A service regulation is a law or restriction
which applies to you as a service provider in a
foreign market. You need to be aware of
and know how to deal with these regulations.
Otherwise it may make it more difficult
to supply your services in new markets.
Let's explore some of the more common types of service regulations.
Your service may be subject to
market access restrictions in some places.
For example, if you supply financial services there
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
to use them.
Regulatory requirements are generally
created to protect a local market from crimes like fraud
or threats to the local economy. For example, in some markets if you're
a recruitment professional regulations state that you need to
use a local partner.
As well as this, you need to consider whether your chosen market requires
additional professional or technical accreditation on top of what you
already possess.
Your chosen market may have restrictions on movement of people. Your staff
will likely require travel or residence documents such
as visas and work permits, and these could be
time limited.There can also be restrictions
on the ratio of UK staff to local staff. So it's important to do your research
before you commit, to ensure it's financially and logistically viable.
Ignoring service regulations can result in fines
and damage brand reputation. So start your research with gov.uk
and the websites of appropriate regulatory bodies in your chosen market.