Your guide to going global

Transcription

1 Your guide to going global Turn the business benefits of exporting to your advantage In association with

2 Contents 3 Foreword 4 Why move into overseas markets? 5 Business benefits for all to see 6 Where should I export to? 7 High Value Opportunities 8 A world awaits you 9 Getting ready to export 13 Rising to the challenge 15 Getting it right first time 16 Who can help me export? 17 UK Trade & Investment services 18 UK Trade & Investment contacts 19 UK Export Finance products and services 20 Supporting UK exporters 21 Comprehensive, end-to-end solutions 22 Other sources of help 24 Other export links 2

3 Foreword As the UK s economic recovery continues, many UK businesses continue to expand internationally. Emerging markets, growth in the US economy and the High Value Opportunities programme, supported by UK Trade & Investment (UKTI), present growth prospects for many UK businesses. UK businesses are well-placed to take advantage of global opportunities. The European Union provides unrestricted access to over 500 million consumers. Trade links with North America remain strong, with the US continuing to be our number one export partner. Moreover, new high-growth markets, such as China and South Africa, open up a wealth of opportunities for UK businesses. It is encouraging to see that more and more small and medium-sized enterprises are embracing international markets 60% of mid-sized companies and a third of young companies in the UK are already trading with high-growth markets. For businesses looking to take the first step towards exporting, having access to the information you need is key. A range of support services exists to advise current and future UK exporters. This updated guide, produced in collaboration with UKTI, is aimed at answering your most immediate questions and providing the contacts and information required to help you take the next step. Karl Trumper Managing Director Trade and Working Capital UK and Ireland Barclays 3

4 Why move into overseas markets? Exporting can help your business survive, develop competitive advantage and achieve sustainable growth. UK products, services and expertise continue to be in demand in the traditional established markets such as Europe and the US, and high-growth economies. If you become an exporter, the evidence shows that you are likely to improve your productivity by a third in your first year alone. Minister of State for Business and Enterprise New revenue, new opportunities Exporting for many businesses is first and foremost a way of achieving growth. In recent research conducted by UKTI 85% of their clients said that exporting had led to a level of growth not otherwise possible for their business. International trade also means diversifying a business s customer base, helping avoid over-reliance on any individual revenue stream or market. As well as offering new revenue opportunities, exporting can help UK businesses increase the efficiency of their operations. In UKTI s research, 79% of clients said that exporting had enabled them to improve utilisation of their existing capacity. In some cases companies are able to offer much more interesting roles for their staff and to recruit better people as a result. Exporting is also a catalyst for innovation, which can lead to long-term competitive advantage. Research is right behind exporting companies. They prove to: be more productive and innovative than non-exporters be more resilient to an economic downturn achieve stronger financial performance develop a higher profile and more credibility be more likely to stay in business. A growing trend More and more UK companies are reaping the benefits of exporting. The value of UK exports reached 501.4bn in 2013, a 1.4% increase on Not just big business, any business Exporting isn t just for bigger businesses 20% of SMEs in the UK currently export. 4

5 Business benefits for all to see Exporting can allow companies to: achieve growth beyond domestic levels increase the resilience of revenues and profits spread business risk achieve economies of scale above domestic targets increase the commercial lifespan of products and services increase the returns on research and development investment improve financial performance improve productivity b oost international profile and recognition. Growing worldwide demand for British goods and services helped the UK to narrow its trade deficit by 23% in Crispin Simon, Managing Director, UK Trade & Investment 5

