Doing business internationally.As the business world goes global, CPAs are advising clients more frequently on how to take advantage of opportunities to market their products and services abroad. Here are some steps a company should take before entering the international market. CONDUCT PRELIMINARY MARKET RESEARCH [] Obtain information about foreign markets from the U.S. Commerce Department's National Trade Data Bank. [] Get a list of potential foreign buyers from sources such as Export Yellow Pages EXPORT YELLOW PAGES The Export Yellow Pages (EYP), is a multi-media trade and promotion resource for exporters that provides U.S. companies, exporters and export related service providers across all industries a convenient way to enage in export promotion and establish , Commercial News USA, National Export Offer Service, Trade Compass and the Internet. [] Prepare a market factor assessment of the economic, physical, demographic, social and cultural conditions in various areas, and look at market access and product or service potential. [] Contact the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census for information and services it provides. [] Explore options for promoting the product or service on the Internet. [] Do some research on the World Trade Organization and on trading agreements. [] Learn about the provisions of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Foreign Trade Agreement (NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's ). PLAN THE MARKET ENTRY [] Prepare a broad-based international business plan. [] Choose a market to target. [] Obtain phone books for the targeted market. [] Study the business etiquette of the targeted region (manners, socializing, gifts and the acceptance of women in business). [] Plan travel to the targeted area through a travel agency with knowledge of the region. [] Brush up on necessary foreign language skills. [] Obtain the required visas and travel documents. [] Select a trade show to introduce the product or services using the U.S. Department of Commerce, Gale Research's Trade Show Worldwide or the Expo Guide Index. [] Get ready for the trade show by preparing a budget, designing the demonstration booth and program, preparing price quotes, scheduling personnel, making travel arrangements and getting custom clearances. ARRANGE FOR DISTRIBUTION [] Assess whether the most cost-effective and efficient entry to the chosen market would be through a commissioned sales agent, an export management company or export trading company Export Trading Company (ETC) A company serving as the export department of other firms. They usually take title, risk and responsibility for the goods they export. , a sales representative, distributors, direct sales to consumers, licensing or joint ventures. [] Decide whether offshore production makes sense. [] Consider what standard clauses, penalties and protections are necessary in contracts or agreements. [] Consider transportation, documentation and packaging factors * Choose a freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. . * Ensure that shipments comply with international commercial terms. * Investigate international insurance. * Make sure shipments will comply with export/import regulations. * Obtain export/import processing forms. * Determine whether special certificates (certificate of origin, for example) are required for products or services. * Obtain a merchandise passport (Carnet). * Find out what labeling is required to ship overseas and in what language. * Learn about the metric system metric system, system of weights and measures planned in France and adopted there in 1799; it has since been adopted by most of the technologically developed countries of the world. and obtain conversion tables. * Establish pricing, financing and payment policies. Source: Adapted from Doing Business Internationally, Sotomayor & Associates LLP LLP - Lower Layer Protocol , Pasadena, California Pasadena is a city in Los Angeles County, California, United States. As of the 2000 census, the city population was 133,936 and the 160th largest city in the United States. The California Finance Department estimates the Pasadena population to be 146,166 in 2005. . |
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