Transcript Does your company export goods or services to

2015
International Trade Survey of
Connecticut Businesses
Does your company export goods or
services to foreign markets?
No
21%
Yes
79%
What is your annual export revenue (in
dollars)?
12
10
8
6
4
2
0
What percentage of your gross revenues
do you attribute to exporting?
30
25
20
15
10
5
0
1-5%
6-10%
11-25%
26-50%
More than 50%
How long has your company been
exporting goods/services?
1-4 years
12%
More than 20
years
46%
10-20 years
37%
5-9 years
5%
Where does your business do the majority of its
exporting?
0
North America (Canada/Mexico)
Northern Asia and Pacific Rim…
Southern Asia (India/Indonesia/Malaysia)
Western Europe
Eastern Europe (not including Russia)
South America
Africa (not including South Africa)
Middle East
5
10
15
20
25
30
35
Which region do you believe to be the greatest
emerging market over the next 3 years?
0
North America (Canada/Mexico)
Northern Asia and Pacific Rim (China/Japan/Taiwan)
Southern Asia (India/Indonesia/Malaysia)
Western Europe
Eastern Europe (not including Russia)
Central America
South America
South Africa
Middle East
5
10
15
20
25
30
How has your export business been
affected by the global slowdown?
45
40
35
30
25
20
15
10
5
0
Reduction in
new orders
Difficulty
Difficulty
getting
securing longcredit/financing term orders
Difficulty
Increased
No effect on
pricing for demand, orders
business
export sales
abroad
Are you looking to establish foreign
subsidiaries or operations?
Yes
10%
No
90%
Does your company participate in domestic or
overseas international trade shows?
Domestic
International
No
28%
Yes
72%
No
52%
Yes
48%
Is your website capable of processing
international orders?
Yes
37%
No
63%
Is your website translated into foreign
languages?
Yes
16%
No
84%
What is your primary reason for
entering the foreign marketplace?
0
Increase company sales/profits
Follow clients
Explore emerging markets
Manufacture overseas to remain competitive in
domestic markets
Balance slack periods/stabilize manufacturing levels
Diversify business
Reduce cost of doing business
Other
10
20
30
40
50
What is your company’s biggest
concern about doing business abroad?
0
Cost competition
Unfair trade practices
Administrative costs
Trade/regulatory barriers
General lack of knowledge about foreign…
Loss of intellectual property
Getting paid/financial problems
Other
2
4
6
8
10
12
14
16
Which of the following tools would be most helpful in
identifying overseas markets and increasing your
presence in these markets?
0
International market research: industry reports
International market research: country briefs
International trade consultants
Live seminars/workshops
Web seminars
Export.gov
None
Other
5
10
15
20
25
30
Please identify which areas of exporting your company
needs assistance with in order to strengthen your
current export activities.
50
40
30
20
10
0
Do the current free trade agreements (NAFTA, Korea,
Israel, Chile, Panama, and Peru) improve your ability to
export?
No
26%
Yes
74%
Will free trade agreements with additional Asian
Pacific countries be helpful for your business?
No
21%
Yes
79%
What resources or indicators has your business used to
determine or establish new international trade
markets?
0
Agents/representatives/distributors
Industry trends
International market research/market viability…
Incoming inquiries (cold call)/web inquiries
Trade shows/meetings
Business partners (i.e. banks, accountants,…
Recommendations from colleagues
Other
10
20
30
40
50
Do you consider state taxes a disincentive
to doing business in Connecticut?
No
21%
Yes
79%
Which of the following tax incentives for exporters does
your company take advantage of?
25
20
15
10
5
0
R&D credits
Domestic
production
deduction
IC-DISC
State tax
incentives
Other
If you don’t export currently, are you
considering doing so?
Yes
27%
No
73%
Are you aware of services available through the federal and state
governments that can help small-to-midsize companies become
more involved in international trade?
No
41%
Yes
59%
How many people does your business
currently employ?
30
25
20
15
10
5
0
Fewer than
10
10-24
25-49
50-99
100-199
200-500
More than
500
What were your gross sales or revenues for
the most recent fiscal year?
