Complying with export regulations may seem like nothing more than an exercise in filling out complicated forms. However, knowing your business complies with all applicable export regulations gives your business a competitive edge. Overseas customers don't want to risk being involved with international trade violations, even indirectly. By assuring your international clients and customers of your corporate trade compliance, you help build your brand worldwide.
International Trade in a World Economy
The 21st century marketplace is global. For many sectors, healthy growth requires international trade. Countries like China and India are growing economic players on the world stage, and developing international trade helps you maintain your success even when markets at home are slower. From socks to tablet computers, international trade is a must for success today.
Ignorance is Not Bliss
Some businesses think they are unaffected by export regulations and only find out about them after unknowingly committing violations. Even if your business has little to do with technology or defense, it still may be subject to export regulations. One of the first things any business should do when going international is invest in corporate trade compliance consulting to determine which rules apply and how to comply with them.
Penalties for Non-Compliance
A corporate trade compliance consultant should be well-versed in penalties that apply when regulations are violated. The International Emergency Economic Powers Enhancement Act of 2007 enacted civil penalties of $250,000 or more and criminal penalties consisting of fines of up to $1 million plus the possibility of 20 years in prison. Furthermore, the Commerce Department publishes names of violating companies in Federal Register notices, and these are often used against non-complying companies by competitors.
Don't Be Afraid of Going International
Making your business international should be exciting and should make you feel proud. Investing in the services of a corporate trade compliance consultant early in the process will help you gain international success while avoiding trade violations. It simply isn't worth it to engage in international trade without knowing exactly which export regulations apply. Corporate trade compliance consulting should be part of your plan for a successful global enterprise.
International Trade in a World Economy
The 21st century marketplace is global. For many sectors, healthy growth requires international trade. Countries like China and India are growing economic players on the world stage, and developing international trade helps you maintain your success even when markets at home are slower. From socks to tablet computers, international trade is a must for success today.
Ignorance is Not Bliss
Some businesses think they are unaffected by export regulations and only find out about them after unknowingly committing violations. Even if your business has little to do with technology or defense, it still may be subject to export regulations. One of the first things any business should do when going international is invest in corporate trade compliance consulting to determine which rules apply and how to comply with them.
Penalties for Non-Compliance
A corporate trade compliance consultant should be well-versed in penalties that apply when regulations are violated. The International Emergency Economic Powers Enhancement Act of 2007 enacted civil penalties of $250,000 or more and criminal penalties consisting of fines of up to $1 million plus the possibility of 20 years in prison. Furthermore, the Commerce Department publishes names of violating companies in Federal Register notices, and these are often used against non-complying companies by competitors.
Don't Be Afraid of Going International
Making your business international should be exciting and should make you feel proud. Investing in the services of a corporate trade compliance consultant early in the process will help you gain international success while avoiding trade violations. It simply isn't worth it to engage in international trade without knowing exactly which export regulations apply. Corporate trade compliance consulting should be part of your plan for a successful global enterprise.
