Above: Caroline Keenan of ASM Chartered Accountants, Brian Telford of Northern Bank, Peter Stafford of A&L Goodbody, John Irwin of Boomer Industries, Sandra Scannell of NI Chamber of Commerce and Trevor Bingham of Xperience

Northern Ireland Chamber of Commerce, in partnership with Northern Bank, ASM Chartered Accountants and A&L Goodbody, has launched a 7 step plan for aspiring exporters outlining the legal, tax and financial considerations that companies should be aware of before entering foreign markets.

The ‘Roadmap to Export Success’ guide was launched on 14 March at the latest Northern Ireland Chamber of Commerce Export First event at the Lagan Valley Island Conference Centre in Lisburn.  The event was attended by 40 businesses and also featured guest speakers John Irwin, Sales & Marketing Director of Boomer Industries and Trevor Bingham, Marketing Manager of Xperience, who both provided an overview of their respective company’s export strategy.

Commenting on the ‘Roadmap to Export Success’, Sandra Scannell, Programmes and Operations Director at Northern Ireland Chamber of Commerce said:

“Our 7 point plan is a simple, yet critical guide for aspiring exporters to make sure they follow the right paths to experience success in their export journey.

Companies hoping to export must be aware that selling further afield brings with it a whole range of new issues.  Entering into business with companies from abroad comes with a degree of risk and business oversights can prove costly.

Legal, tax and financial considerations are especially important and should be at the core of any company’s export strategy.

Financially it is important to have a plan to manage trade finance requirements and protect a business from adverse exchange rate movements and ensure payment is received. As businesses start to consider their export markets, they need to address the accounting and taxation implications associated with exploring goods or services to overseas markets. 

It is also equally important that businesses are made aware of the many legal issues associated with exporting, particularly outside of the European Union, which can seem complicated and businesses may need to change their product or operational set-up to comply with the laws and regulations applicable in target markets.

It is vital that these implications are identified and addressed at an early stage in a company’s export cycle.”

A copy of the ‘Roadmap to Export Success’ guide can be downloaded below.