For any US company looking to grow their business, International trade can be incredibly profitable and worthwhile. But, there are a whole host of financial and regulatory barriers to overcome when looking to do business in the United Kingdom or Europe.
For example: To come to the United Kingdom, a US business would usually have to register as a UK company, have a registered address in the UK, open UK bank accounts, and register for VAT. This costly and incredibly time-consuming process would then need to be repeated for every other European country they wish to trade in.
But what if there was an easier option?
Link Network is a unique solution that allows SYKES to manage client funds and meets all UK and EU VAT regulations – taking the time, resources, and hassle out of international trade.
Lifewalker – a case study
We recently worked with a US client, Lifewalker, who sell walking aids. They approached us at the end of 2019, having been given sign off from the UK Medical Council to start selling their products.
Lifewalker implemented the SYKES Fulfilment model for stock management and distribution, alongside SYKES Link Network solution.
Using Link Network made the process simple and straightforward. We opened a dedicated bank account on their behalf and used our VAT registrations and invoicing systems to handle their financial processes. This allowed us to handle the financial aspect of the sale, including processing the payment, invoicing, and managing the VAT.
Each sale is recorded, and at the end of the month, all sales are reported to the VAT authority in the relevant country. Link Network pays the VAT on behalf of the client and the remaining balance is transferred to them. The whole process is managed, conducted, and reported on behalf of the client. And, with our fulfilment capability we hold stock onsite at our Galashiels centre, allowing for orders to be shipped locally.
When Lifewalker decide to expand further and want to sell their products within the EU, we would simply repeat the process.
It’s a full, end-to-end solution!
To find out more about how SYKES Link Network can help your business trade internationally, please get in touch.
