Trade and Export

Twelve Strategies for Beginning an Import/Export Business

Considering beginning an import/export business? Jennifer Henzel, an authorized Import/Export Trade Professional offers these pointers to get began:

1. Many countries have setup offices (Consulates or Embassies) in foreign countries to advertise the conveying of the goods. The Consulates will provide you with industry directories and much more. Embassies come in a nation’s capital and Consulates in various metropolitan areas. Oftentimes, the Embassy site contains directories and manufacturer lists, plus an email link which you can use for sourcing

2. To import goods, talk to that country’s Consulate situated throughout your home country. If you’re uncertain what products another country wants, you can aquire catalogues and lists of manufacturers.

3. Speak to your country’s taxation department to check out registration figures or any other procedures that you need to follow. For instance, if you’re Canadian, you’ll need a Number Plate, from Canada Customs and Taxation Agency (CATA). Whenever you inform CCTA of the intends to import or export, they issue extra time for your business number. The dpi can be used on all related documents.

4. Learn about licensing needs, or no. Many countries don’t have licensing needs for many products. However, if you’re importing or conveying high-risk products (pharmaceuticals, liquor, chemicals, arms, particular food products and certain articles of apparel), you may need a license. “I highly recommend that individuals commence with safe products that may be easily traded and also have less barriers¬≠ like giftware and consumer products,” stated Henzel. “Certain industries, like dairy, are guarded by lobby groups in certain countries. You’ll be confronted with quotas and limitations.”

5. Embargoes are trade barriers set facing other nations. Many countries have embargoes against Cuba, for instance. First, speak to your own government to find out whether you will find limitations or embargoes from the country you’re thinking about. Next, contact that country’s Consulate or Embassy to find out if you will find limitations against goods out of your country.

6. Have fun playing the local Boards of Trades (or Chambers of Commerce if there’s no local Board of Trade). Additionally to networking, you can get research libraries along with other sources which will offer good trade information.

7. Use customs brokers. “Small companies attempting their very own documents can encounter delays at borders. If one makes an error, you may be fined,” stated Henzel. “A custom broker’s services are worth the fee you have to pay.”

8. When conveying, realize that there’s nobody means to fix shipping and customs handling which will operate in every situation. Every deal differs. Each company and every group of products will need another group of services, or a mix of services. Engaging the expertise of a freight forwarder is a possibility. Freight forwarders arrange shipping and customs for goods going abroad. “You need to look for these types of services and seek information,” Henzel described. “Ask lots of questions. It’s the same as purchasing a furniture piece. You look around first.”

Haydn Press
the authorHaydn Press