Originally written by Partner Content on Small Business
Whatever form Brexit takes, it’s going to make life more complicated for small and medium-sized enterprises (SMEs). But when placed in the context of a recession caused by a continuing global pandemic, it makes the route ahead incredibly uncertain – especially for those businesses trading overseas. Open Banking provides clues to a way forward for SMEs, but some major opportunities have been missed thus far. With a unique understanding of Open Banking, Currensea is providing SMEs with simplicity and transparency over their international transactions and helping them find the clearest route through 2021.
SMEs in 2020
In many ways, SMEs are the heart of the UK economy; in 2019, there were 5.9 million SMEs in the country, providing employment to 16.6 million people and seeing an estimated turnover of £2.2 trillion.
Up to 4.72 million of these SMEs trade internationally and a quarter of them have had to slow or halt overseas trading due to the restrictions of the pandemic. In fact, SME exports have dropped by around 10 per cent – this alone has cost the UK up to £20 billion.
But the pandemic is not the only complicating factor for SMEs; Brexit has been hanging
Tag Archive for International business
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Could Covid-19 Be An Opportunity For International Startups In New York?
by Victoria Zavyalova • • 0 Comments
For years, international founders invested heavily in U.S. expansion. Now, New York, one of their top destinations, has been hit hard in the pandemic. How is the city’s global startup ecosystem dealing with the challenges?
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How will Brexit affect my imports and exports? Where to find customs help
by Ben Lobel • • 0 Comments
Originally written by Ben Lobel on Small Business
UPDATED: The Government has admitted that British companies trading with Europe will have to fill in an extra 215 million customs declarations a year post Brexit.
And this post Brexit customs bureaucracy burden will cost British businesses around £7bn a year, according to Government officials.
You will need an EORI number
UK businesses trading with EU countries need to obtain an Economic Operator Registration and Identification (EORI) number if they do not already have one. UK businesses trading with the EU should (if they do not already have one) apply for a UK EORI number from HMRC, to ensure they can still move their goods into and out of the UK post-Brexit. You can apply for a UK EORI number here.
You will also need an EU EORI number
You will also need an EU EORI number when you export to the European Union. You should apply for an EU EORI number from the customs authorities in whichever EU state you deal with the most, to ensure you can still move your goods into and out of the EU. Get this from the customs authority in the EU country where you submit your first declaration or request your
Hot Business News Today
How will Brexit affect my imports and exports? Where to find customs help
by Ben Lobel • • 0 Comments
Originally written by Ben Lobel on Small Business
The Government has admitted that British companies trading with Europe will have to fill in an extra 215 million customs declarations a year post Brexit.
And this post Brexit customs bureaucracy burden will cost British businesses around £7bn a year, according to Government officials.
One way to relieve the burden for businesses will be to use a customs agent to process your Brexit paperwork. Some 50,000 new private-sector customs agents will have to be hired by businesses to deal with UK-EU border paperwork after December 31, 2020.
In 2018, former HMRC head Jon Thompson estimated that the cost of each customs declaration could be £32.50 each but that could go as high as £55.
What does a customs agent do?
A customs agent – also known as a customs broker or import broker – works to make the import and export of goods run smoothly, by facilitating the clearance of goods through customs.
Customs agents are experts in international trade – it’s their job to keep abreast of the changing rules and regulations, and make sure that their clients have all the paperwork and licenses they need to import goods to the UK.
What’s the difference between a customs agent
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Doing business abroad: 2020’s top 3 countries for international expansion
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
If you think your business could benefit consumers outside your home country, perhaps it’s time to expand your horizons. Many successful companies reach a point where they’ve earned a sizeable share of their domestic market, which makes going global their only logical next step.
Once you’ve decided to venture abroad, you will need to conduct extensive research to determine which locations to target. This will depend on factors like what goods or services your company offers and the market it currently serves. However, there are some countries which are arguably riper for investment than others, particularly those with a strong economy, availability of talent and low start-up costs, all of which serve as good indications of a nation’s suitability. Here are three nations to think about expanding into.
