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8-Step Importing Guide For First Timers

Here, we’ve produced an 8-step summary about bringing in goods for sale and distribution. However, at best, this can only be a general guide. Each country will have different prohibitions and tariffs on certain goods. Please use your common sense and seek clearance and advice from your customs authority before embarking on any import business venture.

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8-Step Importing Guide For First Timers

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  1. 8-STEP IMPORTING GUIDE FOR FIRST TIMERS

  2. Importing goods is all about utilizing a country’s comparative advantage

  3. Each country will have different prohibitions and tariffs on certain goods

  4. 8-STEP SUMMARY ABOUT BRINGING IN GOODS FOR SALE AND DISTRIBUTION

  5. 1 CHECK IMPORT LAWS AND REGULATIONS

  6. Every country has its own laws and regulations about the inbound flow of goods. Do your homework and study them

  7. Prohibitions vs Restrictions You need to apply for a permit or license to import the goods from relevant authorities in your country You absolutely cannot import the goods into the country. There is simply no way around these prohibitions

  8. 2 SEARCH FOR PRODUCTS & SUPPLIERS

  9. It’s time to start searching for the actual goods that you want to import. The easiest way is to search online at Alibaba or attend a trade show to meet suppliers in person

  10. Manufacturers Vs Trading Trading companies, on the other hand, are simply middlemen. They work with many suppliers Manufacturers make the product themselves and will sell the goods directly to you

  11. 3 CALCULATE LANDED COSTS

  12. Landed cost includes the original price of the product, transport fees, customs, duties, taxes, insurance, currency conversion and handling fees

  13. 4 ORDER PRODUCT SAMPLES

  14. You need to order a batch of samples before you fully commit to a supplier or two

  15. These samples could have been the best ones out of a large production run. The final goods may differ from what you have seen in person

  16. 5 NEGOTIATE PURCHASES

  17. A rule of thumb here is don’t just go with the cheapest price

  18. Get exactly what you pay for. Weigh up the quality of the samples along with their asking prices

  19. Sales Confirmation You’ll send a purchase order in anticipation of your purchase. Then the supplier will reply with a sales order confirmation Type and quantity of goods Value of goods Weight of goods Transportation charges

  20. Inspection Services Inspection services can happen at various stages of the import process During the manufacturing process to identify quality or production problems During dispatch and packing to ensure the right goods and quantity are shipped out At the dock to ensure that the correct goods are loaded and shipped

  21. When you’re buying goods in another country, you may have to deal with international currencies if the sales confirmation order is not in your home currency

  22. 6 ARRANGE CARGO TRANSPORT

  23. Responsibilities and risks that buyers and sellers assume when the goods make their way from the seller’s warehouse to the buyer’s warehouse.

  24. Common Incoterms CIF (Cost, Insurance and Freight) The seller must also present the invoice, insurance policy and the bill of lading to the buyer FOB (Free On Board) FOB means that the seller will bear all the costs and risks until the goods are loaded on board the ship EXW (Ex Works) The buyer pays all transportations and bears all the risks until they receive the goods

  25. Engaging professional services for the first few shipments at least until you understand the import process and take over from there

  26. 7 PREPARE FOR CUSTOMS

  27. PURCHASE ORDER INVOICE Verifies the country from which you have imported the merchandise Guarantee payment provided the required documents are in order Sale document describing the goods, the quantity and their price Used to arrange bank financing CERTIFICATES OF ORIGIN LETTER OF CREDIT INSPECTION REPORT BILL OF LADING Description of the purchase and contents for shipments by air List of all the boxes contained in the container Description of the purchase and contents for shipments by sea Report from inspection service PACKING LIST AIRWAY BILL

  28. Another good reason to use a customs broker is to make sure that you’re on the right side of laws and regulations

  29. 8 RECEIVE SHIPMENT

  30. If you’ve engaged a shipping agent or customs broker then give yourself a pat on the back and take a well-deserved break

  31. ->> Order Management System

  32. You need to observe your country’s laws and regulations on the import of certain goods

  33. ->> READ THE ENTIRE BLOG https://emergeapp.net/traditional- businesses/importing-guide-first-timers/

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