Exporting is the process of selling goods and services to customers (both business and consumer) in another country. The North East has consistently had a positive trade balance in the UK, meaning that it exports more than it imports: a large proportion of this is linked to a few big players, whilst SMEs in their thousands are sticking to what they know in the UK.
Why is exporting important?
International trading can, amongst other things, help a business to:
- boost its revenue (more customers, more sales, more income)
- enhance/necessitate digital transformation through e-commerce routes to market
- build a global brand (increasing territorial-scope for IP registration and wider marketing)
What is deterring businesses from expansion?
Businesses of all sizes are hesitating to cross the seas to new territories, reporting concerns of:
- access to (or lack of) working capital
- geo-political tensions and cultural differences in doing business
- regulatory issues and contracting overseas in pursuance of trusted partnerships
The North East – trust your roots
The North East is a hot bed for innovation, and a region which champions exporting. Teesside is the site of one of the UK’s largest integrated industrial economies, containing a freeport which facilitates global trading. Freeports are tax and secure customs zones where the normal rules do not apply, and incentives (such as zero business rates) help businesses get off the ground.
The North East has a host of organisations, dedicated to helping businesses export. The Department for Business and Trade (DBT) has (or is involved in) a number of initiatives providing educational or mentoring support for businesses expanding their horizons:
Businesses wanting to connect with the local DBT team in the North East can email dbtnorth@businessandtrade.gov.uk.
Lawyers with expertise in international expansion, like those at Mincoffs Solicitors, are also pivotal through delivering advice, drafting, and added-value in relation to:
- contracts for agency, distribution, re-selling, franchising, out-sourcing and more
- compliance with regulatory requirements as to commercial agency, competition and data protection (failure of which can lead to significant financial penalty)
- strategic growth from the North East and beyond
Mincoffs Solicitors is experienced cross-sector with businesses of all sizes exporting goods and services internationally, from start-ups to NASDAQ-listed conglomerates. For more information, contact the commercial services at enquiries@mincoffs.co.uk, or call the team on 0191 212 7745.
