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exporting to Europe

How Can An Indian Company Open A Bank Account In Europe?

By | Banking

India is a pretty progressive country that inhabits a billion people. The pace at which India is developing, both technologically and economically is brisk. This success, development and progress are a result of its performance in the international market.

The major rule of expanding to other countries is to have a base set up in the destination country. For instance, if somebody is trying to expand his horizon with a move to a different country, then he must first set up a Headquarter or a base of operations for his firm. The amalgamation of different European countries in a single union is named as European Union. The laws and regulations in the countries that are part of the EU are pretty similar, with only minute differences here and there. The intercontinental transactions has been made easier in Europe since the creation of the European Union, but what about the millions of Indians trying to expand the borders of their business to the vast greenery of Europe? In order to buy property or to buy anything else for that matter in an entirely different country, you need to have a bank account in the country.

Here is a detailed explanation of how to do exactly that;

Choosing a Bank

Banks in Europe are allowed the courtesy of deciding their own customers. No laws within the European Union can prevent or force a bank to open a bank account for a particular customer. Therefore, it is essential to choose a bank beforehand that has a history of granting permission for the opening of a bank account for people who are not exactly residents of the European Union.

Filling the form

An online form can be submitted from the comfort of your home that expresses your desire to the bank about getting an account opened in your name. After the form is filled, the bank will inform you about the ways you can identify yourself as a proper candidate who is viable to receive the bounties of a bank account.

Proving your Identity

For an Indian national, an important step in opening a bank account in a European country is providing the required documents to proof your identity. Identifying yourself is a process that gives the bank a go-ahead to process the opening of your bank account. There are two methods through which you can identify yourself in any European country;

  • By Lawyer or Notary
  • By Bank

By lawyer

It means to identify yourself in a European country with the help of a lawyer; the lawyer takes responsibility on your behalf. The lawyer that takes the responsibility must be a resident of the EU.

By Bank

It is a very simple process, it involves the bank that you use in any state of India to share details with the bank where you are trying to open an account. The bank back home in India and the bank in your destination country collaborate together and settle the case.

This is all it takes to open a bank account in any country in Europe. Apart from opening an account in a bank in Europe, some other questions also wander in the minds of many Indians who decide to expand their business to Europe.

Virtual bank account for exporters

If you export into Europe you can also consider signing up with B2B Pay. With B2B Pay an you can get your own virtual bank account inside the European SEPA zone, combined with vastly cheaper fees for currency exchange and transfer to your local bank account.

Paying Taxes

The regulations for paying taxes on a bank account in Europe are particular to the country you have chosen to open a bank account. Overall, most countries do collect some service charges or taxes, while some such as “Germany” do not compel you to pay taxes to the government unless you make use of the money in the country.

Exports from Brazil

By | Money transfer

Exports from Brazil: Whenever anyone mentions Brazil, our mind immediately thinks about beautiful beaches, scintillating girls and football, lots of football. But there is actually more to Brazil then just beaches, girls and football. Believe it or not, Brazil is the mainstay of South America, with the 5th highest population in the world; it is also the hub of trade and commerce in the continent.  

Exports play an important part in the incomes of a nation. The relationship between imports and exports determine how stable a country’s economy is. Brazil, being the 9th highest economy in the world, and it did not achieve that feat without doing much. In the international trade market, Brazil exports most of its products to countries like China, United States of America, Argentina and the Netherlands. In terms of imports, Brazil’s main partners in the ally are again countries like, China, United States of America, Argentina, Germany and South Korea. Below is a list of 10 items that Brazil exports more than anything else.

Refined Petroleum

Refined Petroleum is the 10th largest trade that Brazil makes. On its own, refined petroleum that Brazil provides, is sufficient enough for the whole of South America.

Aircrafts, Helicopters and Spacecraft

Contrary to popular belief, USA is not the largest supplier of aircrafts, helicopters and spacecraft. It is true that USA manufactures and sells the most amounts of arms and ammunition throughout the entire universe, but aircrafts, helicopters and spacecraft are a completely different thing. Brazil provides all, the spare parts, resources and the built crafts.

