Importing can be simpler than you think if you are determined and dedicated to making it happen. Although the exact steps for importing varies from vary from country to country, here is we will share with you the basic procedure for importing products from overseas.
The first step in the importing process is finding a trustworthy supplier overseas. There are many online businesses that will connect you to overseas suppliers for free. Internet businesses, which will connect you to the suppliers and allow you to receive various quotes from them. Upon receiving quotes and communicating/choosing a trustworthy supplier, both parties will negotiate the standards and write a contract for the goods, terms of the business relationship, and conditions of the sale.
Attaining the Right Licenses
Most countries in the world require the importing party to acquire an importing license. The United States is one country where an importing license is not required (although it is required for the importation of a few item categories). To acquire an import license, the prospective importer will make an application to an approved licensing authority.
Finalizing the overall Importing Process
After you obtain the import license (if needed) the importer will create a contract and place an order. There are many important elements to be considered at this point.
You should be sure your contract with the company is clear and covers all areas of the agreement.
The payment method and payment terms should be specified.
The estimated manufacturing time and expected date the product should be ready for delivery should be established.
Letter of Credit
The supplier can’t risk not getting paid. Therefore, they will often issue a letter of credit (often referred to as ‘L/C’ or ‘L.C’) to the buyer and ask the buyer fill it out and return it to the supplier before the merchandise is shipped.
Making the Payment
The method of payment and terms of the payment agreement will vary according to your familiarity with the supplier and options available to that company. Making the payment through PayPal, Escrow, or credit card is usually the best method for importers dealing with suppliers for the first time.
The Documentary Bill
After the supplier receives the letter of credit, he will arrange for the shipment of the goods (according to the specifications in the contract). When the supplier ships the goods, he will send an Advice Note to the purchaser indicating the estimated arrival date of the shipment.
Customs & Clearances
After the goods arrive at the port, the buyer is responsible for taking custody of the goods and taking them to the desired storage location or business. However, before the goods can be claimed, the buyer will receive an endorsement letter, the endorsement letter allows the buyer to take custody of the goods. However, this bill will not be granted until the price of the freight has been covered.
ATA Carnet Facility
The ATA Carnet System provides benefits of all concerned: the traditions regulators and the dealing group, i.e., people, businesses, business companies who need short-term responsibility free importation features to probability sites for their items on international marketplaces.
Since, all products associated by an ATA carnet are thus taught in worldwide certainty equipped by the guaranteeing/issuing Compartments, no further activity regarding the assurance need to be taken, either by the traditions or by the importer at the time of short-term entrance.