How to Determine the Size of Your Target Market and Obtain an Export License, Before starting an exporting business, you must first determine the market size of your commodity. This is done through market assessment, which involves studying the demand and performance of your commodity. If you aren’t sure about the number of buyers, data analysis companies can provide definitive statistics. Identifying the market for your commodity is the next step, and you should also ensure the protection of your intellectual property. In this article, you will learn how to determine the size of your target market and how to obtain an export license.
Documentation required by companies to comply with export regulations
An annual Statement of Corporate Commitment to Export Compliance will be issued by the company. The Statement will be reviewed and updated by the Responsible Official and will be disseminated within the organization. The company may choose to use periodic emails and broadcasts to ensure that employees are aware of its commitment to export compliance. The document should be read and signed by all employees annually and submitted to the Human Resources Office. If employees are unsure of the document’s contents, it can be included in the Employee Handbook.
The written manual should include specific procedures and processes. It should be based on existing procedures or borrow from existing ones. Flow diagrams should accompany written descriptions and be easily accessible to employees. It should be reviewed by the export compliance team and by an outside auditor. It should also be accompanied by a commitment statement and an empowered contact person. It should also be available on the organization’s internal electronic files.
Identifying markets to export to
If you’re new to exporting, you can begin your research by identifying markets in foreign countries. Do your research, analyzing existing market research and government statistics to develop a clear picture of what these markets are like. To start, you’ll want to focus on three to five markets, and examine their demand trends. For example, if your product sells well in China, then you may want to consider exporting to the Chinese market.
Next, you’ll need to identify the products that are most in demand in your target markets. Research the consumer demands of those markets and analyze the country’s history, recent performance and trends. The USA is India’s largest market, consuming about 45 to 50% of the country’s total exports. In 2017, India exported pharmaceutical items, heavy machinery, textiles, fish and precious stones. In the US, India exported US$1.7 billion worth of goods to the country.
Obtaining an export license
When you are planning to export a product, obtaining an export license is the first step in the process. It is a government document that allows registered companies and individuals to ship certain types of restricted items. Restricted items can include medicines, chemicals, artwork, historical artefacts, and drones. Other restricted items include dual-use items, such as video game consoles and paraffin wax, which have dual purposes, including military and civilian uses.
An export license is required to sell goods in restricted markets or to restricted destinations, like Iran. If you want to export certain items, such as military hardware, you must obtain a license. In addition, certain exports can lead to criminal prosecution. Exporting certain materials to Iran can be particularly dangerous. For instance, one Iranian national was sentenced to four years in federal prison after importing nuclear parts and materials from Iran without obtaining a license or U.S. Treasury Department approval.
Protecting intellectual property
Exporting your products and services overseas is risky. IP-intensive industries contribute over 60 percent of U.S. merchandise exports and contribute a large share of services exports. It is essential to protect your IP. Here are some tips for exporters to protect their IP. You can protect your brand, trademarks, and other intellectual property through export contracts. However, it is important to seek legal advice. Some countries offer specific intellectual property laws.
In case your exports involve IP-intensive goods, the customs department has the right to hold your goods. It must notify the consignor in writing about the intellectual property protection. The owner of the IP can then submit a written petition and the Customs Department will handle the case according to Article 17 of this regulation. After receiving the notice, the goods will be returned to you after inspection and you can receive payment.
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