Export Services
Exporting
Moving into export markets will offer you access to new customers, revenue and ideas. The strategy will also provide you with the flexibility to extend the lifecycle of your products, develop a more diversified service offering and enables you to spread your business risks. Exporting can boost your company’s profile, credibility and bottom line. Businesses that export products and services can be more profitable than those that do not. If you are planning to export to new markets, we can help you understand the challenges of exporting and provide you with a sound knowledge of your potential markets. We can help you identify if your products are right for each target market, provide the resources to support your exports and arrange the international transportation.
Export Strategy
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Export Documents
Having the correct documentation is vital when exporting, as inappropriate or overlooked documentation can lead to shipping delays, increased costs and business risks, such as cancelled international commercial activities. Even if you’re using a freight forwarder, your company will still be held liable as the exporter of the goods for late or incorrect documentation.
When you are exporting we can help your business understand what documentation is required, potentially saving you a lot of trouble. We can help explain the necessary documentation your company should be using for international contracts, customs, shipping and payments. Thanks to our far-reaching experience across a wide range of industries, we are able to provide clear and relevant advice that can help steer your international trade business onto the right course.
When your company engages in international trade, we can provide guidance on the different types of documentation you’ll need.
Documentation covers a number of crucial aspects of exporting including:
- A detailed written contract between the parties, which states exactly where goods are to be delivered.
- Comprehensive documents are needed to ensure that your goods get through customs and the correct duty and tax charges are paid.
- There may be different documentation requirements at either end of the supply chain, and these must be considered.
- Other documentation will be required to cover the insurance of the goods whilst being shipped within the international supply chain.
- To ensure payment for your goods, it is vital to have the right documentation in place, especially if the payments are via international banks.
As part of our services, we will help you correctly classify your goods on your documentation for tax purposes and to ensure you meet the export regulations.
Export Controls
Many goods are controlled and may require licences in order to be exported. For instance, the export of military and paramilitary goods, dual-use and technology, artworks, plants and animals, medicines and chemicals will all need export licenses.
The main purpose of export regulations is to prevent the proliferation of weapons of mass destruction (WMD) and maintain international stability.
Export controls place an increasing obligation on senior management to comply with export controls and complex trade regulations to avoid fines and penalties.
We can assist you and help you to understand your responsibilities and which relevant licensing authorities you should be dealing with. We are also able to review your exports to identify any liabilities.
Non-compliance with these restrictions risks substantial fines and possibly imprisonment.
Examples of Export Market Requirements
Correct and compliant export documentation for shipments is vitally important when engaging in international trade. The export documentation is used to clear the goods with customs authorities and calculate correct duties and taxes. Incorrect documents can increase risks, cause shipment delays and extra costs. It is the exporter’s responsibility to provide correct documentation, even if they are using a freight forwarder or an agent.
Below, are some examples of specific requirements for export countries and we explain the common types of export documents required for each of these export markets.
International Payments
Open Account, documentary collections and documentary credits are payment methods often used in international trade.
- An open account transaction is a sale where the goods are shipped and delivered before payment is due. This is typically 30 to 60 days or sometimes even longer.
- With a documentary collection, the exporter prepares a bill of exchange stating how much is to be paid and when.
- With a documentary credit, the customer arranges a letter of credit from their bank. The bank agrees to pay the exporter once all the right documentation is received.
Incoterms Rules 2020
The Incoterms rules are created and published by the International Chamber of Commerce (ICC) and are revised normally every 10 years. The current version of the rules are Incoterms 2020 and these commenced January 1, 2020.
But what are Incoterms? The ICC describe the rules as: ‘ ICC’s Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.’
The buyer and seller of an international trade will have a better understanding of responsibilities in the event of loss and damage thanks to both parties agreeing on the relevant Incoterms. You can include Incoterms in your contract to cover who is responsible for every stage of the supply chain, including customs clearance and insurance requirements. Incoterms also make it clear who pays for each different cost within the international supply chain.
Benefits of Exporting
- As businesses expand, many entrepreneurs look to focus on discovering new opportunities to present their products in overseas markets.
- Exporting products overseas can be a great opportunity for businesses to increase their sales potential.
- Exporting products allows businesses to significantly expand their markets, leaving them less dependent on a single market.
- Exporting is one way for businesses to increase their sales potential.
- When a product is approaching the end of its life cycle, exporting can extend the life cycle of that product.
- New export markets give businesses an opportunity to leverage new concepts and technologies.
- Selling to multiple overseas markets allows businesses to diversify and spread their risk.
- Exporting can boost the business profile, credibility and bottom line.
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