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Each area has its own set of complications but in both cases you need to deal with logistics and documentation. Despite the work involved, the rewards may be more than enough to compensate. Exporting opens up potentially vast markets for your goods and services whilst importing enables you to benefit from a price competitive edge in the UK by taking advantage of lower manufacturing costs abroad.
Logistics
We have much experience in house, gained over many years, of shipping goods around the world and working with Freight Forwarders. Contact us to discuss the options.
Security
If exporting, you will probably need to set up a letter of credit to guarantee payment for your goods. This follows for importing goods too so even if you have good credit standing in the UK, do not be surprised if an overseas supplier asks you for a letter of credit. It is important that this document is accurate – the slightest mistake will result in the payment not being guaranteed. Your shipment should be insured and it may be possible to obtain credit insurance against a payment due to you.
Paperwork
Goods do not move if paperwork is not correct. Customs in different countries have different rules and it is easy to send the wrong paperwork. You need to be aware of Customs procedures and reliefs which apply to you, export declarations, valuations, goods classifications and rules of origin. You also need to be aware of sanctions, embargos and restrictions which may prevent you from trading with certain countries or in certain products.
Joint ventures
This is often a lower risk route into a new market and in come countries it is a requirement that you join forces with a local company.
How can we help?
We have wide experience in this area and would welcome the opportunity to discuss your requirements and set out a proposal for achieving your objectives. Call us or send an e-mail.
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