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The purpose of this paper is to identify the role of a company’s external informal relationships in the internationalization process.

To achieve the aim of this paper, a qualitative research was undertaken. The data used for analysis were obtained through face-to-face interviews with representatives of 20 companies.

There are two main findings of the research. First, on the basis of the analysis of the interviews, it was possible to identify 14 different outcomes of informal relationships with external actors in the internationalization process. Second, the outcomes have been assigned to different stages of the internationalization process, thereby covering the whole range of a company’s development timeline.

This paper illustrates and confirms the important and positive role of the informal relationships developed by a company with external actors in the internationalization process and indicates that it can change over time depending on the stage of the internationalization.