6 Where should I export to? There is an abundance of opportunities for UK exporters and plenty of support to help you take advantage of them. Companies capitalise on the single market through the European Union (EU). Plus the spread of English culture and language makes us socially close to a number of major international markets including our number one export market, the US. Many UK firms begin exporting by entering more established markets. The EU, with its open borders and shared import/export procedures, provides UK companies with unrestricted access to more than 500 million consumers. The US continues to be our number one export market across a wide range of sectors. The advice we received not only helped shape my export strategy, but really opened doors, putting me in contact with the right people in the right countries. Managing Director, Pharmaceutical Services High-growth markets UK exporters are also increasingly embracing the opportunities offered by the world s emerging economies many of which are experiencing rapid rates of growth. Such high-growth markets include the BRICs (Brazil, Russia, India and China), whose dynamic economies are providing a wealth of prospects for UK firms. In addition to the BRICs, other fast-growing markets offer great potential, such as the so-called CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) and the MINTs (Mexico, Indonesia, Nigeria and Turkey). UKTI International Trade Advisers (ITAs) are well placed to guide exporters on how to select the best territory to target. Beyond Europe The Eastern markets are characterised by rapidly rising populations and GDP levels. The middle classes in China and India, for example, are predicted to increase household expenditure fourfold over the next 20 years. Many countries in Africa are also seeing increases in their citizens spending power. Rapid growth rates, coupled with progress in infrastructure, communication networks and global co-operation, are attracting UK exporters in ever greater numbers to Asian economies. African markets are also becoming increasingly attractive export destinations. As a continent Africa is now home to one billion people, and an economy valued at USD$2tn in 2012, with strong growth prospects. 1 You don t have to be an experienced exporter to enter a high-growth market either. A third of young companies are already doing business in high-growth markets. 1 Source: IMF and Bloomberg. 6

7 High Value Opportunities The High Value Opportunities (HVO) programme offers UK businesses support to get involved in large-scale projects across the world. The HVO programme is a major UKTI trade initiative that identifies opportunities and supports UK businesses of all sizes in accessing large-scale overseas procurement projects. Since 2011 the programme has supported UK businesses in winning 8bn of major projects. Global High Value Opportunities are worth trillions of pounds in total and cover a broad range of markets and sectors. Each project has contracts with a total value of at least 500m. Among the 100 HVOs identified by the UKTI are projects such as delivering the 2016 Olympic and Paralympic Games in Rio de Janeiro. Support for UK companies UKTI can share information with you on these major projects and contracts and give your company access to a network of expert advisers in the UK and overseas that provide long-term support. They will also help build relationships with stakeholders and other likely business partners to bid for projects, where applicable. Financing High Value Opportunities When participarting in an HVO, mitigating risk, managing working capital and having certainty of payment are all key to the success and profitability of the project. At Barclays we take an end-to-end view of our clients Trade and Working Capital requirements and offer solutions to suit your business. Discussing your export plans and financial requirements with your bank early on in the process can help ensure that you have the support in place as you progress. The real value of the HVO programme is in the focused business intelligence UKTI can provide, which helps businesses to really understand the markets that they are going into. Director, Project Management Consultancy 7

8 A world awaits you There are opportunities for UK exporters in all corners of the world. UK s top 20 export markets in 2013 United States They include: Germany Netherlands Brazil The value of UK goods exported to Brazil grew to 2.7bn in China China is now the UK s seventh largest export market, almost doubling in size since France France is the UK s fourth biggest export market. India UK exports to India grew to 5.26bn in Ireland Widely considered the easiest overseas market for UK exporters. The value of the UK s trade with Ireland reached 18.9bn in 2013, compared to 17bn in Mexico Mexico is an increasingly important market for UK businesses, as the value of UK exports rose to 1.176bn in Russia UK exporters did 5.2bn of business here in The Middle East UK export of goods to the Middle East region increased by 14.2% between South Africa Another popular emerging market: UK exports to South Africa in 2013 were valued at 2.58bn. US The UK s number one export market 41bn of UK goods were exported to the US in France Irish Republic Belgium and Luxembourg China Spain Italy United Arab Emirates Switzerland Sweden Hong Kong India South Korea Russia Japan Singapore Australia Turkey Value of goods ( bn) Source: All figures taken from ONS Monthly Review of External Trade Statistics, February Source: ONS Monthly Review of External Trade Statistics, February

9 Getting ready to export If you are serious about trading internationally, you will need to think about how to research, target and grow a presence in overseas markets. But where do you begin? And how do you know if exporting really is right for you? Before you commit, take the time to honestly assess your export potential both in terms of the readiness of your business and of your products or services. The following steps should help you to do this. Assess your export capabilities The Institute of Export s online tool Are you ready to export? provides a quick, basic assessment of your export capabilities. Here you can find out about the must-know issues and practicalities before starting. It can be a starting point: from here discussions with a UKTI International Trade Adviser (see Who can help me export? and UKTI contacts later in this guide) can truly begin. International Trade Advisers draw on years of business experience and give free one-to-one detailed assessments and practical advice. We saw our website as a critical tool to reach our customer base. Getting it right was crucial. The consultant was inspirational: hugely experienced with a wealth of knowledge. Working with him provided us with invaluable insights and ideas. Manufacturing Company, West Midlands Carry out market research Detailed market research is essential in identifying and evaluating target markets, particularly: industry structure predicted demand for your product or service competition and how you fit into the marketplace modifications you might need to make your product or service more saleable. Desk research is a good starting point, too. Increasing amounts of information can be found online, but it may also be worth commissioning bespoke research by an export specialist. UKTI s Overseas Market Introduction Service (OMIS) draws on the local knowledge and expertise of its staff around the world. The cost of this is very competitive. 9

