Are You a Newbie to Importing? Here’s What You Need to Know.

Once you have made up your mind on what kind of product you are planning to import, pay heed to the following tips to make the import process go easy on you. And if you don’t know how to import merchandize to the USA, refer to Clearit guide to importing to USA.

  1. Trust your supplier

You will have multiple touch points with your supplier like in person, via phone, email, video chat etc. So, always seek someone you will entrust in and can build a solid relationship with. It is also advisable to establish a strong rapport with the top management of the supplier too. This helps in making sure a companywide commitment to the import processes and productive relationships as well.

  1. Determine if you need a license

Once you have developed a strong relationship with the supplier, well done! This is because they are responsible for complying with the current government regulations and applicable laws in every country. In other words, you need to ask your supplier beforehand about your negotiations if you would need an import permit for the recipient country and sell your product and how they can help you get one. You may also require a license from local and state departments to run your business. CBP or Customs Border Patrol may ask for your importer number or IRS FEIN or your social security number.

  1. Determine the weight and measurements

To determine all the costs involved, you need to know the weight and measurements of your shipping cartons. Ensure that your products can freely enter the US. There are many forbidden items which cannot be imported by any means. Ensure to check it with CBP.

  1. Seek a company that can help you with the customs

The aim is to keep it as simple as possible. You can hire ClearIT so that they can look after the transit, keep the necessary documentation ready, collect payment on your behalf and look after the customs clearance like a pro. Also calculate all the costs included in the imports process like taxes, transport, customs duty, and insurance if required. Determining all costs help in calculating your landed costs and profits after the markup.

  1. Establish your payment plan

A good international banker will assist you in financing an import sales, instruct you in shaping the competitive payment terms or guide you on risk factors before you proceed further with the transaction. The gist is to establish a payment plan that aligns with your cash flow. If the shipments are large, consult your banker.

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