Corn

Being one of the biggest countries in the world that is famous for its agricultural setup, it is no surprise that so many of Brazil’s agricultural products make it in the international market. Corn is one of the substance that Brazil exports more than any other agricultural product.

Coffee

The world’s fuel. It is a universal fact that over 80% of adults in the world, run on 2 things, either coffee or tea. Well, Brazil makes plenty of coffee, even so much that they export the leftovers to other countries and make millions off it.

Soybean Meal

Soybean meal is not just a major source of nourishment for humans, but it is also a significant source of food for animals. Brazil provides a lot of Soybean meal for everyone’s needs.

Poultry Meat

Poultry includes animals from farms, like Chicken, Ducks, Quail, Turkeys and all the by-product that comes from them, like eggs. Brazil is a major exporter of Poultry Meat.

Sugar

Sugar is the main source of carbohydrates. It can be found in almost every edible substance that we consume. In the list of Brazil’s highest exports, Sugar ranks at 4th.

Soybean

The Soybean is famous all around the world, in Europe it is known as Soya bean. It is plant that is grown in the forest, and the only edible part is, is its bean.

Crude Petroleum

Crude petroleum is the total opposite of refined petroleum. Refined petroleum is the fuel used in automobiles like car, bikes and trucks. On the other hand, Crude Petroleum is the more raw form of petroleum. Among all of Brazil’s exports, Crude petroleum ranks as number 2nd.

Iron Ore

Voila, Brazil’s most significant export is Iron ore. Iron ores are not exactly raw form of iron, but it is the mixture of rocks and mountainous parts out of which pure iron is extracted and then put to use.

There you have it folks, that was the top ten of Brazil’s biggest and the most significant exports. Other honorable mentions are;

  • Sulfate Chemicals
  • Wood pulp
  • Cars
  • Vehicle Parts
  • Semi-finished iron
  • Frozen bovine meat
  • Tobacco
  • Gold
  • Fruit Juice
  • Ferroalloys
  • Alcohol > 80% ABV
exchange risk b2b exporters

Exchange Risk for Exporters and Solutions

By | Banking, Money transfer

Importers and exporters have to keep in mind many issues while making transactions and making money exchange. Even if they want to deal with the transfer of goods internationally they make up their mind with the best strategy aligned with their budget and profit margins. The fluctuations in the exchange rate are a major concern for the person dealing internationally. For example the price you are willing to pay today may rise or fall in the coming next day and it may cause you loss as well. We can see that current economic condition is fluctuating on day to day basis. So it is very difficult to keep track of these changes.

The instability in political conditions may cause you loss in your earnings so it is considered one of the major risks. It can even cause problems in the completion of your contracts. On the other hand government policies may change. We have to carefully look over the factors such as civil disorder, natural disasters, war conditions and local laws as well. Political risk Insurance will help you to analyze and minimize these risks to the maximum level of certainty.

Legal Risk is the risk which you may face when there is a difference and contradiction between the rules and regulations of the two involved countries or companies. For example difference between legal law system and civil law system. The issue entailing the topic that which country law will be applied in case of any dispute. The parties have to reach at a comprisable answer to precede the dealings. Liability laws of products and warranties, these are of great concern. Taxation and misinterpretation of laws can drop down your projected revenues if strategy is not carefully developed. All mentioned concerns in this paragraph comes in legal risks. We can see that how important is to minimize it.

The risk of Quarantine Compliance occurs when you are not aware of Quarantine requirements. You must know that what is allowed and what is not allowed under the quarantine laws of the said destination. If not carefully handled it may lead to the restrictions, fines or damages of goods. So to maintain ongoing good relationship with the party you are dealing with you must take care.

Nonpayment risk often results due to unreliable sources. You are not paid even when you have fulfilled all the requirements of the other party you are in contract with. You must consider the risk and credit terms before getting into the contract. Keep track of the credit reports. Get protected with credit insurance to minimize such risks.

You must manage your risks by thinking critically about all the undesirable outcomes that you can face while dealings. It is the key to success and maintaining profit margins. Management of your risks will prepare you for every kind of situation. You can make your dealings fair and smooth. This will further make your relationship more friendly and reliable. And you will generate loyal customers as a result.