10 Draw up an export plan Armed with your market research, draw up a plan defining how you will enter this new export market. Be sure to: include a marketing strategy which incorporates international trade development understand your route to market, e.g. the preferred distribution channel for your products or services identify your chosen business model, e.g. agent, distributor, B2B, sales office, joint venture or subsidiary company assess and identify the necessary financial resources have the right people to develop the new export markets develop a sound knowledge of the requirements of your chosen market be specific about the needs of that market, e.g. modifying packaging to local regulations and standards understand the export payment mechanisms and export finance needed. 10

11 Assessing your product and/or service Is your product and/or service suitable for export to your target market? You might consider: consumer preferences, competitive offers (local production and imports) and their market share product standards and regulations in the overseas market the British Standards Institution offers help for exporters the costs of adapting your product or service. Understand the law There are various legal responsibilities associated with doing business overseas all of which you should understand before starting to export. For example, you ll need to familiarise yourself with the VAT rules administered by HM Revenue & Customs (HMRC), and be aware of any export controls which relate to your particular product. See Who can help me export? later in this guide. I was quite taken aback by the thoroughness of the communications review. The sheer depth of resource and insights it delivered gave us access to the review and changed the way we think about our export communications. Entertainment Company, Cambridgeshire Some key questions to ask before you export 1. What are the unique selling points to your business proposition? Will there be a market for your products and services? 2. Are there any legal barriers to your business model? 3. Where in the market would you start? 4. Do you have sufficient resources (management time, project finance and capital) to fund your overseas projects? 5. Who will be leading the project within your company? 6. Do you need to work with an overseas partner to succeed? Can you communicate with them effectively? 7. Have you evaluated business risks (such as protecting your intellectual property) and conducted research and due diligence? 8. Have you considered the financial implications of exporting, including the need for payment security, working capital management and risk mitigation strategies? 11

12 Selling and distribution Once you ve identified the export market(s), you need to organise your sales presence there. Depending on your product/service, you may be able to sell direct over the internet or by establishing an on-the-ground presence. Many businesses find a partner who already understands the local market. This might be: a distributor who then sells your products locally. Note that a distributor takes title of the goods once the sales transaction is complete. This means they then have responsibility for any profit or loss in stocking and selling them on a sales agent who sells products on your behalf, or puts you in contact with potential customers on a commission basis. Note that an agent never takes title of the goods but merely stocks and sells them on, making a commission in the process but never accepting responsibility for profit or loss a joint venture with a local business. This gives you a share of the management and profits of the joint venture. However, it can be a more complicated and expensive option a local office. This gives maximum control over sales but remains the most expensive option. When arranging a sales contract with an agent or distributor, you need to ensure that responsibility for delivery and payment is clearly defined. You will also need to secure intellectual property protection in each country you sell into. Often a two-minute chat to the right person saves about 30 minutes trawling through a website. Associate Director, Manufacturing Company Marketing Marketing is a key element of successfully selling overseas. To be effective, your marketing strategy should be tailored to each target market. You ll need to appreciate the traditions, culture and legislation of the countries you are trading with. The customisation of your marketing activities is essential if there are cultural differences affecting the consumption of your product. Visit the market You can t trade internationally if you don t know the market. So visit. You will experience the marketplace first hand. All the contacts necessary to do business are there. Attending overseas events, such as trade fairs, or participating in a trade mission, can be great ways to test markets, attract customers, appoint agents or distributors and make sales. 12

