For new immigrants, what should we know? Once you’ve created a plan for whatever type of product you want to import, the following tips will guide the import process.
As your trusted supplier
You must have multiple contact points with your supplier (in person, via email, phone, fax, and Skype), and look for someone you like and trust and with whom you have good chemistry (you can usually tell immediately!). It is also desirable that you have this relationship with all leading managers.
It helps ensure total commitment to the import program and a cordial relationship.
Determine if you need a license.
I hope you have established a good and trusting relationship with your supplier because it is the shipper’s policy to comply with each country’s applicable regulations and laws. That means you should ask your supplier at the beginning of your negotiations whether you need an import permit for the country where you plan to import and sell your product and how the company can help you get one.
You may also need a local or state government license to do business. Customs Clearance (CBP) may ask you for your immigration number, which can either be your IRS FEIN or your social security number if you don’t have a business. Instead, you can request that customs number 5106 be assigned a number. Forms can be found on the CBP site.
Calculate the weight and measurements of goods.
To calculate all the costs associated with importing your products, you must know the weight and dimensions of the product’s boxes.
Make sure the product can freely enter the United States
Some prohibited and restricted items cannot be imported.
Be sure to check the list and double-check with CBP. To protect citizens, unsecured items are allowed to enter the United States. CBP officers are “always at ports of entry and take responsibility for protecting America from all threats,” according to the CBP website.
Find a shipping company that can help you with customs clearance as well.
Could you keep it simple? For example, you can hire a shipping company, UPS Trade Management Services Inc., and they can take care of shipping, prepare relevant documents, collect payment on your behalf, and monitor customs clearance for housing tax. Many people feel they need to hire a customs broker and use a company like UPS. You don’t. However, if you use a smaller, specialized carrier and require an independent customs broker, check out the Automated Broker Window (ABI) Vendor List for assistance.
Calculate all costs of importing the product, including shipping, taxes, customs, freight forwarder, and insurance (if required).
Calculating all costs helps you determine the cost of the land and the expected profitability of the product after the markup. According to CBP, a “duty” is a tax on a product when it is moved across a border.
Its purpose is to protect the country’s economy by controlling the flow of incredibly restricted and prohibited goods into and out of the country. “
Create a payment plan that works for you.
An experienced international banker can help you finance import sales, structure competitive terms, or even advise you on risk factors before doing business in a new foreign market. The bottom line is you want a payment plan that works for your cash flow. Paying money upfront (e.g., 1/3 down, 1/3 in process, and 1/3 final payment), a magazine or magazine, or a credit card works well. For small imports (say less than $5,000), paying through PayPal can be good, provided the customer can access it in their country (caution: there is a 2.9 percent transaction fee).
However, a conversation with your bank manager would be the most advantageous way to structure payment for larger shipments.
Contact the Customs Border Patrol office at the US port of entry where your product will enter.
Why not? Notify CBP that your goods are arriving and who will oversee the shipment. This measure ensures a streamlined process and minimal hiccups along the way.