Decision / Structure
Choosing a US entry structure
Which structure gives us the market with the smallest delta?
Entry structure is the decision that constrains every later decision. It determines which permissions are needed, which supervisors are involved and what the institution must build locally.
Simulating structures against the same commercial objective makes the trade-offs explicit before capital is committed.
Regulatory delta
What this decision tends to move
The delta is the difference between the institution's position today and its position if this decision were executed.
- Structure
- Which entity holds which responsibility.
- Permissions
- What must be applied for, and by whom.
- Supervision
- Which supervisors are engaged.
- Operating model
- What must exist in the United States.
- Optionality
- What the structure makes harder later.
Design space
Ways to reach the same commercial objective
Two configurations that achieve the same outcome frequently produce materially different regulatory deltas. Comparing them is how the decision is made.
Option 01
US subsidiary holding its own permissions
Most control, most build.
Option 02
Partner-led entry
Faster, dependency-heavy.
Option 03
Narrow first activity, expand later
Staged consequence.
Before committing
What management should establish first
- Which structure serves the three-year plan, not just launch
- What each structure closes off
- Where judgement is decisive
Common questions
Questions this page answers
Can structure be changed later?
It can, but rarely cheaply. That asymmetry is why the decision benefits most from being tested first.
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