Page 1

8-STEP IMPORTING GUIDE FOR FIRST TIMERS


Importing goods is all about utilizing a country’s comparative advantage


Each country will have different prohibitions and tariffs on certain goods


8-STEP SUMMARY ABOUT BRINGING IN GOODS FOR SALE AND DISTRIBUTION


1

CHECK IMPORT LAWS AND REGULATIONS


Every country has its own laws and regulations about the inbound flow of goods. Do your homework and study them


Prohibitions vs Restrictions You need to apply for a permit or license to import the goods from relevant authorities in your country

You absolutely cannot import the goods into the country. There is simply no way around these prohibitions


2 SEARCH FOR PRODUCTS & SUPPLIERS


It’s time to start searching for the actual goods that you want to import. The easiest way is to search online at Alibaba or attend a trade show to meet suppliers in person


Manufacturers Vs Trading Trading companies, on the other hand, are simply middlemen. They work with many suppliers

Manufacturers make the product themselves and will sell the goods directly to you


3 CALCULATE LANDED COSTS


Landed cost includes the original price of the product, transport fees, customs, duties, taxes, insurance, currency conversion and handling fees


4 ORDER PRODUCT SAMPLES


You need to order a batch of samples before you fully commit to a supplier or two


These samples could have been the best ones out of a large production run. The final goods may differ from what you have seen in person


5 NEGOTIATE PURCHASES


A rule of thumb here is don’t just go with the cheapest price


Get exactly what you pay for. Weigh up the quality of the samples along with their asking prices


Sales Confirmation You’ll send a purchase order in anticipation of your purchase. Then the supplier will reply with a sales order confirmation

Type and quantity of goods

Value of goods

Weight of goods

Transportation charges


Inspection Services Inspection services can happen at various stages of the import process During the manufacturing process to identify quality or production problems During dispatch and packing to ensure the right goods and quantity are shipped out At the dock to ensure that the correct goods are loaded and shipped


When you’re buying goods in another country, you may have to deal with international currencies if the sales confirmation order is not in your home currency


6 ARRANGE CARGO TRANSPORT


Responsibilities and risks that buyers and sellers assume when the goods make their way from the seller’s warehouse to the buyer’s warehouse.


Common Incoterms FOB (Free On Board) FOB means that the seller will bear all the costs and risks until the goods are loaded on board the ship

CIF (Cost, Insurance and Freight) The seller must also present the invoice, insurance policy and the bill of lading to the buyer

EXW (Ex Works) The buyer pays all transportations and bears all the risks until they receive the goods


Engaging professional services for the first few shipments at least until you understand the import process and take over from there


7 PREPARE FOR CUSTOMS


PURCHASE ORDER

INVOICE

Sale document describing the goods, the quantity and their price

Guarantee payment provided the required documents are in order

Used to arrange bank financing

Verifies the country from which you have imported the merchandise

CERTIFICATES OF ORIGIN

LETTER OF CREDIT

INSPECTION REPORT

BILL OF LADING Description of the purchase and contents for shipments by air Description of the purchase and contents for shipments by sea

AIRWAY BILL

List of all the boxes contained in the container Report from inspection service

PACKING LIST


Another good reason to use a customs broker is to make sure that you’re on the right side of laws and regulations


8 RECEIVE SHIPMENT


If you’ve engaged a shipping agent or customs broker then give yourself a pat on the back and take a well-deserved break


->> Order Management System


You need to observe your country’s laws and regulations on the import of certain goods


->> READ THE ENTIRE BLOG https://emergeapp.net/traditionalbusinesses/importing-guide-first-timers/

8-Step Importing Guide For First Timers  

Here, we’ve produced an 8-step summary about bringing in goods for sale and distribution. However, at best, this can only be a general guide...

8-Step Importing Guide For First Timers  

Here, we’ve produced an 8-step summary about bringing in goods for sale and distribution. However, at best, this can only be a general guide...

Advertisement