WEBVTT - Regulations around supplying a service


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A service regulation is a law or restriction

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which applies to you as a service provider in a

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foreign market. You need to be aware of

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and know how to deal with these regulations.

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Otherwise it may make it more difficult

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to supply your services in new markets.

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Let's explore some of the more common types of service regulations.

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 Your service may be subject to

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market access restrictions in some places.

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For example, if you supply financial services there

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may be restrictions on the banking licenses you're entitled to. And you may need to apply to a national regulatory body to get permission

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to use them.

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Regulatory requirements are generally

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created to protect a local market from crimes like fraud

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or threats to the local economy. For example, in some markets if you're

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a recruitment professional regulations state that you need to

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use a local partner. 

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As well as this, you need to consider whether your chosen market requires 

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additional professional or technical accreditation on top of what you

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already possess. 

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Your chosen market may have restrictions on movement of people. Your staff

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will likely require travel or residence documents such

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as visas and work permits, and these could be

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time limited.There can also be restrictions

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on the ratio of UK staff to local staff. So it's important to do your research

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before you commit, to ensure it's financially and logistically viable.

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Ignoring service regulations can result in fines

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and damage brand reputation. So start your research with gov.uk

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and the websites of appropriate regulatory bodies in your chosen market.