Resources

This guide provides an overview of the following incentives and tax credits provided by the Port of Virginia:

• Port of Virginia Economic and Infrastructure Development Grant (POV Grant)
• Port Volume Increase Tax Credit
• Barge and Rail Usage Tax Credit
• International Trade Facility Tax Credit

Following its departure from the EU, the UK has developed a series of its own trade markings in order to facilitate the harmonization of standards and the free flow of goods on its domestic market. The UKCA, or UK Conformity Assessed, is a new product marking that has been introduced as a mechanism for demonstrating to consumers that certain goods are compliant with the relevant UK legislation pertaining to health, safety, and environmental protection. The UKCA mark is applicable to all of the goods that were previously covered under the EU’s CE Marking scheme. All new products introduced to the UK market after  January 1, 2023 will need to affix a UKCA marking to their product to demonstrate conformity with UK legislation. This brief explains what the UKCA marking is, what it covers, what happens to pre-existing products, and what manufacturers need to do to register for a UKCA marking.

With Virginian exports amounting to over $3.2 billion in goods to Canada annually, Canada is the largest export partner for the Commonwealth of Virginia and the United States at large. In view of its huge market, Canada presents major trade and business investment opportunities for many Virginia companies owing to their well-educated workforce, wealth of natural resources, and low tax rates for new business investments.
 
This report is the second installment of the Export Guide Canada, and aims to give Virginia companies a better understanding of the requirements and steps necessary for establishing a business presence in Canada, as well as a comprehensive overview of the import and trade show process. It covers:

• Establishing a presence in Canada
• Preparing for a trade show in Canada
• The Canadian Labor Code
• Patents & Intellectual Property
• USMCA

As the largest export partner for the Commonwealth of Virginia and the United States at large, Canada presents major trade opportunities for many Virginia companies. Canada’s economic pulse in 2022 is still being impacted by the COVID-19 pandemic and uncertain global economic and political conditions. However, supply chain disruptions have not halted Canadian economic recovery. The OECD projects that the Canadian economy will grow at a considerable rate of 3.9% in 2022 and 2.8% in 2023.
 
This report, Export Guide Canada, aims to give Virginia companies a better understanding of requirements and steps of the import process to Canada. It covers:

• Canadian logistics and shipping network
• Required customs documents
• Steps to get through Canadian customs
• Non-Resident Importer status and registration process
• Sales tax calculations
• Packaging (marking & labelling)

All U.S. exports are regulated by the U.S. Federal Government. In order to comply with federal law, your company must determine which government agency has jurisdiction over its exports.

The two most important export control laws are: Export Administration Regulations (EAR) (U.S. Department of Commerce) and International Traffic in Arms Regulations (ITAR) (U.S. Department of State). To determine which agency regulates your exports, use the tables on the Export Regulations guide.

Additional export compliance considerations:

• U.S. exporters may not participate in international boycotts not sanctioned by the U.S.
• U.S. exporters must comply with foreign trade embargoes
• Exporters should be aware of restrictions on “re-exports” and “deemed exports”

What is an IC-DISC? The Interest Charge-Domestic International Sales Corporation (IC-DISC) is a tax saving vehicle for U.S. exporters. Eligible U.S. companies can recoup or exceed their tax savings on exported product (and in some cases services) revenue by creating an IC-DISC.

Qualified exporters can receive a permanent tax savings of 20 percent or more on Federal income tax from export profits by utilizing an IC-DISC.

If you are unsure if your company is eligible to set up an IC-DISC to take advantage of tax savings, ask the following questions:

1. Do you have any transactions outside of the U.S.?
2. Do you use overseas distribution?
3. Does your product cross any borders?
4. Are you generating operating income?

If the answer to any of these is yes, an IC-DISC may be a valuable tax savings option for your business.