Tips on payment:
- Banks can help advise on currency risk, as most overseas clients want you to invoice in their currency.
- Always credit-check the client.
- Make sure they can ‘legally’ pay you – for instance if a Chinese company doesn’t have an export license then they can’t pay you in Euros or Pounds.
- You must find out the legal frameworks for the country you’re exporting to.
- Get to grips with the country’s tax laws, otherwise you may lose your entire profit margin.
If you’re considering taking on a new overseas client or looking to operate in another market, here are some useful pointers on all things financial from VAT, to foreign exchange and payment risk. Download here.
Trading in the Eurozone
With the ongoing vulnerability of the Euro, we asked leading creative industries financial specialists, Kingston Smith W1, what advice they would give to agencies trading in the Eurozone or hoping to trade there.
Ideally negotiate for cash up front, but if not:
- Focus on getting debts in as quickly as possible
- Structure contracts with stage payments if possible (and hold clients to them)
- Denominate contracts in Sterling if possible
- Repatriate cash to UK rather than leaving it in local bank accounts
Thinking of exporting your design services overseas? Or already exporting but looking for new market information or strategy advice?
To make it easier for you to navigate the wealth of information available to exporters, we’ve pulled together the key details and advice relevant to the design industry and included signposting to further information and contacts.
8. Design business case studies and guidance
- Growing internationally: your options for accessing new markets
- Case study: Point 6 on exporting to China
- Pearlfisher on opening a US office
- Moving Brands’ Singapore trade mission success story
9. Country guides and contact details
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