By "local presence" I meant "markets itself to customers in that country." Especially in the digital age, a company can be "homed" in one country — have all its offices and employees there — but make a product/service that is only marketed (or even legal!) in another country.

First example that comes to mind: many of those shady crypto companies that did "ICOs" in 2017, were based in the US; but the US has regulations that block non-accredited US customers from investing in things like this. So these companies generally just ignored the US market — even blocking US visitors on their website — and instead marketed to people in every other country.