Things Your Company Can’t Afford To Lose While In Export Business

Referring to the instances and cases in a recent period of time, we have come to learn that an export business remains open to several vulnerable situations because of flouting trade regulations.

The export control violations bring an enormous amount of implications, which even some of the companies/organizations fail to understand.

If you’re an exporter and know a thing or two about export compliance measures, you should learn the following.

• Civil or Criminal Penalties

Violators may incur civil or criminal or both penalties depending on the kind of violation they committed to export a product/item/service without authorization or license. ITAR violations are said to incur up to $1,000,000 per violation or 10 years of rigorous imprisonment or both.

• Denial of export privileges

An exporter is stripped from the export privileges to different locations outside the countries. It significantly hampers the revenues and finances of the company.

• Damage to reputation

Considering the penalties for violations and charges put on an exporter, the damage to reputation is inevitable and unavoidable.

Evidently, neither you or any scrupulous company with a firm belief in the laws of the country will want to flout the export control regulations. This automatically invokes the reason to have an export compliance software for the organization itself.

Targeted to weed out the discrepancies and monitoring of trade practices, the export control software enables a much-needed capability to meet and follow the export regulations. You know your company needs one right now.