Launching your own business in the international market has never been so simple with the internet linking traders and customers globally. However, increased exposure has also heightened the risk involved in business transactions with non- compliance penalties to country specific regulations always on the rise.
How can technology assist you in managing these obligations safely and cost effectively?
Tools for Export Compliance
One of the biggest impediments faced by global traders is undergoing export regulations and integrating the same into the trading process. As compliance needs differ with commodities and business type, countries involved etc. it is important that you find your compliance tools based on specific needs relevant to your business.
Our list of online tools aid in making the process simpler with a host of tools you can choose according to your requirement.
Product Categorization and related regulations: Classifying products according to the nature of the commodity and the concerned country regulations with the assistance of online software and tools assists you in obtaining any required trade licenses and related documentation.
Tools for Import Compliance
The task of commodity classification and costing lies on you as an importing trader, and accuracy is of utmost importance as these details determine various processes that initiate the trade flow as commodity sourcing and investments determination.
Product categorization and related regulations: Identifying your commodity category has not been simpler with the online tool and associated licenses and regulations. Calculating actual costs linked with importing products including associated charges and comparison empowers you while taking the decision of choosing the country best suited for your business product sourcing.
Integrating an all- inclusive international trade data bank that includes rules and associated regulations with the global market, it updates itself automatically to provide timely and accurate information thus reducing non- compliance risks.