on the machinery, and on the entry of specialists both to install the machinery and to train the local staff in the operation of the machinery. Many countries have strict rules on these matters, not all of them realistic. The partnership must ensure that local skills are available to maintain and repair machinery. The foreign investor, in general, is bringing technology to the partnership and must be prepared to commit human resources to the design of the plant and equipment and long-term technical support to the venture. Joint Venture Activity, 1994 Exercise I. Remember the correct pronounciation of these words: joint ['d int] venture ['vent ] barrier ['bæri ] availability [ ,veil 'biliti] authority [ : ' θ riti] autorized [' :'θ raizd] initial [i'ni l] ensure [in' u ] appreciate [ 'pri: ieit] substantial [s b'stæn l] appropriate [ 'proupriit] crucial ['kru: j l] reliance [ri'lai ns] expertise [ ekspe'ti:z] equity ['ekwiti] subsequent ['s bsikw nt] Exercise II. Learn the following English terms and their Russian equivalents. Give your own sentences with them: joint venture - совместное предприятие expanded sales - расширенная продажа tariff barrier - пошлинный барьер target country - страна интереса trade commissioner service - служба комиссионной торговли Chamber of Commerce - торговая палата new product line - новый ассортимент to meet needs - удовлетворять потребности training facilities - возможности подготовки специалистов customs regulations - таможенные правила to bid on tenders - участвовать в тендерных сделках authorized supplier - аккредитованный поставщик long-term objectives - долгосрочные цели manufacturing facility - производственные возможности mutual trust - взаимное доверие short-term expertise - краткосрочная экспертиза tax rate - налоговая ставка withholding tax - налог с заработной платы declared dividend - объявленный к выплате дивиденд stock dividend - дивиденд, выплачиваемый акциями stock holding - участие в распределении акционерного капитала rate of productivity - уровень производства Exercise III. Read the following verbs and verbal phrases and pay attention to the prepositions used after them: to look to… to adapt to… to bid on… to bring benefit to… to conform to… to be able to… to rely on… to agree on… to give attention to… to suffer from… to convert to/into… to lock into… to allow for… Exercise IV. Look through the text to find the English equivalents of the following Russian terms and give the sentences with them: совместное предприятие; зона расширенной продажи; пошлинный барьер; страна интереса; новый ассортимент; удовлетворять потребности; таможенные правила; участие в торгах; аккредитованное предприятие; долгосрочные цели сотрудничества; производственные возможности; краткосрочная экспертиза; налог с заработной платы; прогрессивный налог; осуществление денежного перевода; задержка платежа; утверждение решения; оборудование по разработке ресурсов. Exercise V. Find in the text the sentences that correspond to the following statements:
Exercise VI. Translate the following sentences into English:
Exercise VII. Answer the questions about the text:
Exercise VIII. Find in the dictionary the difinitions of the synonyms with the meaning of "заем": tariff, fare, rate; loan, loaning, advance, borrowed money, lend, lending. Exercise IX. Read the text and divide it into some meaningful parts, giving the proper title to each of them: Transfer of technology In recent years the transfer of technology has become an international issue. In the North-South dialogue, the "Group of 77" has claimed that the economic disparities between the developing nations and the less developed nations (LDSs) will not be reduced until technology is transferred to the LDSs. Moreover, it maintains that technology should be given without charge to the poorer nations. We do not agree with this position. Technology can be transferred in a way that is of long-term benefit to both the developed and the developing country. Technology cannot be transferred by handing the country a set of specifications and an engineer for three months. The recipient must be in a position to receive and utilize the technology and the technology must be appropriate to the receiving nation. Technology is dynamic, it is continuously evolving and the transfer involves an ongoing mutually-beneficial relationship. When properly done, the transfer of technology brings great and continuing benefits to the host country. Joint ventures are an effective and mutually beneficial method of transferred technology. Our company has spent tens of millions of dollars over the years developing technology in various product lines. We will not "sell" that technology. We believe that maximum benefits is derived for all parties when the transfer is executed through a joint venture. We also emphasize that the technology transferred should be of the highest standard that the partnership and the investment environment can absorb. It must be recognized that at an early stage of development, a host country may not have the skills to absorb the highest technology but every effort should be made to introduce a higher level as soon as it can be effectively and economically put into practice. This suggests that it is cristal to the joint venture that the Canadian investor who is supplying the technology maintains a research and development program that continues to produce world competitive products and processes. In this way, no incentive is given to the partner to look elsewhere for technical assistance. Technology transfer involves the negotiation of a Technical Service Agreement and this should be fair to both parties. Where applicable, our Company establishes an upper limit on the technical fee - usually based on sales volume so that there is a limit to the amount a joint venture would have to pay in any one year. The Canadian investor must be prepared to provide adequate and competent staff to effect the transfer of technology. Where applicable, assistance and encouragement should be given to the joint venture in the establishment of research and development facilities in the host country. Some words of caution: ensure that your patents are protected in the host country, and register your Technical Service Agreement with the host government as soon as possible to ensure that the government grants approval both to the royalty rates negotiated and the remission of those royalties to Canada. Joint Venture Activity, 1994 Exercise X. Write a summary of the text with the following phrases:
Exercise XI. Reproduce the main text, using the words given in Exercises II, III, IV. Exercise XII. Practise talking about:
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