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Homework was the most-used term during the University of Phoenix's "Profiting From International Markets" seminar held Wednesday in the Utah State Bar Law and Justice Center. Speakers urged businesses to study the market, understand laws and taxes and determine prospective customers.

Martin Hinoul of the Belgian Trade Commission, Washington, D.C., said several American companies have been in Europe for several years and operate as European companies, but those that propose to enter the European market should do their homework first.Even though some of the barriers should be removed later this year during creation of the European Economic Community, Hinoul said each country still will have regulations, standards and requirements for conducting business.

Hinoul said a company needs a consultant in the country that's being targeted for opening a business. Distribution systems and research and development centers must be established. Forming joint ventures with European companies is also a possibility.

Knowing how to speak languages other than English is helpful, too, he said.

Hinoul said Europe has changed plenty in the past few years and will change drastically in the next five to 10 years because it is in "full revolution." He said 2,300 American companies are operating in Belgium and there probably will be more when the EEC becomes a reality.

Scott B. Hill, , a regional international tax partner in the tax firm of Ernst & Young, Minneapolis, Minn., warned companies contemplating doing business in Europe to be aware of the fluctuating currency in each country. For example, some products sold in a country could bring a company 15 percent less in profit over a short period because of the currency ups and downs.

Discussing external financing of export sales or international operations, Hill said the Small Business Administration has established the Export Revolving Line of Credit loan program. Any number of withdrawals and repayments can be made as long as the dollar limit on the credit line is not exceeded and the disbursements are made within the stated maturity period.

Garth B. Jensen, , a member of the law firm of Holme Roberts & Owen, Denver, Colo., said small American entrepreneurial companies have saturated the local markets and look to Europe to expand. He said that even though the EEC will become a reality, businesses need to be aware of legal requirements in each country.

Peter T. Jensen, commercial consultant for the Royal Danish Consulate, Los Angeles, said a company wanting to do business in Europe should find an agent, listen to what the agent has to say, maintain a presence in Europe, talk to customers and be able to speak their language.