13 Rising to the challenge Exporting can be a real challenge. But the potential rewards are huge. Here s some advice on how to overcome some of the common hurdles businesses face when operating internationally. Resource costs Before committing to exporting, it s important to discuss your financial position with your accountant and bank manager. Entering a new market often requires an increase in finance and manpower, along with appropriate timescales built into your projections. Customers and partners in high-growth markets, for example, tend to put an essential value on relationships. These take time, so it is unlikely you ll see a return on investment in the first year. Legal, regulatory and intellectual property issues Legal and regulatory issues, along with Intellectual Property (IP) protection are often the greatest barriers to export success. Every country has its own trading, taxation and IP systems that you ll need to know and adapt to. The value of doing your homework can t be emphasised enough. The Intellectual Property Office can help you get prepared (see Who can help me export? later in this guide). Managing overseas risk Political and economic developments, cyber risks, bribery and corruption are just some of the issues your company will face as you begin to trade internationally or expand into new markets. UK Trade & Investment and the Foreign & Commonwealth Office bring together authoritative, accessible and topical online information about the key political, economic and business security issues facing different countries. The more you know up-front, the better off you ll be. From a financial perspective you may also need to consider Foreign Exchange and Interest Rate risk to protect your business. We have a long-term development strategy to achieve a strong presence in global markets. This is important as it allows us to be far more competitive, whilst giving us access to new technologies, manufacturers, skills and materials, all of which feed our creativity and influence new product development. Managing Director, Product Design Company Language and cultural barriers Companies need to be sensitive to local ways of doing business, even in different regions of the same country. Lack of awareness and knowledge of cultural norms can be an all-too-real obstacle. Speaking the language of your potential customers can quickly establish mutual confidence. If you don t speak the local language, consider investing in foreign language training or employing a translator or interpreter, especially for your promotional material to avoid colloquialisms and metaphors that could be incorrect or embarrassing in the local language. Research your target to establish local considerations including product or packaging modifications to ensure products conform to local, cultural demands. You may also find that local sales and marketing channels for your product might be different from those in the UK. 13

14 Logistics International transport can be complicated and getting it right depends on the agreements you have with customers or suppliers. Set out your obligations in a clearly written contract using Incoterms (standard trade terms). They state who is responsible for transporting goods, insuring them during transportation, paying duties and securing customs clearance. The best mode of transportation is dependent on the type of goods and how quickly they need to be delivered. In all cases, they need suitable packaging and labelling for transportation. You should clarify in advance who ll be responsible for UK customs procedures, for freight and insurance, and for customs clearance in the customer s country. Most companies use specialist freight forwarders to handle transport. Confirm exactly what they will do and check they can handle all documentation and other procedures. Look for a forwarder who exports regularly to that destination so they can consolidate your goods with other consignments to reduce costs. Attending trade shows and exhibitions is a key way of marketing the company and its products to international audiences. Managing Director, Retailer, London Getting paid The risk of late or non-payment can be greater when doing business internationally. Ensuring payment is a combination of assessing risk, settling on acceptable payment terms and methods, and considering insurance to protect your business. Minimise risk by researching the market conditions in your target country and the creditworthiness of potential customers prior to trade. Help is available from UK Export Finance (formerly known as ECGD). Making currency work for you In countries where there are access restrictions to foreign currency, customers may face problems getting the right currency to pay you. In this case, it s worth insisting on a confirmed, irrevocable Letter of Credit. This secures payment according to the terms of credit at an agreed rate. Businesses that sell on credit can use factoring or invoice discounting to free up cashflow. Export factors specialise in the collection of money from overseas, paying you a percentage of the invoice up-front with the balance (less their percentage) paid once payment is collected. 14

15 Getting it right first time Nine key steps to successful exporting: 1 Research your market Does your prospective foreign customer need what you are selling at the price that will yield you a profit? What is the competition and how will they react? 2 Implement an export strategy Review your capabilities by asking yourself: what would my business gain from exporting? 3 Construct an export plan Define how you will enter the foreign market. Finalise human resources and marketing strategy. Allocate an adequate budget to cover export start-up costs. 4 Choose your sales presence Establish whether you need a direct sales operation. Or is an agent or distributor more effective? How will you manage your overseas sales presence? 5 Promote your product How are you going to market and sell your product? Customise your marketing to the target country. 6 Get the customs side right Contact HM Revenue & Customs and the UK embassy of your destination country to clarify requirements. Make sure your reporting practices are watertight. 7 Consider your financial needs Ensure your cashflow will remain at a safe level and consider the financial risks of your export activity. Guarantee sufficient credit for your future sales. Take out insurance cover if necessary. 8 Choose your distribution method Consider the implications of selling over long distances and across national frontiers. Assess and choose the most effective transport method. Make sure the goods are insured by you or the importer. Consider which International Commercial Terms are most suitable for your goods. 9 After-sales policy Regularly liaise with customers, export agents and banks. Monitor political unrest or other adverse conditions in the country of destination. Manage regular servicing and warranty claims. 15

