'Play it safe' when trading abroad, businesses urged

MIC Products | | MIC Customs Solutions |

Trading abroad can be hugely beneficial, but only with the right preparation, an expert has said.

Businesses wishing to trade abroad have been encouraged to consider the potential risks and take action to mitigate them if they are to reap the rewards.

Writing for Business Quarter magazine, Aziz Rahman of business crime solicitors Rahman Ravelli said trading abroad can bring benefits including a share of more markets, increased demand for goods and, ultimately, greater profits.

However, he stressed that caution and forward planning are vital if companies are to stay compliant with the laws in the nations with which they hope to trade.

The expert recommended carefully researching countries, businesses and individuals before making any deals, as there may be trade laws that are not immediately obvious.

For instance, Mr Rahman pointed out that some locations may be subject to sanctions and export controls, which could prove costly to fall foul of.

Another tip offered was not to feel embarrassed about carrying out checks on any trading partners, as genuine companies should be prepared to comply with requests for information.

"Not taking the right approach to trading abroad can lead to companies and individuals facing difficult questions rather than obtaining the hoped-for benefits," Mr Rahman concluded.

If you're at all concerned about trading abroad, check out MIC's range of professional services. From professional support during the starting phase to application support, customised software adaptations, technological maintenance and more, we have everything you need to stay compliant and can tailor our options to suit your company's needs.