Web Based Software Solutions Makes Your Export Safe and Legal

Unlike the situations that prevailed a few years back in the trading world, things have become more complex nowadays.  Due to the presence of stringent laws and regulations, domestic and international trade has become much complicated. Since, business has significantly extended beyond the borders of the country, it is not possible for the exporters to check all the associated trades and partners and make reviews of the products manually. In this case, some of the reputed companies have developed software to check the trade partners, consultants, customers, visitors and trade intermediaries. The software is used in several purposes like party screening, trade party management, license checks and checking the regulations online.

If your business fails to comply with the regulations associated with export laws, it might face serious consequences like penalties, legal prosecutions, cancellation of license and many other legal issues. Loss of customer reputation, huge blow in the profit market and depreciation of brand name are some of the indirect results.

Why It Is Necessary To Abide With the Export Compliance

The compliance measures and export and import classification numbers play a crucial part in continuing the trade. They help the company to maintain a proper balance between all the trade partners and maintaining a perfect compliance standard. But, usually traders fail to comply with the regulations due to lack of resources and expertise. In such case, the web based solutions are very effective and using these software applications can be a good decision of the company.

Different software and their field of utilization

• Export Control Classification

The export restriction is applicable to the products, software, materials and technologies. The most important step is to determine an export control classification number or the ECCN number to each and every product and technologies that are associated with the business. This is briefly known as the export classification process. This classification starts with reviewing the features of the software, component and the technologies. The trade consultants are experienced and mastered in analyzing the export control regulations, and they hold degrees in industrial sectors, energy and telecommunications.

• Trade Partner Screening

The U.S government agencies and some other international foreign government agencies publish lists of entities that may be restricted or denied from doing business with other parties. In the trade event, a company or an entity checks whether the company falls on the restricted or denied lists. Depending on which list the match is found, steps are taken.

Proper screening of trade products and parties against the regulation lists ensure the compliance with end-user checks. If the company fails to comply and comes under the restricted party list, then the main consequence will be paying of administrative and criminal penalties and loss of trade license. The violators may be subjected to cancellation of all the export privileges, and the company is prohibited from participating in future trade transactions. The reputation will also be greatly damaged, and bad publicity will be spread regarding the company.

Parties Who Need To Be Screened

• Intermediate and ultimate consignees, end users.
• Suppliers and vendors.
• Countries where the buyers, ultimate consignees and end users are located.
• Service providers and consultants.
• Visitors and their employees coming with them.
• Representatives, contractors, new hires and agents

The software for party screening, export classification, trade party managing and export license checking are very necessary to control your trade and products and also the trade members.