16 Who can help me export? A wide range of support services exists to help UK exporters and would-be exporters. There s help to tackle virtually all of the likely issues and challenges. Then you ll be well on the way to becoming an established name in international markets. The following are just some of the many organisations which can help you start your export journey. UK Trade & Investment UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in global markets and assists overseas firms in bringing their high-quality investment to the UK. UKTI has a global network of over 2,100 staff. Its International Trade Advisers (ITAs) around the UK have years of business experience to draw on when advising companies. In over 100 markets, based in British embassies and other diplomatic offices around the world, UKTI staff can offer local, in-market knowledge and expertise. UKTI has helped many thousands of businesses achieve international success by providing tailored services with specialist support covering a wide range of industries. Its clients consistently cite the importance of UKTI support in helping them to overcome barriers to new overseas business and improve their business performance. UKTI services have helped its customers to: understand how to do business overseas identify opportunities and open doors reach customers/business partners, not otherwise accessible raise their profile and credibility overseas overcome barriers to entry or expansion improve overseas marketing strategy gain access to information not otherwise available understand the competition access powerful research to inform management decisions have the confidence to explore or expand in overseas markets. UK Export Finance If you are planning to export goods or services from the UK then it is likely you ll need some form of guarantee or insurance to protect you against payment risks. UK Export Finance does not lend directly, but supports UK exports by issuing insurance contracts to UK exporters and guarantees to banks which make loans to overseas borrowers, which are used to purchase supplies from UK exporters. UK Export Finance s services help facilitate export contracts by providing protection against the risks of the exports not being paid for. UKEF works across all sectors from engineering and IT to infrastructure projects, consulting and service industries. Support is tailored to provide the most appropriate sectorfocused solutions. UKEF supports exports to over 200 countries and its objective is to help UK exporters maximise the opportunity to do more business overseas. See the following pages for details of the services provided by UK Trade & Investment and UK Export Finance that are most relevant to small and medium-sized businesses. 16

17 UK Trade & Investment services Passport to Export Provides new and inexperienced exporters with the training, planning advice and ongoing support they need to succeed overseas. Overseas Market Introduction Service (OMIS) A tailored service by our overseas teams to access market and industry information, identify potential contacts or assist in planning an event. This service attracts a charge. Export Marketing Research Scheme (EMRS) Offers support, advice and some grant funding to eligible companies wishing to research a potential export market. Mid-sized business programme UKTI provides a special package of support designed specifically for mid-sized businesses looking to export or expand their overseas activities. Visit for more information. Business opportunities News ed directly into your inbox, highlighting hot leads in your chosen overseas market. Companies can sign up for this free service by visiting Export Communications Review (ECR) Assesses the way companies communicate with overseas customers and makes practical recommendations for improvement. Events and seminars Held across the UK and the world. They include specific sector- and market-based activities. Trade missions Organised to help UK companies visit the marketplace they re interested in and talk face to face with prospective business partners. UKTI also organises missions into the UK to allow overseas delegates to meet with potential partners or investors. Gateway to Global Growth A service for more experienced exporters. It offers focused planning, and advice and support to help companies build on their previous success and develop new overseas markets. High Value Opportunities programme Proactively identifies global supply chain opportunities, coupled with an online service giving access to several hundred sales leads around the world each month. Trade Access Programme (TAP) Provides grant support for eligible small and mediumsized businesses to attend exhibitions overseas. Visit Overseas Business Risk UK Trade & Investment and the Foreign & Commonwealth Office Provide key information to help manage the risks of doing business overseas. 17

18 UK Trade & Investment contacts Here you ll find the contact details for your local UKTI International Trade Adviser. UKTI East T: +44 (0) E: UKTI East Midlands T: +44 (0) E: UKTI London T: +44 (0) E: UKTI North East T: +44 (0) E: UKTI North West T: +44 (0) E: UKTI South East T: +44 (0) E: UKTI South West T: +44 (0) E: UKTI West Midlands T: +44 (0) E: UKTI Yorkshire and the Humber T: +44 (0) E: If your business is located in Northern Ireland, Scotland or Wales you can access export services, including those of UKTI, by contacting one of the relevant organisations below. Invest NI T: E: Scottish Development International T: E: Business Wales T: +44 (0) E: This information is also available through the UKTI website at or by telephoning +44 (0) Lines open 9.00am to 5.00pm, Monday to Friday. 18