45
40
35
30
25
20
15
10
5
0
Under $500K $500K-$999K $1M-$4.9M $5M-$49.9M $50M-$99.9M
$100M+
Which best describes your industry?
Wholesale distribution
4%
Professional services
9%
Electronics
3%
Medical/health
2%
Other
5%
Aerospace
19%
Retail/consumer goods
1%
Information
technology/communic
ations
1%
Manufacturing
56%
What is your business type?
Wholesale
6%
Consulting
Retail 4%
1%
Other
5%
Service
4%
Manufacturing
80%
About CohnReznick
CohnReznick LLP is one of the top accounting, tax, and advisory firms in the United States, combining the resources and technical expertise of a national
firm with the hands on, entrepreneurial approach that today’s dynamic business environment demands. Headquartered in New York, NY, and with
offices nationwide, CohnReznick serves a large number of diverse industries and offers specialized services for middle market and Fortune 1000
companies, private equity and financial services firms, government contractors, government agencies, and not-for-profit organizations. The firm,
with origins dating back to 1919, has more than 2,700 employees including nearly 300 partners.
Since 1919, the professionals at CohnReznick have faithfully served clients, employees, and the community with integrity and honesty. As CohnReznick
has continued to grow and expand into new markets, its philosophy remains constant: A highly personalized approach to each client, with
intelligent guidance and solutions that positively affect profitability and growth.
Geographic boundaries are no longer barriers to doing business. More and more enterprises—in their pursuit of new markets, better supply chains, and
cost-efficient back-office support—are finding themselves with operations or sales in foreign countries. This brings with it the need for reliable and
experienced accounting, tax, and business advice from practitioners on the ground in the relevant jurisdictions.
To access international markets and achieve their growth potential, organizations need access to exceptional accounting, tax, and consulting expertise
throughout the world. Through its membership in Nexia International, the tenth largest provider of audit and advisory services in the world,
CohnReznick provides clients with the necessary resources to help them effectively compete in a global environment. The Nexia network includes
more than 20,000 professionals in 590 offices operating in over 100 countries. CohnReznick’s involvement with Nexia includes serving on its board
of directors and regularly meeting with and training member firms around the world. Working as a team with other Nexia firms, CohnReznick
provides our clients with a unified, consistent approach to their accounting, tax, and business issues wherever they arise, and local expertise and
connections where they are needed.
Whether you are an American business owner considering international transactions or an international company preparing to establish a presence,
create an alliance, or form a subsidiary in the United States, CohnReznick can help. Its background in serving American companies with foreign
investments and U.S. subsidiaries of foreign businesses provides clients with valuable and practical help that will enable them to adapt and
function in a different commercial environment.
– These services include but are not limited to:
– M&A planning and due diligence
– Transfer pricing studies
– Understanding and applying federal, state, and local tax regulations
– Global supply chain analysis
– Foreign tax credit planning
– Offshore deferral planning
– Repatriation planning
– International tax compliance
– Foreign tax provisions
For more information, visit cohnreznick.com or contact Jim Kask, partner, at [email protected] or Jim Wall, principal and international
tax practice leader, at [email protected].
About Santander
Santander Bank, N.A., is one of the largest commercial banks in the United States. Its main corporate
offices are in Boston, and it operates principally in Connecticut, Delaware, Maryland,
Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
Santander’s 9,703 employees serve its 1.8 million customers through the Bank’s 703 branches, 2,092
ATMs, call centers, website, and mobile app.
Supervised by the Office of the Comptroller of the Currency and a member of the Federal Deposit
Insurance Corporation, Santander in the United States is a wholly-owned, financially autonomous
subsidiary of Banco Santander (NYSE: SAN), a global commercial and retail bank.
Santander is a local bank with a global parent, and the Santander Group is an industry leader in
international banking. We are uniquely positioned to help commercial clients gain access to
markets all around the world.
We offer trade finance and foreign exchange products and resources to help businesses grow
globally. Our International Desk connects businesses with Santander banking representatives to
help them with their local banking needs in any of our 10 core markets.
The Bank’s trade portal is an online tool that provides country- and industry-specific information,
international trade trends, market reports and other useful information on international
business.
For more information about Santander, visit santanderbank.com or call 877.768.2265.