1. France
The first place you should consider is conveniently close to home. One of the top five countries to invest in and the world’s sixth-largest economy, France’s economic stature alone makes it well worth investigating. In their guide on doing business in France, international language experts London Translations cite France’s world-leading electronics, manufacturing and finance sectors as a great reason for British businesses to reach out.
Home to
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What the UK can learn from Estonia as the destination to start a business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Estonia has the highest concentration of entrepreneurs in Europe, according to research.
Nearly one in five adults (19.4 per cent) see themselves as either a would-be entrepreneur or owner/manager of a new business in the Baltic state.
Montenegro (14.9 per cent) and Turkey (14.2 per cent) were in second and third place when it comes to the concentration of start-ups, according to tech supplier RS Components.
>See also: What Estonia’s youngest inventor can teach us about entrepreneurship
The UK by comparison ranked in 17th place in Europe with 8.2 per cent of the country being entrepreneurs. In fact, Britain lags behind Kazakhstan and Romania when it comes to entrepreneurial activity.
Top 20 countries with most aspiring entrepreneurs and new business owners
#Country%
1Estonia19.4
2Montenegro14.9`
3Turkey14.2
4Latvia14.2
5Israel12.7
6Netherlands12.3
7Slovakia12.1
8Kazakhstan11.3
9Lithuania11.3
10Austria10,9
11Romania10.8
12Luxembourg10.7
13Iceland10.6
14Ireland9.6
15Croatia9.6
16Georgia8.6
17United Kingdom8.2
18Portugal8.2
19Hungary7.9
20Switzerland7.4
Source: RS Components
What can the UK learn from Estonia?
Estonia ranks #1 in ease of its tax system
The International Tax Competitiveness Index measures how easy or not it is to run a business in different countries of the OECD, according to several metrics. Estonia has maintained pole position for several years compared with 25th-ranked Britain.
Digital-first administration
Estonia is recognised as the world leader for digital e-government and that has extended to registering a business remotely in Estonia without having
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Book review: My Story by Sheikh Mohammed bin Rashid Al Maktoum
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
If there was one attitude that has been fundamental to the economic success of the city of Dubai then it surely is a deep respect for the value of competition.
It’s a word that Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice President of the United Arab Emirates (UAE), and ruler of Dubai, is very fond of, believing that it drives people to become stronger and to achieve more.
“Compete with yourself and others,” he advises in My Story: 50 Memories from Fifty Years of Service, his long-awaited memoirs published to coincide with five decades at the heart of power in the Middle East. “Compete with your goals to achieve more ambitious ones,” he adds. “Compete with your past to build a better future.”
Dubai is a paragon for what can be achieved by enshrining competition at the heart of policy. In the space of just two generations it has transformed into a global economic powerhouse thanks to a forward-thinking combination of inspired resource exploitation, free trade and vision.
It was this firm conviction that drove the Sheikh to transform Dubai from a small, bustling trading port into a multi-billion dollar city that now welcomes 16
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Less than a quarter of British SMEs plan to expand beyond the UK
by Anna Jordan • • 0 Comments
New research from DocuSign reveals that less than a quarter (22%) of British SME owners plan to expand beyond the UK. This is because confidence levels have plummeted, largely down trade uncertainty facing the UK, increasing costs and red tape. In March this year, FSB’s Small Business Index (SBI) was negative for the third quarter
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Foreign exchange control can ease the cost of business trips abroad
by Small Business Team • • 0 Comments
In terms of the impact Brexit negotiations have had on travel/foreign exchange costs, we calculate that a business trip today is going to be nearly 30% more expensive than one before the Brexit referendum because of the toll it’s taken on the pound. To put this into context, a trip to Europe costing 2000 euros
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Business travel etiquette: tips for your next international trip
by Anna Jordan • • 0 Comments
New research reveals that over 20 per cent of Brits don’t research local customs and traditions before they go abroad. This can lead to some troublesome travel gaffs like leaving your chopsticks standing in your food while in China or refusing a coffee in Dubai. It’s especially important for business travellers as the first impression
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