Transcript for Episode 13 - Regulations around supplying a service

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 challenging 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 a restriction on the number of 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