B2B Pay is the solution to some of your international trading problems or money transfers. With B2B Pay you will get you own IBAN number in Europe with which you can collect payments without any charges in thirty four European countries. You can save up to eighty percent on currency exchange. In this way you can increase your profit margins by ten to twenty percent. You can have payment account details on invoices or websites. Exporters face many challenges while trading or currency conversion. The two most common issues faced by the exporters include the time banks takes to deliver b2b payments and the charges of the bank while converting currencies. B2B Pay is lowering these costs to great extent.

By signing up with free B2B Pay services you get compliance checks, flat fee for currency conversion and paying your bank account in home country. IBAN account is provided for your ease, no complicated steps or procedure to follow. No delays in the payment, payments are reached timely meeting your expectations. B2B pay promotes fair dealings no hidden charges like others. Transparency of payments is what B2B pay delivers. Be aware of all the problems you may face in the future and choose a reliable and efficient means of transferring the payments.

Export to Europe

By | Banking, Money transfer

Sending or Receiving money to/from your dear ones requires a great deal of concern. So you always evaluate the way you are using. The major issues found in money transfer are time issue, charges/processing fee issue and reliability. There are many ways to transfer money in Europe. Let’s have a closer look on the following ways of money transfer in Europe.

Cash to Cash Method

Walk in money transfer centers are built in order to use for money transfer. The example of such type of center includes Western Union and Money Gram. You just have to provide cash to the center and that cash will be converted into the currency of the destination country and then will be received by the recipient on the other hand.

Through Bank Accounts

For using this type of method for money transfer you just need to have a bank account. You draw out your money from your bank and transfer it into the recipient’s bank account, like Bank Account in Italy. This process can be done on phone by providing account numbers. Wire transfers are also in trend for money transfers but this type of method requires high transfer fee.

Through Credit and Debit Cards

Debit cards and Credit cards are also used for money transfers. If we make use of these in centers like Western Union and Money Gram, process of money transfer speeds up. However it’s not an economical approach because it is expensive as compared to the bank accounts, and for other b2b pay.

Using Prepaid Debit Cards

In this type of method funds are transferred to the destination through prepaid debit cards. The receiver can use easily and fulfil needs through it. But the processing fee in this case may cause you re think over this method for global b2b payments and Export to Germany. The processing fee varies from one prepaid card to another card.

Using Cell Phones

This is to facilitate you that using your cell phone’s browser you can access website of money transfer. There are different applications available for money transfer with the progress in technology sector. For example you can use Pay Pal account or you can use Western Union account for funds transfer according to your feasibility.

 

Exporting to the EU

By | Banking, Money transfer

In primitive times, men thought they can fall off the earth if they reach the edge. They also thought that India was in west (Hence, the west-indies). Some men thought it is impossible to fly. Guess what? Everyone was proved wrong because of people who believed in “seeing is believing”. Travelling is the basic element of life, people made discoveries and shared their culture with people from different parts of the world by travelling to the nooks and corners. Today, the world is a global village because of this. Similarly, the European Union (EU), an alliance of more than 25 states of the continent of Europe, has paved way for people from different parts of the world to export their products and services to Europe and continue the historical trend of spreading culture.

Conditions for Exporting to the EU

  • 3 years history of business (minimum)
  • There should be no conflict of interest
  • The owner must possess technical and professional capability
  • Financial and economic stability is a must
  • Must not be a legal convict, fraud, tax scammer and other malpractices
  • Proof of payment of social security obligations
  • A bunch of references

Bank Account in Europe

For exporting to the EU it can be useful to have a European bank account in any one of the 25+ member states of the Union. Once you have an account, everything from then on in, is a piece of cake. Exporting to the EU is not only a way to spread culture, but it is also a plus to spread your financial prowess and status. Most companies from developing countries consider it a step up if they export to Europe.

Exporting without Moving

You can also export to Europe without ever moving to the continent by setting up 3rd party management like “Entity asset management”. Services like these are a B2B service that requires a B2B payment, but they relieve you off the stress of moving back and forth to Europe.