The original Uppsala model that was published in 1977 explains the internationalization process of firms. We have further developed the model several times in the intervening years. The present article is our latest effort: a general model of the evolution of the multinational business enterprise (MBE), from early steps abroad to being a global firm. The updated, augmented model explains MBE evolution in general, not only characteristics of the internationalization process in a narrow sense. We believe that the newest iteration, anchored in process ontology, will be useful in conducting longitudinal empirical studies.