19 UK Export Finance products and services UK Export Finance offers a range of products and services to support small and medium-sized businesses that are trading internationally. Export Working Capital Scheme When exporting, you may need funding to ensure you are in a strong position to provide your goods and services. Your bank can provide the working capital you might need to deliver an export contract. UKEF can provide a partial guarantee to your bank to assist with this requirement. Bond Support Scheme You may be asked to provide advance payment guarantees, tender guarantees, performance bonds or warranty bonds. If you need a bond, your bank can support you by issuing one to your overseas customer and UKEF can provide a partial guarantee to your bank to assist with this requirement. Bond Insurance Policy A key risk when exporting is a bond being called as a result of events outside of your control. UKEF can provide an insurance policy to protect you against a demand for payment under a bond which is either unfair or caused by political events. Export Insurance Policy UKEF provides an insurance policy that covers you against not being paid under your export contract. The policy covers costs incurred should the export contract be terminated because your buyer defaults before the goods are delivered, or if they fail to pay due to specified political, economic or administrative events. Letter of Credit Guarantee Scheme Letters of Credit are one of the safest ways to make sure you get paid. UKEF can help in reducing your payment risk by providing a guarantee to your bank so they can confirm a Letter of Credit. Further information For additional information or details on the full range of UK Export Finance s products and services, please contact or contact UKEF s national customer service helpline: +44 (0) or [email protected] 19

20 Supporting UK exporters At Barclays we are committed to working with UKTI to support UK exporters with access to finance and expertise across our global footprint. We understand that businesses want to work with experienced partners when considering trading for the first time or expanding into a new market. At Barclays we have over 300 years of trade heritage and an extensive global footprint, including our home markets of the UK and South Africa, Europe and Asia, as well as a unique presence in Africa dating back over 100 years. We are committed to supporting UK businesses with their international trade requirements and work closely with many partners, including UKTI, to ensure that our clients have access to a wide range of expertise. In 2013 we were voted Best Trade Finance Bank in the UK.¹ We work closely with our clients to build a deep understanding of their businesses and offer financial solutions that are right for them. Client service Your Relationship Director will have specialist knowledge of your sector, as well as valuable experience of supporting other businesses like yours with their exporting needs. Since Q3 2011, no other bank has achieved such consistently high levels of customer satisfaction from their corporate banking clients for Overall Quality of Service. 2 Accessing our range of products and services Your Relationship Director will work closely with our Trade and Working Capital product specialists, taking a holistic view of your trading requirements to offer a tailored approach. From managing the risks involved in overseas trading to maximising your working capital in domestic and international markets, we can present options that best meet your needs. 1 Best Trade Finance Bank in the UK, GTR Leaders in Trade Awards Charterhouse Research based on 2,200 interviews with companies turning over between 5m and 1bn carried out in YE Q Survey data is weighted by turnover and region to be representative of the total market in Great Britain. % rating Excellent or Very Good. Mitigating risk, credit enhancement and more The risks involved in exporting are always a key consideration when selling overseas. For example, how can you ensure you receive payment or manage your foreign exchange exposure effectively? We can help you protect your business from these risks with a range of products and services, from Letters of Credit to Foreign Exchange hedging. We can also support you in demonstrating your financial credibility, to enhance your trading status; our Bonds and Guarantees, and Avalising products are just two examples of ways to do this. By understanding your business and taking a holistic view of your requirements we can offer the financial support that your business needs to achieve your international ambitions. With operations in more than 50 countries, we can provide the global capabilities and local market knowledge to help you achieve your international ambitions. Call us today on *. 20

21 Comprehensive, end-to-end solutions At Barclays we can provide you with expert support, and financial solutions to meet your end-to-end exporting needs. Supply Purchase Production Delivery Sales Import Collections and Letters of Credit Stock Finance Export Collections and Letters of Credit Avalisation Bill and LC Discounting Import Trade Loans Pre-Shipment Trade Loans Post-Shipment Trade Loans Supplier Finance Receivables Finance Bonds, Guarantees and Indemnities Overdrafts and Money Market Loans 21

