Toolbox: Identify Resources
Tool Tip #2.3: Private Sector Services
Earlier this year, World Trade Center Utah launched its "10 Tips to Help you Think, Act and Succeed Globally." Since the launch, we have featured corresponding articles in the export toolbox section of our newsletter. We are pleased to revisit these "10 Tips" and dig deeper into topics that will be important as you pursue international business opportunities.
Our second tip, "Identify Resources," informed you of the tools available to help you expand internationally. This article highlights the smorgasbord of private sector services that are offered in Utah to support your exporting efforts.
Private Sector Services
In order to connect with customers in foreign countries you will need to communicate in their language. However, this does not mean that you will have to hire a full-time native speaker, as there are many local third-party services that you can employ.
One example of a local company with these services is the U.S. Translation Company. Not only does this company provide translation services and interpreter solutions, but it also provides voice-over-services for your foreign marketing media.
In order to legally protect the intellectual property of your product/brand, you will need to complete the correct legal procedures in the country of interest. It is wise to hire a legal representative to help you with these details.
One local example of an international servicing law firm is Ballard Spahr, which provides international services for intellectual property, taxes, licensing and more.
Does your product comply with the standards and regulations of your target market?
Depending on the regulations of the foreign market you want to enter, you might need a third-party to perform certification tests on your product. Here in Utah, we have multiple certifying agencies that can certify your product's compliance with foreign requirements.
Shipping and Distribution
Once you have an idea of what country(ies) to sell to, you will need to find out how much shipping will cost, how long shipping will take, where products will be stored and how they will be delivered. Utah has many excellent logistics companies and services to choose from that can service all of these needs and more.
Specific taxes and duties exist for each product imported into a country. You will need to find out which ones are applicable to your product, how they are calculated and when they are due.
A company in Utah that provides strategic counsel on international taxes is Deloitte. They have international tax professionals that can counsel you on the best strategy for efficiently getting your product across borders and through customs.
International Transactions and Financing
In order to complete international transactions with foreign buyers, you will need a bank with international capabilities. Banks with international services can help you with letters of credit, international open accounts, foreign currency risk management, SBA export loans, etc.
Utah is lucky to have various international servicing banks such as Zions Bank, Wells Fargo, KeyBank, and JP Morgan Chase.
Foreign Online Presence
If you wish to establish an online presence in your target market, you will need to consider site language translation, site localization, currency exchange calculation, shipping calculation, etc. Utah is home to many companies that have international e-commerce experience.
International Market and Advertising
To effectively market your product internationally, you must be aware of culture and customs within the country. With products that are consumer focused, it is wise to get expert advice so that you do not make costly mistakes.
Here in Utah, we have multiple companies that are specialized in specific regions and cultures so that they can market your product in an appealing way to your foreign customers.
To view a directory of private sector companies in Utah that provide export-related services, or to receive any of WTC Utah's free services, email WTC Utah's trade services team at firstname.lastname@example.org.