Import Services
Importing
Importing is a great way to grow new business. Suppliers globally offer a wide variety of goods to suit your business requirements. Sourcing your products internationally will enable you to find lower-priced supplies, giving you a competitive edge, or find suppliers that allow you to sell a completely different product. However, the importing process can be complex and time consuming. Importing involves managing long-distance supplier relationships and organising international shipping and customs clearance. We can help make importing a winning strategy for your business. We provide consultancy services to help you understand the importing process, the pricing of goods, transportation costs and charges levied by government agencies for export/import duty and taxes.
Overseas Suppliers | Benefits of Importing | Import Documents
Overseas Suppliers
Import Documents
Having the correct documentation is vital when importing, as inappropriate or overlooked documentation can lead to shipping delays, increased costs and business risks such as cancelled international commercial activities. Even if you’re using a freight forwarder, your company will still be held liable as the importer of the goods for late or incorrect documentation.
When you are importing we can help your business understand what documentation is required, potentially saving you a lot of trouble. We can help explain the necessary documentation your company should be using for international contracts, customs, shipping and payments. Thanks to our far-reaching experience across a wide range of industries, we are able to provide clear and relevant advice that can help steer your international trade business onto the right course.
When your company engages in international trade, we can provide guidance on the different types of documentation you’ll need.
Documentation covers a number of crucial aspects of importing including:
- A detailed written contract between the parties, which states exactly where goods are to be delivered.
- Comprehensive documents are needed to ensure that your goods get through customs and you pay the correct duty and tax charges. There may be different documentation requirements at either end of the supply chain, and these must be considered.
- Other documentation will be required to cover the insurance of the goods whilst being shipped within the international supply chain.
- To ensure payment for the goods, it is vital to have the right documentation in place, especially if the payments are via international banks.
As part of our services, we will help you correctly classify your goods on your documentation for tax purposes and to ensure you meet the regulations.
Incoterms
The Incoterms rules are created and published by the International Chamber of Commerce (ICC) and are revised normally every 10 years. The current version of the rules are Incoterms 2020 and these commenced January 1, 2020.
But what are Incoterms? The ICC describe the rules as: ‘ICC’s Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.’
The buyer and seller of an international trade will have a better understanding of responsibilities in the event of loss and damage thanks to both parties agreeing on the relevant Incoterms. You can include Incoterms in your contract to cover who is responsible for every stage of the supply chain, including customs clearance and insurance requirements. Incoterms also make it clear who pays for each different cost within the international supply chain.
Import Controls
Many goods are controlled and may require licences in order to be imported. For instance, the import and export of military and paramilitary goods, dual-use and technology, artworks, plants and animals, medicines and chemicals will all need licenses. Other goods meanwhile may be controlled by anti-dumping duty, ‘countervailing’ and other trade defence measures. These are covered by the World Trade Organisation rules, which prevent artificially cheap imports from damaging markets.
We can assist you and help you to understand your responsibilities and which relevant licensing authorities you should be dealing with. We are also able to review your imports to identify any liability for trade defence measures, such as anti-dumping and countervailing duties.
International Payments
Open Account, documentary collections and documentary credits are payment methods often used in international trade.
- An open account transaction is a sale where the goods are shipped and delivered before payment is due. This is typically 30 to 60 days or sometimes even longer.
- With a documentary collection, the exporter prepares a bill of exchange stating how much is to be paid and when.
- With a documentary credit, the customer arranges a letter of credit from their bank. The bank agrees to pay the exporter once all the right documentation is received.
Supply Chain Management
The contract you agree with your overseas supplier will determine who will be responsible for clearing goods through customs and for payment of import taxes. You will also need to understand who will arrange the transport and insurance from the supplier’s premises to your premises. We can help you pull together purchase agreements which set out each party's responsibilities and identify who is at risk if goods are delayed, damaged or lost while being delivered.
Benefits of Importing
- As businesses expand, many entrepreneurs look to become more competitive by importing attractively priced goods.
- Importing goods allows a company to introduce new products to the domestic market.
- Due to the strengths and specialties of some countries, companies can import higher-quality products.
- Due to lower cost imports, companies can benefit from higher profit margins.
- Sourcing new products that are not available in the domestic market.
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