Bangkok--23 Jan--Grayling (Thailand)
As 2014 commences, businesses are either already completing or have begun planning for the new year in earnest. Increasingly,companies around the globe including small and medium-sized businesses (SMEs) are strengthening their effortstowards global expansion. In Asia Pacific, just 12 percent of SMEs are generating their revenue exclusively in their home cities and this is expected to drop to just four percent in three years[1].
Often, SMEs find the complex customs regulations and formalities quite daunting to navigate, and this can become an impediment to new market growth. As one of the world’s largest transport and logistics companies, FedEx is committed to assisting businesses to maximize opportunities in international trade.
Here are somequick tips to help SMEs smoothly navigate customs around the world for global expansion:
- Tip 1: Do your research
Before offering your products to overseas customers, be clear about the details and differences in customs between countries as they may vary widely. For example, customs in emerging markets tend to require more official documentation, andexpect to do somepaperwork as not all countries have moved to fully automated processes.
- Tip 2: Use the right language when filling in paperwork
The commercial invoice is probably the most important piece of paper for international shipping, so use the right terminology. Here are some examples:
- “Air Waybill” is a contract between the shipper and the airlines that states the terms and conditions of transportation
- “Customhouse Broker” is an individual or firm licensed to enter and clear goods through customs
- “Harmonized System Code” (HS Code) is a universally accepted classification system for trade goods, used to classify products and their corresponding staff
- “Value” is the price paid/ payable for the goods by the buyer to the seller
- Tip 3: Think like a local
Get to know the local environment well and ensure you meet the requisite local standards. Use information provided by companies like FedEx who have a wealth of information available online about customs in different countries. Have an inquisitive mind and consider attending any country-specific events, or joining a local SME organization to obtain market specific advice.
- Tip 4: Take your time to get things right
Take a measured approach when dealing with customs in new territories. Expand your business at a pace that you are comfortable with and ensure you are ready to take your product to a global audience.
- Tip 5: Find a trusted global express transportation provider
Engage with express carriers such as FedEx that not only satisfies your transport needs but often have integrated customs brokerage operations around the world. In the world of customs clearance, local expertise and local experience go a long way, often making the process much quicker. FedEx can help you conquer new markets and build a higher level of compliance while you focus on your core business.
About FedEx Express
FedEx Express is one of the world's largest express transportation companies, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee[2].
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $45 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.
NOTE TO EDITORS: FedEx Express press releases are available on the World Wide Web at http://www.fedex.com.
[1]http://www.smbworldasia.com/en/content/how-asia-pacific-smes-are-remaking-their-businesses-global-marketplace, July 24, 2013
[2] Subject to relevant terms and conditions