Just as there are myriad opportunities in trading overseas, there are also many issues and challenges that you need to be sensitive to, from local customs, to the legal regulations businesses need to abide by. Whether you're importing or exporting or engaged in both - we can help your business maximise its international trading potential.

You can find more information about the specifics of trading and advice surrounding different rules, regulations and customs from UK Trade & Investment and the British Chambers of Commerce.

If you haven't found what you're looking for or have any additional questions please call us using the 'Get in touch' contact information.

If you want to cut costs, improve quality and become more competitive as a business, it's always worth thinking about importing goods, machinery or raw materials from overseas. One of the first things you need to do is to find a reliable trading partner - and at the right price. However there are more considerations when looking to source goods from overseas. Our advice below should give you some fundamental areas to consider:

1. Visit trade shows and International business fairs.

Get networking if you want to meet potential new suppliers face to face.

2. Consider your payment risks.

If your supplier wants payment or a percentage of payment before shipment of the goods, ask them for an Import letter of credit which can help to reduce your payment risk.

3. How reliable is your supplier?

Ensure that your supplier is able to supply your goods consistently, on a regular basis and to the required quality.

4. Take the time to build relationships.

Look to build a strong, healthy relationship with your supplier's key staff and management. Visiting your suppliers is often an essential part of assessing their suitability and building your relationship with them.

5. Ensure that your supplier has ethical working practices.

Price is important, but it isn't everything. Your reputation could suffer if you buy from suppliers who operate unethically.

6. Fully understand the entire costs before placing any overseas orders. Look into the following:

1. Transportation costs.
2. Port/warehouse costs.
3. Import duties.
4. Inspection charges.
5. Agent's fees.

7. Ensure any goods imported comply with all Government regulations of the destination country.

Failure to do so can delay the custom's clearing process and incur significant taxes.

8. Make sure your contract is crystal clear and legally binding.

It's important to make sure the contract between the buyer and supplier sets out who is responsible for transport and insurance at every stage. A clear agreement, using internationally accepted trading terms to set out exactly what delivery terms you have agreed, also helps to reduce the risk of confusion. These are known as Incoterms®.

9. Do your market research.

Market research is an important way of reducing your risks. The more you find out about a country and its politics, economy, culture and business environment, the less likely you are to get caught out by unexpected problems. See our Country & trade insight which is a good place to start.

10. Which currency will give you the most preferable rates?

Will you be paying with sterling or another currency? Is there a foreign exchange risk that can be reduced by using a Foreign currency account or Foreign exchange?

If you haven't found what you're looking for or have any additional questions please call us using the 'Get in touch' contact information.

Selling overseas represents an exciting proposition for a great many businesses, big or small. However, there is a lot to consider, from researching your chosen market, to finding export/import partners, to understanding country-specific trade rules and legislation. Here are ten key points you need to think about before getting started:

1. Know your overseas markets.

Just as you would domestically, take the time to understand your potential overseas markets. Be confident of the demand for your goods; understand the potential for growth; be knowledgeable about the competition and how you should price your goods.

2. Tackle one new market at a time.

Don't stretch yourself too thinly: concentrate your time, efforts and money into the one market you're confident you can succeed in.

3. Get to know your overseas customers.

Make sure you understand the commercial imperatives they work under - just as importantly, get to know their customs and culture. What is considered good manners in the UK isn't necessarily true overseas.

4. Be prepared for different documentary requirements.

Different countries often require different types of documentations over and above the standard ones usually demanded.

5. Consider the different ways you can sell goods overseas.

You can often sell your goods to overseas markets in a number of different ways. Particularly when starting out, it may be easier to look for a partner who already understands the market, rather than going it alone. For example:

1. You can sell to a distributor who then sells your products locally.
2. You can use a Sales agent who sells products on your behalf, or puts you into contact with potential customers on a commission basis.
3. You can enter into a Joint Venture with a local business.
4. If you want complete control over sales, you can setup your own local office.

6. Check the copyright on your products.

Patents and trademarks are only recognised and protected in their country of origin, so you will need to secure additional protection in each you intend to export to.

7. Check your customer's ability to pay.

Can you be sure that your customer is credit-worthy? If you have concerns about their ability to pay, you might want to consider asking them for an Export letter of credit - or even cash up front - and receive your funds earlier.

8. Customise your marketing.

Different countries have different rules concerning marketing, advertising and promotion; what works in the UK may not work overseas. Take the time to check with an international marketing expert.

9. Select your transportation methods wisely.

It's absolutely vital that your goods are insured, whether by you or the importer.

10. Build relationships.

Regularly liaise with your customers, agents or partners. Monitor the economic and political environment in the destination country. See our Country & trade insight which is a good place to start.

If you haven't found what you're looking for or have any additional questions please call us using the 'Get in touch' contact information.