There are countless of businesses that have realized how beneficial it is to import goods. As a matter of fact this can be made simpler if you’re dedicated and determined in making this happen. Even though the process of importing is varying from different countries, here in this article we are going to talk about the general practice on how it’s done. Here’s a good post to read about Veja, check this out!
Step number 1. Make inquiries – first stage of the process is for you to find a trustworthy and reputable supplier overseas. Overseas suppliers are going to connect you to other suppliers and allow you as well to get different quotations. You may now proceed in the next step once you have agreed on a contract.
Step number 2. Getting the right licenses – many countries require importing license before allowing goods to enter their territory. To be able to get an import license, the prospective importer has to file for an application and be approved by the licensing authority. Learn more about importing, go here.
Step number 3. Finalizing the importing process – once the importer has their license, they should now create a contract and make an order. Actually, there are several important points that must be taken into consideration similar to ensuring your contract is clear and covering all areas of engagement, estimated manufacturing time and the expected date of delivery, company’s standard and the shipper’s terms.
Step number 4. Letter of credit – well, suppliers can’t simply risk of not getting paid and because of this, they are often issuing letter of credit or often referred as L/C or L.C to the buyer and ask them to fill it out and send it back to the supplier prior to shipping the merchandise.
Step number 5. Making the payment – as a matter of fact, the terms of payment agreement and method of payment will vary depending on the options offered to that company and also, your familiarity with the supplier. Making payments via PayPal or using your credit card is oftentimes the most preferred method for importers to use when dealing with suppliers for the first time. Yes it is true that these methods may be higher but they are the safer option to be taken.
Step number 6. Documentary bill – once the supplier has received the LC, they will now arrange for shipment of goods according to the contract’s specification.
Step number 7. Clearances and customs – the buyer is now in charge for taking custody of the goods by the time it arrived at the port and bring them to the desired business or storage location. On the other hand, before claiming the goods, the buyer will get an endorsement letter, which allows them to take custody of the goods. You can click this link https://www.britannica.com/topic/quota for more great tips!