International Trade: Navigating red tape
COMPANIES must navigate a minefield of taxes, regulations and restrictions to successfully trade internationally.
For businesses that have previously traded solely in the UK, or even in the European Union, the blizzard of red tape sometimes associated with doing business in new markets can appear daunting.
But a flat UK market and the rewards for success in high growth economies are encouraging more companies to take the plunge.
The new supplement on international trade from TheBusinessDesk.com, in partnership with DLA Piper and RSM Tenon, takes an in depth look at the major regulatory issues in major growth markets.
Mark Robson, regional director for UK Trade & Investment, says that companies can divide their costs of trading overseas into four areas.
“If you want to broadly categorise, your main costs would be labour, materials, energy and overheads such as business taxes,” he says.
He advises companies take time to research how easy it is to do business in a potential market as well as risks in terms of corruption and lack of transparency.
“And it’s essential to get quality professional advice. It’s a minefield if you don’t,” he added.
