Exporting

Also read: Importing

Your business could grow and you could then consider expanding your market by exporting abroad. You will of course have to carry out detailed market research in order to know your potential foreign market and whether or not your business could be successful abroad.

Considering Exporting

You will have to be confident that you are ready to take on the overseas competition; you need to know that there is a market over there for your service or product, is there any modifications needed to your product to make it more saleable to your new market. You will have to find a reliable way of exporting your product. From the moment your goods enter an overseas country they become subject to that countries law.

Once you have decided to go ahead and export you should;

• Make sure you have the finance to be able to export.
• Make sure you have the right people over there, people who know your product and can sell it well.
• Make sure that you comply with foreign import regulations, no matter what your product maybe you should be aware of foreign standards as far as importing is concerned it could be different from the UK.
• You should have a business plan drawn up before exporting, consider things such as export finance, product suitability for exporting, export payment plans.
• Would it more beneficial for you to sell your product to an overseas distributor who already knows the market, who can then sell your product confidently. But if you use a distributor or even an agent you should always make it clear who is responsible for what and when.
• You can find out more about overseas standards from the British Standards Institution website.
• Remember that Intellectual Property, Patents and trade marks are not always recognized in overseas countries, it is always best to look into this before you decide to export; you may need to secure protection in the country in which you wish to trade.

If You are going to Export:

• You should be aware of any VAT rules that may affect you as an exporter
• You'll need to familiarise yourself with the VAT rules administered by Customs and Excise.
• In most cases, exports will be zero-rated for VAT. There are exceptions. Check with the Customs and Excise to find out what applies to you. You should enter details of any export you make on your VAT return. A high level of exports to European Union (EU) member states, will mean may have to submit more detailed declarations in an Intrastat return.
  For exports outside the EU you should report sales to Customs and Excise by completing the single administrative document (SAD).

Will you need a license to export

You may need a license to be able to export certain goods, for example firearms and some chemicals require a license.
For more information go to the DTI website