Exporting Your Business to New Markets

Additional Info

  • Sienna: tbg-sienna

With the business landscape getting increasingly globalised, companies may be looking into expanding their business overseas – and this includes the export industry. A good measure would involve building up a sound and sustainable export strategy. This will not only minimise business risks, it can maximise time and money, and here’s where IE Singapore comes into the picture.

Export Readiness Assessment

It is important to assess your company’s readiness to export before venturing into a new market. Brought to you by IE Singapore, the Export Readiness Assessment is a complimentary service for companies new to the export industry.

The assessment analyses each company’s readiness to export by taking these factors into account:

  • Export Experience;
  • Financial Strength;
  • Production Capacity; and
  • Market Preparation.

Companies that complete the 10-minute questionnaire will each receive a customised report from IE Singapore officers recommending appropriate assistance programmes that will help kick start its export business.

Trade with Confidence in Emerging Markets
Keeping in mind that new exporters may be more vulnerable in less familiar markets, IE Singapore has put in place two schemes to help companies safeguard their payments:

  1. Trade Facilitation Scheme (TFS); and
  2. Trade Credit Insurance Scheme (TCIS)

Scheme

Details

Trade Facilitation Scheme (TFS)

The Trade Facilitation Scheme (TFS) aims to help address market gaps in trade financing for Singapore-based companies in emerging markets.

Under this scheme, IE Singapore enters a risk-sharing arrangement with the Asian Development Bank (ADB) and Swiss Re Corporate Solutions to increase the capacity for credit guarantees to Singapore-based banks.

Companies will then be able to benefit from the increase in availability of trade finance when they enter new markets in search of growth opportunities.

Trade Credit Insurance Scheme (TCIS)

Trade Credit Insurance helps to protect companies against non-payment by their buyers. 

This enhances their financial security when acquiring new customers.

Under the TCIS, the Global Company Partnership Programme will co-fund up to 50% (capped at S$100,000) of the insurance premium that companies incur while obtaining trade credit insurance policies.

Export Guide
IE Singapore has identified seven (7) key steps to help companies in their export journeys. Here’s a brief overview of the export guide. Click here for a comprehensive report.

 

7 Steps to kick start your Export Journey

STEP 1: Selecting your Export Market

STEP 2: Exporting and Branding your Exports

STEP 3: Entering your Selected Market

- Importance of market research
- Identifying your market
- Challenges and issues

- Importance of an export marketing plan
- Documenting your plan
- Issues to consider
- Marketing and branding tools

- Choose your market entry strategy
- Types of market entry methods:

  • Direct Exports
  • Indirect Exports
  • Franchising

- Branch or subsidiary

STEP 4: Logistics of Getting your Exports into Market

STEP 5: Financing your Export Operations

STEP 6: Dealing with the Legal Side of Export

STEP 7: Getting a Handle on Export Risks

- Importance of logistics planning
- Methods of transport
- Overview of Singapore’s customs regime
- Exporting out of Singapore
- Importing into your target market

- Reviewing your financial capacity
- Available financial options
- Business and export strategy plans
- Determining quantum of funds

- Learn to protect your transaction
- Legal clauses in international sales contracts
- Common legal concepts
- Getting a lawyer

- Export risk management plan
- Potential risks

Market Access Resources
The IE Singapore website provides resources to help new exporters understand and interpret local business environments, customs and regulations correctly. This will facilitate smooth processes – for example, companies will learn to avoid costly delivery delays caused by misunderstanding local customs. 

Companies can also look out for relevant iAdvisory Seminars  to get first-hand insights and accounts from IE’s Overseas Directors and industry experts.
If you wish to receive the latest news from IE’s publications and events, please subscribe to IE’s newsletter.

International Enterprise Singapore
230 Victoria Street
Level 10, Bugis Junction Office Tower
Singapore 188024
Weekdays: 9am to 6pm (Closed on Saturdays, Sundays and Public Holidays)

1800 437 7673 (For local callers)
+65 6337 6628 (For overseas callers)

Website: http://www.iesingapore.gov.sg/
For further assistance, you may submit an online enquiry here.

Read 1969 times Last modified on Friday, 14 November 2014 01:59