22 Other sources of help As well as the help available from UKTI and UK Export Finance, there are many other sources of help available to you. Your bank Your bank can provide a range of help on topics such as managing foreign transactions, trading overseas in sterling, owning assets abroad, exchange rates and managing foreign exchange risks. Your accountant Your accountant can provide you with a range of advice, from starting a business, organising your financial affairs, financial management and taxation. You should also be aware that the Institute of Chartered Accountants in England and Wales (ICAEW) has just launched a new scheme: small businesses across the UK are being offered free expert advice from ICAEW chartered accountants as part of an initiative called the Business Advice Service (BAS). It aims to help small companies and start-ups with business and financial advice to help economic growth. Small businesses can find details of ICAEW chartered accountants in their local area at Your lawyer Your lawyer will also be able to help you. Similar to the ICAEW s BAS, the Law Society has many members who offer a service for small and medium-sized businesses. Lawyers For Your Business is a network of 1,000 solicitor firms in England and Wales offering specialist advice and a free half-hour initial consultation to small and medium-sized businesses. Advice can be sought on a range of legal issues both domestic and international. For more information visit the Law Society s website at British Chambers of Commerce (BCC) The BCC, and its network of affiliated Chambers, support and advise businesses in all areas of international trade. With a worldwide network of bilateral and international chambers of commerce, the BCC can provide UK exporters with numerous services including: export documentation, market research, training, translation services and letters of credit. For more information visit the BCC s website at The Institute of Export (IoE) The Institute s mission is to enhance the export performance of the UK by setting and raising professional standards in international trade management and export practice. They achieve this by the provision of education and training programmes. The IoE offers recognised formal qualifications in international trade. It also runs a series of short training courses covering every aspect of international trade management, sales and marketing, logistics and documentary requirements, and international trade finance. For more information visit the IoE website at Export Control Organisation (ECO) Any item exported from the UK that is subject to export control needs a licence. The ECO is responsible for assessing and issuing export licences for a wide range of controlled, so-called strategic goods. This includes military and dual-use items. You can find out more on export controls, including applying for a licence and rating enquiries, licensing policy, key documents, useful links, notices for exporters and news related to export control, by visiting the Business Link website at 22

23 Intellectual Property Office Intellectual property rights can allow you to own things you create, in a similar way to owning physical property. You can control the use of your intellectual property, and use it to gain reward. Intellectual property rights only give protection in the country where they are registered, so if you are thinking of trading internationally, then you should consider registering your intellectual property rights abroad. The UK s Intellectual Property Office (UKIPO) can provide guidance: HM Revenue & Customs HM Revenue & Customs (HMRC) provides assistance on a number of matters relating to the importing and exporting of goods. Information and guides are available covering topics such as the classification of goods, the European Union, Relief Procedures on Duty and VAT, Tariffs and Duties, Intrastat and the requirement to submit Supplementary Declarations, together with basic guides on export licences, export taxes, import licences, rates of exchange, etc. The Institute of Export The Institute of Export provides a tool to help you assess if your business is ready to export. This can help guide more detailed conversations with an International Trade Adviser from UKTI. For more information go to Freight forwarding One of the other things you ll need to think about is how to move your goods overseas. Much will depend on the nature of your goods and their destination and you will need to evaluate the best combination of time and cost with the characteristics of your product. There are various methods of shipping goods: by air, road, sea, or rail. Some companies offer multi-modal solutions, providing more than one service. For more information about freight forwarding please contact the British International Freight Association at 23

24 Other export links Country Information Customs & Regulations HM Revenue & Customs Economic Information The Economist Standards and Technical Regulations British Standards Institution (BSI) National Physical Laboratory Trade Statistics National Statistics Information UK Trade Info Travel Advice Foreign & Commonwealth Office NHS Travel Health 24

25 barclays.com/corporatebanking *Lines are open Monday to Friday, 8am to 6pm. To maintain a quality service we may monitor or record phone calls. All quotes and statistics within this document have been gathered by UK Trade & Investment and Barclays has placed reliance on UK Trade & Investment for the necessary permissions. The Barclays Bank PLC group accepts no liability for the impact of any decisions made based on information contained and views expressed in this report. Barclays is a trading name of Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No ). Registered in England. Registered number is with registered office at 1 Churchill Place, London E14 5HP. Item Ref: September 2014.